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Registered number: 04626352









Margaret Hall Limited









Financial statements

Information for filing with the registrar

For the year ended 30 April 2024

 
Margaret Hall Limited
Registered number: 04626352

Balance Sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
224,319
222,629

Current assets
  

Stocks
  
270,919
201,696

Debtors: amounts falling due within one year
 8 
3,447,194
2,908,071

Cash at bank and in hand
 9 
34,801
116,980

  
3,752,914
3,226,747

Creditors: amounts falling due within one year
 10 
(494,399)
(330,695)

Net current assets
  
 
 
3,258,515
 
 
2,896,052

Total assets less current liabilities
  
3,482,834
3,118,681

Provisions for liabilities
  

Deferred tax
 12 
(54,499)
(39,174)

Net assets
  
3,428,335
3,079,507


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,428,235
3,079,407

  
3,428,335
3,079,507


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



G R Norfolk
Director

Date: 31 January 2025

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
Margaret Hall Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

1.


General information

Margaret Hall Limited is a private company limited by share capital incorporated in England & Wales, company number 04626352. The address of the registered office and the principal place of business is 18-19 Scarbank, Millers Road, Warwick, Warwickshire, CV34 5DB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

 
Margaret Hall Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 3

 
Margaret Hall Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% Reducing balance
Motor vehicles
-
25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
Margaret Hall Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the Directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimates means that actual outcomes could differ from those estimates. The following material judgements have had the most significant effect on amounts recognised in the financial statements.
Other estimates and judgements
The Directors of the Company exercise significant judgement in estimating the useful life of tangible fixed assets.
Should these estimates vary, the profit or loss and balance sheet of the following years could be impacted. 


4.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 26).

Page 5

 
Margaret Hall Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

5.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
10,000



At 30 April 2024

10,000



Amortisation


At 1 May 2023
10,000



At 30 April 2024

10,000



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 6

 
Margaret Hall Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 May 2023
779,807
56,656
836,463


Additions
50,667
-
50,667


Disposals
(2,450)
-
(2,450)



At 30 April 2024

828,024
56,656
884,680



Depreciation


At 1 May 2023
579,201
34,633
613,834


Charge for the year on owned assets
41,636
7,341
48,977


Disposals
(2,450)
-
(2,450)



At 30 April 2024

618,387
41,974
660,361



Net book value



At 30 April 2024
209,637
14,682
224,319



At 30 April 2023
200,606
22,023
222,629


7.


Stocks

2024
2023
£
£

Raw materials and consumables
199,570
176,871

Work in progress (goods to be sold)
7,837
6,377

Finished goods and goods for resale
63,512
18,448

270,919
201,696


Page 7

 
Margaret Hall Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

8.


Debtors

2024
2023
£
£


Trade debtors
578,398
689,140

Amounts owed by group undertakings
2,826,394
2,189,237

Other debtors
23,752
14,544

Prepayments and accrued income
18,650
15,150

3,447,194
2,908,071



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
34,801
116,980



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
247,122
-

Trade creditors
156,986
225,717

Corporation tax
51,650
47,736

Other taxation and social security
16,746
16,914

Other creditors
9,402
3,662

Accruals and deferred income
12,493
36,666

494,399
330,695


Security on invoice discounting facility 
Obligations under invoice discounting arrangements are secured against the trade receivables financed under the facility. 

Page 8

 
Margaret Hall Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
247,122
-


247,122
-




247,122
-



12.


Deferred taxation




2024


£






At beginning of year
(39,174)


Charged to profit or loss
(15,325)



At end of year
(54,499)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(54,499)
(39,174)

(54,499)
(39,174)

Page 9

 
Margaret Hall Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 April 2024

13.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
69,438
62,600

Later than 1 year and not later than 5 years
206,655
209,450

Later than 5 years
-
16,667

276,093
288,717


14.


Related party transactions

The Company purchased services amounting to £30,313 (2023: £28,086) from a company in which a director has a controlling interest. At the balance sheet date £1,886 (2023: £5,685) was owed to this company.
The Company purchased services amounting to £52,500
 (2023: £50,000) from a company in which a director has a controlling interest. 


15.


Controlling party

Panicium Limited is the immediate and ultimate parent undertaking, a company incorporated in England and Wales, company number 11440002. The registered office of Panicium Limited is Fawside Farm, Longnor, Buxton, England, SK17 0RA.
There is no overall controlling party of Panicium Limited.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was qualified.

The qualification in the audit report was as follows:

The company was not audited in the previous period and we did not observe the counting of physical stocks at the beginning of the period. We were unable to satisfy ourselves by alternative means concerning stock quantities held at 30 April 2023.
Since opening stocks enter into the determination of the financial performance, we were unable to determine whether adjustments might have been necessary in respect of the profit for the period reported in the statement of income and retained earnings. 

The audit report was signed on 31 January 2025 by Chris Stewardson (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

Page 10