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COMPANY REGISTRATION NUMBER: 02755621
MARMI LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2024
MARMI LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
167,937
152,683
Current assets
Stocks
22,500
22,500
Debtors
6
594,440
561,991
Cash at bank and in hand
266,006
64,058
---------
---------
882,946
648,549
Creditors: amounts falling due within one year
7
754,977
494,894
---------
---------
Net current assets
127,969
153,655
---------
---------
Total assets less current liabilities
295,906
306,338
Creditors: amounts falling due after more than one year
8
85,942
104,289
Provisions
Taxation including deferred tax
40,227
36,302
---------
---------
Net assets
169,737
165,747
---------
---------
MARMI LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
442
420
Share premium account
9,026
9,026
Profit and loss account
160,269
156,301
---------
---------
Shareholders funds
169,737
165,747
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
C D Higgs
D M Honey
Director
Director
Company registration number: 02755621
MARMI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 38 West Station Industrial Estate, Spital Road, Maldon, Essex, CM9 6TS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Tangible fixed assets are recognised at cost less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and office equipment
-
25% reducing balance
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are valued at the lower of cost and net realisable value on a first in first out basis, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 20 ).
5. Tangible assets
Plant and office equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
248,617
167,641
416,258
Additions
5,880
62,590
68,470
Disposals
( 77,320)
( 77,320)
---------
---------
---------
At 30 September 2024
254,497
152,911
407,408
---------
---------
---------
Depreciation
At 1 October 2023
172,998
90,577
263,575
Charge for the year
19,678
27,095
46,773
Disposals
( 70,877)
( 70,877)
---------
---------
---------
At 30 September 2024
192,676
46,795
239,471
---------
---------
---------
Carrying amount
At 30 September 2024
61,821
106,116
167,937
---------
---------
---------
At 30 September 2023
75,619
77,064
152,683
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
214,293
269,301
Amounts owed by group undertakings and undertakings in which the company has a participating interest
100,000
200,000
Other debtors
280,147
92,690
---------
---------
594,440
561,991
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
76,888
47,942
Corporation tax
74,550
38,577
Social security and other taxes
15,324
13,670
Other creditors
588,215
394,705
---------
---------
754,977
494,894
---------
---------
Included in other creditors are hire purchase agreements of £34,084 (2023 £35,602) which are secured on the assets to which the agreements relate.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
85,942
104,289
--------
---------
Included in other creditors are hire purchase agreements of £85,942 (2023 £104,289) which are secured on the assets to which the agreements relate.
9. Related party transactions
The company was under the control of the directors throughout the current and previous year. During the year, rent of £23,000 (2023 - £23,000) was paid to Marmi Directors Retirement Plan for the use of 38 West Station Industrial Estate. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.