Marriott Valuers Limited |
Notes to the Accounts |
for the year ended 30 April 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006 (as applicable to companies subject to the small company regime). The significant accounting policies applied in the preparation of these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and associated costs. When the outcome of a contract for services can be estimated reliably turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Motor vehicles |
over 4 years |
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Fixtures, fittings, tools and equipment |
over 4 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
8 |
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7 |
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3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 May 2023 |
44,879 |
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At 30 April 2024 |
44,879 |
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Amortisation |
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At 1 May 2023 |
22,443 |
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Provided during the year |
4,489 |
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At 30 April 2024 |
26,932 |
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Net book value |
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At 30 April 2024 |
17,947 |
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At 30 April 2023 |
22,436 |
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Goodwill is being written off in equal annual instalments over it's estimated economic life of 10 years. |
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4 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 May 2023 |
10,742 |
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9,390 |
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20,132 |
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Additions |
649 |
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- |
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649 |
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At 30 April 2024 |
11,391 |
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9,390 |
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20,781 |
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Depreciation |
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At 1 May 2023 |
9,556 |
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9,390 |
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18,946 |
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Charge for the year |
821 |
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- |
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821 |
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At 30 April 2024 |
10,377 |
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9,390 |
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19,767 |
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Net book value |
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At 30 April 2024 |
1,014 |
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- |
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1,014 |
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At 30 April 2023 |
1,186 |
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- |
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1,186 |
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5 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
92,425 |
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120,957 |
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Deferred tax asset |
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526 |
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497 |
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Other debtors |
95,349 |
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73,821 |
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188,300 |
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195,275 |
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6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
11,217 |
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2,503 |
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Taxation and social security costs |
96,827 |
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86,528 |
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Other creditors |
7,037 |
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7,541 |
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115,081 |
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96,572 |
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7 |
Loans |
2024 |
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2023 |
£ |
£ |
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Creditors include: |
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8 |
Share capital |
Nominal |
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2024 |
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2024 |
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2023 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares |
£1 each |
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100 |
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100 |
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100 |
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9 |
Other financial commitments |
2024 |
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2023 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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17,571 |
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30,748 |
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10 |
Other information |
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Marriott Valuers Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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19 East Street |
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Farnham |
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Surrey |
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GU9 7SD |