Company registration number:
10920474
Marshallsay Ford Ltd
Unaudited filleted financial statements
31 August 2024
Marshallsay Ford Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Marshallsay Ford Ltd
Statement of financial position
31 August 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
4 |
290,000 |
|
|
|
264,109 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
290,000 |
|
|
|
264,109 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
5 |
1,777 |
|
|
|
1,559 |
|
|
Cash at bank and in hand |
|
|
35,783 |
|
|
|
45,464 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
37,560 |
|
|
|
47,023 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
110,468) |
|
|
|
(
122,252) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
72,908) |
|
|
|
(
75,229) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
217,092 |
|
|
|
188,880 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
7 |
|
|
(
195,939) |
|
|
|
(
195,939) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
6,473) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets/(liabilities) |
|
|
|
|
14,680 |
|
|
|
(
7,059) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
2 |
|
|
|
2 |
Fair value reserve |
|
|
|
|
19,418 |
|
|
|
- |
Profit and loss account |
|
|
|
|
(
4,740) |
|
|
|
(
7,061) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds/(deficit) |
|
|
|
|
14,680 |
|
|
|
(
7,059) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
03 February 2025
, and are signed on behalf of the board by:
Mr S Ford
Director
Company registration number:
10920474
Marshallsay Ford Ltd
Statement of changes in equity
Year ended 31 August 2024
|
|
Called up share capital |
|
Fair value reserve |
|
Profit and loss account |
Total |
|
|
|
|
|
£ |
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 September 2022 |
|
2 |
|
- |
|
3,451 |
3,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year |
|
|
|
|
|
(
10,512) |
(
10,512) |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
Total comprehensive income for the year |
|
- |
|
- |
|
(
10,512) |
(
10,512) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
At 31 August 2023 and 1 September 2023 |
|
2 |
|
- |
|
(
7,061) |
(
7,059) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year |
|
|
|
|
|
21,739 |
21,739 |
|
|
|
Other comprehensive income for the year: |
|
|
|
|
|
|
|
|
|
|
Reclassification from fair value reserve to profit and loss account |
|
|
|
19,418 |
|
(19,418) |
- |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
Total comprehensive income for the year |
|
- |
|
19,418 |
|
2,321 |
21,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
At 31 August 2024 |
|
2 |
|
19,418 |
|
(
4,740) |
14,680 |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marshallsay Ford Ltd
Notes to the financial statements
Year ended 31 August 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Office Ff10, Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the 31 August 2024 the company had excess liabilities over assets totalling £4,738. The company is dependent upon the continued financial support of the director and on the basis that this support is forthcoming, the director considers it appropriate for the financial statements to be prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
|
|
|
|
|
|
Freehold property |
- |
0 % |
|
|
Fittings fixtures and equipment |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Tangible assets
|
|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost or valuation |
|
|
|
|
|
|
|
|
At 1 September 2023 |
264,109 |
264,109 |
|
|
|
|
|
|
Revaluation |
25,891 |
25,891 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 August 2024 |
290,000 |
290,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 September 2023 and 31 August 2024 |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 August 2024 |
290,000 |
290,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 August 2023 |
264,109 |
264,109 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The director has revalued the freehold properties at the year end and considers there to be no material difference from the value shown above and therefore no depreciation has been provided.
5.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
1,777 |
1,559 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
6,561 |
6,561 |
|
Other creditors |
|
103,907 |
115,691 |
|
|
|
_______ |
_______ |
|
|
|
110,468 |
122,252 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
195,939 |
195,939 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The full long term liability is secured on the company's freehold property asset.
8.
Directors advances, credits and guarantees
|
During the year the director entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr S Ford |
(
113,740) |
11,783 |
(
101,957) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr S Ford |
(
115,156) |
1,415 |
(113,741) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|