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Registration number: 10021292

Mardyke Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Mardyke Holdings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Mardyke Holdings Ltd

Company Information

Directors

Dr N P Power

Dr S Ryan

Registered office

40 Gubyon Avenue
London
SE24 0DX

Accountants

Affinity Associates (Flemmings) Limited
(Trading as Flemmings)
Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

Mardyke Holdings Ltd

(Registration number: 10021292)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

4

 

110,000

 

165,000

Tangible assets

5

 

3,242

 

654

Investment property

6

 

759,707

 

-

Other financial assets

7

 

532,893

 

-

   

1,405,842

 

165,654

Current assets

   

 

Debtors

8

369,650

 

203,312

 

Cash at bank and in hand

 

1,146,182

 

1,949,506

 

 

1,515,832

 

2,152,818

 

Creditors: Amounts falling due within one year

9

(220,694)

 

(135,110)

 

Net current assets

   

1,295,138

 

2,017,708

Total assets less current liabilities

   

2,700,980

 

2,183,362

Provisions for liabilities

 

(6,226)

 

(164)

Net assets

   

2,694,754

 

2,183,198

Capital and reserves

   

 

Called up share capital

100

 

100

 

Other reserves

16,245

 

-

 

Profit and loss account

2,678,409

 

2,183,098

 

Shareholders' funds

   

2,694,754

 

2,183,198

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Mardyke Holdings Ltd

(Registration number: 10021292)
Balance Sheet as at 30 April 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by Section 444 (5A) of the Companies Act 2006, the directors have not delivered to hte registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

.........................................

Dr N P Power
Director

 

Mardyke Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
40 Gubyon Avenue
London
SE24 0DX
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Pound Sterling, which is the functional currency of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
i. The amount of revenue can be reliably measured;
ii. it is probable that future economic benefits will flow to the entity;
iii. and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.


The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.


Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Mardyke Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% Straight Line Method

Plant and machinery

25% Straight Line Method

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised as an asset on the balance sheet and amortised over its estimated useful economic life. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Investments

Investments are recognised initially at fair value which is normally the transaction price. Subsequently, they are measured at fair value through profit or loss except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably which are recognised at cost less impairement until a reliable measure of fair value becomes available.

If a reliable measure of fair is no longer available, the equity instrument's fair value on the last date the instrument was reliably measured is treated as the cost of the instrument.

Interest income in debt securities, where applicable, is recognised in income when receivable. Dividends on equity securities are recognised in income when receivable.

 

Mardyke Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

550,000

550,000

At 30 April 2024

550,000

550,000

Amortisation

At 1 May 2023

385,000

385,000

Amortisation charge

55,000

55,000

At 30 April 2024

440,000

440,000

Carrying amount

At 30 April 2024

110,000

110,000

At 30 April 2023

165,000

165,000

 

Mardyke Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

2,571

-

2,571

Additions

-

3,940

3,940

At 30 April 2024

2,571

3,940

6,511

Depreciation

At 1 May 2023

1,917

-

1,917

Charge for the year

367

985

1,352

At 30 April 2024

2,284

985

3,269

Carrying amount

At 30 April 2024

287

2,955

3,242

At 30 April 2023

654

-

654

6

Investment properties

2024
£

2023
£

Additions

759,707

-

At 30 April

759,707

-

The investment property was revalued on 30 April 2024 at fair value by the directors of the company who are not professionally qualified valuers. In the opinion of the directors, the fair value of the investment property is £759,707 as at 30 April 2024.

There has been no valuation of the investment property by an independent valuer.

The historic cost of the investment property is £759,707 (2023 - £Nil). The depreciation on this historic cost is £Nil (2023 - £Nil).

 

Mardyke Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

Additions

760,465

760,465

Fair value adjustments

21,661

21,661

Disposals

(249,233)

(249,233)

At 30 April 2024

532,893

532,893

Carrying amount

At 30 April 2024

532,893

532,893

The historic cost of the investments is £511,232 (2023 - £Nil)

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

72,778

53,312

Amounts owed by related parties

10

99,605

-

Other debtors

 

183,616

150,000

Prepayments

 

548

-

Accrued income

 

13,103

-

 

296,872

150,000

 

369,650

203,312

Details of Other Debtors

Other debtors include a loan of £150,000 (2023: £150,000) provided by the company in April 2022. The loan carries an interest charge of 12% per annum, however no interest has been accrued for as the ultimate borrower has gone into administration.

 

Mardyke Holdings Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Corporation tax

 

216,994

123,582

Directors current accounts

10

-

8,728

Other creditors

 

2,800

2,800

Accruals and deferred income

 

900

-

 

220,694

135,110

10

Related party transactions

Other transactions with directors
Dr N Power and Dr S Ryan
(Directors and Shareholders)

Dividends paid to the directors during the year was £2,000 (2023 - £4,000).

At the balance sheet date the total amount owed to/( from) Dr N Power and Dr S Ryan was (£99,605) (2023 £8,728).

The amount due from the directors are repayable on demand. Interest at the HMRC official rate of interest is charged on the running balance due from the directors.