Company registration number 07086818 (England and Wales)
MARPLACE (NUMBER754) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
MARPLACE (NUMBER754) LIMITED
CONTENTS
Page
Group information
0
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of income and retained earnings
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
MARPLACE (NUMBER754) LIMITED
COMPANY INFORMATION
Directors
Dr P Noall
Mr S G Hughes-Solomon
Mr P Noall
Company number
07086818
Registered office
8 Brindley Road
City Park
Old Trafford
Manchester
UK
M16 9HQ
Auditor
Xeinadin Audit Limited
Riverside House, Kings Reach Business Park
Yew Street
Stockport
Cheshire
United Kingdom
SK4 2HD
Business address
8 Brindley Road
City Park
Old Trafford
Manchester
UK
M16 9HQ
MARPLACE (NUMBER754) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Fair review of the business
Highlights: The year ending June 2024 was marked by challenges from external economic factors and rising operational costs. Despite these, J Mills maintained a solid foundation for future growth, supported by a resilient Maintenance division. Overall profitability was significantly reduced compared to FY23, but the company remains well-positioned to capitalise on expected demand in FY25.
Contracts Division: The Contracts division was impacted by wider economic events, including the July 2024 general election and investor uncertainty. This slowdown led to deferred projects, reducing immediate turnover and profitability. However, this latent demand means substantial opportunities in FY25.
Maintenance Division: The Maintenance division remained relatively stable, providing consistent revenue. Slight dips in demand affected both turnover and gross profit margins. Efficient operations and a commitment to client satisfaction helped mitigate the full impact of these challenges.
Cost Pressures and Profitability: Rising operational costs significantly affected overall company profitability. Key areas of increase included people-related expenses, vehicle costs, professional services, and insurance. These costs placed additional pressure on margins, reducing net profitability.
Key Performance Indicators (KPIs):
Gross Profit Margin: Fell to 22.19% from 27.74% in FY23, reflecting increased cost pressures.
Net Profit Margin: Declined to 0.32% from 7.14% in FY23, impacted by reduced revenue and rising expenses.
Liquidity: The current ratio remains healthy despite a reduction in cash reserves, indicating adequate financial stability.
Investment in Fixed Assets: Substantial capital investment highlights a strategic focus on long-term operational improvements.
Principal Risks and Uncertainties: J Mills continues to face risks including increased complexity and demands, an uncertain economic environment, and evolving client needs and industry standards. The company remains committed to monitoring and addressing these risks, ensuring readiness to adapt and seize new opportunities.
Summary and Conclusion:
FY24 brought challenges with reduced Contracts demand and rising costs. However, stable Maintenance performance and expected FY25 demand offer opportunities to grow the client base and strengthen operations. J Mills Contractors is well-prepared to seize these opportunities and achieve growth.
Principal risks and uncertainties
As the company continues to develop, there are attendant risks in terms of managing (potential) growth, taking on more demanding work, improving our management systems and meeting the needs of our clients within a much more ambiguous and uncertain world. We endeavor to track these uncertainties and ensure the company continues to improve and both anticipate and respond to such pressures to change.
Peter Noall
Director
27 January 2025
MARPLACE (NUMBER754) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company and group continued to be that of firstly, large commercial refurbishment and small commercial works. Secondly, responsive and planned preventative maintenance.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £258,306. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dr P Noall
Mr S G Hughes-Solomon
Mr P Noall
Financial instruments
Liquidity risk
Working capital and liquidity is managed as part of day to day business routines such as the group has no significant concentrations of liquidity risk.
Interest rate risk
The loan agreement between the group and National Westminster Bank plc means the group is
exposed to interest rate risks. The interest rate is set at 4% above LIBOR. The LIBOR rates have fluctuated and with the continuing repayment of the capital of the loan the exposure to interest rate risk is being managed.
Credit risk
The group monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.
The group has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.
Future developments
The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations.
Auditor
The auditor, Xeinadin Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
MARPLACE (NUMBER754) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
On behalf of the board
Dr P Noall
Mr S G Hughes-Solomon
Director
Director
27 January 2025
MARPLACE (NUMBER754) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MARPLACE (NUMBER754) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARPLACE (NUMBER754) LIMITED
- 5 -
Opinion
We have audited the financial statements of Marplace (Number754) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of income and retained earnings, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MARPLACE (NUMBER754) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARPLACE (NUMBER754) LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
MARPLACE (NUMBER754) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARPLACE (NUMBER754) LIMITED
- 7 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Jones BA (Hons) FCCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
Statutory Auditor
Riverside House, Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
27 January 2025
MARPLACE (NUMBER754) LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,010,663
14,671,000
Cost of sales
(10,122,616)
(10,601,486)
Gross profit
2,888,047
4,069,514
Administrative expenses
(2,692,224)
(2,272,837)
Exceptional item
4
(851,800)
Operating profit
5
195,823
944,877
Interest receivable and similar income
8
40,868
14,045
Interest payable and similar expenses
9
(6,438)
(5,043)
Profit before taxation
230,253
953,879
Tax on profit
10
(87,649)
(372,252)
Profit for the financial year
142,604
581,627
Retained earnings brought forward
2,574,910
2,432,499
Dividends
(258,306)
(439,216)
Retained earnings carried forward
2,459,208
2,574,910
Profit for the financial year is all attributable to the owners of the parent company.
MARPLACE (NUMBER754) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
£
£
Profit for the year
142,604
581,627
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
142,604
581,627
Total comprehensive income for the year is all attributable to the owners of the parent company.
MARPLACE (NUMBER754) LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
594,052
708,796
Tangible assets
13
1,738,582
444,908
2,332,634
1,153,704
Current assets
Stocks
16
344,534
316,680
Debtors
17
2,754,157
3,113,448
Cash at bank and in hand
1,358,515
2,474,800
4,457,206
5,904,928
Creditors: amounts falling due within one year
18
(2,432,348)
(3,615,666)
Net current assets
2,024,858
2,289,262
Total assets less current liabilities
4,357,492
3,442,966
Creditors: amounts falling due after more than one year
19
(1,268,594)
(517,313)
Provisions for liabilities
Deferred tax liability
278,947
(278,947)
-
Net assets
2,809,951
2,925,653
Capital and reserves
Called up share capital
22
105,263
105,263
Other reserves
245,480
245,480
Profit and loss reserves
2,459,208
2,574,910
Total equity
2,809,951
2,925,653
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
Dr P Noall
Mr S G Hughes-Solomon
Director
Director
Company registration number 07086818 (England and Wales)
MARPLACE (NUMBER754) LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
414,120
423,980
Investments
14
4,368,812
4,368,812
4,782,932
4,792,792
Current assets
Debtors
17
251,998
251,998
Cash at bank and in hand
19,191
1,848
271,189
253,846
Creditors: amounts falling due within one year
18
(7,720)
(239,085)
Net current assets
263,469
14,761
Total assets less current liabilities
5,046,401
4,807,553
Creditors: amounts falling due after more than one year
19
(4,662,361)
(4,441,447)
Net assets
384,040
366,106
Capital and reserves
Called up share capital
22
105,263
105,263
Other reserves
245,480
245,480
Profit and loss reserves
33,297
15,363
Total equity
384,040
366,106
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £276,241 (2023 - £454,579 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
Dr P Noall
Mr S G Hughes-Solomon
Director
Director
Company registration number 07086818 (England and Wales)
MARPLACE (NUMBER754) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
105,263
245,480
2,432,499
2,783,242
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
581,627
581,627
Dividends
11
-
-
(439,216)
(439,216)
Balance at 30 June 2023
105,263
245,480
2,574,910
2,925,653
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
142,604
142,604
Dividends
11
-
-
(258,306)
(258,306)
Balance at 30 June 2024
105,263
245,480
2,459,208
2,809,951
MARPLACE (NUMBER754) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
105,263
245,480
350,743
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
454,579
454,579
Dividends
11
-
-
(439,216)
(439,216)
Balance at 30 June 2023
105,263
245,480
15,363
366,106
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
276,240
276,240
Dividends
11
-
-
(258,306)
(258,306)
Balance at 30 June 2024
105,263
245,480
33,297
384,040
MARPLACE (NUMBER754) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(267,735)
973,196
Interest paid
(6,438)
(5,043)
Income taxes paid
(371,888)
(83,685)
Net cash (outflow)/inflow from operating activities
(646,061)
884,468
Investing activities
Purchase of tangible fixed assets
(1,407,539)
(1,284)
Interest received
40,868
14,045
Net cash (used in)/generated from investing activities
(1,366,671)
12,761
Financing activities
Repayment of bank loans
(48,271)
(967,159)
Payment of finance leases obligations
1,203,024
-
Dividends paid to equity shareholders
(258,306)
(439,216)
Net cash generated from/(used in) financing activities
896,447
(1,406,375)
Net decrease in cash and cash equivalents
(1,116,285)
(509,146)
Cash and cash equivalents at beginning of year
2,474,800
2,983,946
Cash and cash equivalents at end of year
1,358,515
2,474,800
MARPLACE (NUMBER754) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
73,144
75,635
Interest paid
(1,616)
(4,841)
Income taxes paid
(5,914)
(5,869)
Net cash inflow from operating activities
65,614
64,925
Investing activities
Dividends received
258,306
439,216
Net cash generated from investing activities
258,306
439,216
Financing activities
Repayment of bank loans
(48,271)
(67,159)
Dividends paid to equity shareholders
(258,306)
(439,216)
Net cash used in financing activities
(306,577)
(506,375)
Net increase/(decrease) in cash and cash equivalents
17,343
(2,234)
Cash and cash equivalents at beginning of year
1,848
4,082
Cash and cash equivalents at end of year
19,191
1,848
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
1
Accounting policies
Company information
Marplace (Number754) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 8 Brindley Road, City Park, Old Trafford, Manchester, UK, M16 9HQ.
The group consists of Marplace (Number754) Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Marplace (Number754) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Revenue recognition
For the large commercial refurbishment works revenue is recognised according to the stage of
completion.
For work carried out where an independent valuation has not been obtained; work in progress is
provided along with the estimated profit margin. Contract work in progress is valued at the anticipated net sales value of work done after provision for contingencies. The profit recognised is dependent upon the completeness of the particular project.
For the responsive and planned preventative maintenance work revenue is recognised upon
completion of services.
Retentions are recognised upon completion of the project within revenue.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
2% straight line
Plant and equipment
20% reducing balance basis
Fixtures and fittings
15% reducing balance
Computer equipment
25% straight line basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments 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 impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
As described in the notes to the financial statements, freehold property is stated at fair value based on the valuation provided by the directors. The valuation was based on observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales, UK
13,010,663
14,671,000
2024
2023
£
£
Other revenue
Interest income
40,868
14,045
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item
-
851,800
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Exceptional item
(Continued)
- 23 -
The exceptional item disclosed in the income statement relates to the previously disclosed financial contribution to the Plumbing & Mechanical Services (UK) Industry Pension Scheme which came to light during 2019. In December 2023, the parties agreed the financial contribution for the sum of £851,800.
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
108,419
15,028
Loss on disposal of tangible fixed assets
5,446
-
Amortisation of intangible assets
114,744
114,744
Operating lease charges
297,762
222,456
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
37
36
3
3
Admin and support
7
5
-
-
Other
16
16
-
-
Total
60
57
3
3
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,409,072
2,301,434
Social security costs
239,121
237,243
-
-
Pension costs
179,853
165,672
2,828,046
2,704,349
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
254,352
237,289
Company pension contributions to defined contribution schemes
36,240
25,500
290,592
262,789
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
210,588
147,112
Company pension contributions to defined contribution schemes
14,300
14,300
The number of directors for whom reitrement benefits are accruing under defined benefit schemes amounted to 3 (2023 - 3).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
40,868
14,045
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
40,868
14,045
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,616
4,841
Other finance costs:
Interest on finance leases and hire purchase contracts
4,822
-
Other interest
-
202
Total finance costs
6,438
5,043
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(191,298)
372,264
Adjustments in respect of prior periods
(12)
Total current tax
(191,298)
372,252
Deferred tax
Origination and reversal of timing differences
278,947
Total tax charge
87,649
372,252
The tax rate on profit before tax for the year is the same as the standard rate of corporation tax in the UK which has been applied at 19% for the reconciliation. The corporation tax rate increased on the 1st April 2023 to 25% for profits exceeding £250,000, and a marginal rate for profits between £50,000 and £250,000. Profits £50,000 and below remained at 19%.
The reconciliation below includes a line to reflect the differential in the tax rate that has been applied from 1st April 2023.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
230,253
953,879
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
57,563
181,237
Tax effect of expenses that are not deductible in determining taxable profit
76,034
176,292
Tax effect of utilisation of tax losses not previously recognised
12
Adjustments in respect of prior years
(12)
Effect of change in corporation tax rate
-
14,270
Permanent capital allowances in excess of depreciation
151,494
453
Tax losses
(197,442)
Taxation charge
87,649
372,252
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
258,306
439,216
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
2,294,846
Amortisation and impairment
At 1 July 2023
1,586,050
Amortisation charged for the year
114,744
At 30 June 2024
1,700,794
Carrying amount
At 30 June 2024
594,052
At 30 June 2023
708,796
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
More information on impairment movements in the year is given in the note.
The goodwill relates to the purchase of share capital in J Mills (Contractors) Limited.
Amortisation expense is included within administrative expenses.
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
13
Tangible fixed assets
Group
Land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
493,000
49,512
33,956
576,468
Additions
6,660
13,688
1,387,191
1,407,539
Disposals
(18,813)
(13,648)
(32,461)
At 30 June 2024
493,000
6,660
30,699
33,996
1,387,191
1,951,546
Depreciation and impairment
At 1 July 2023
69,020
30,765
31,775
131,560
Depreciation charged in the year
9,860
500
3,435
2,477
92,147
108,419
Eliminated in respect of disposals
(13,367)
(13,648)
(27,015)
At 30 June 2024
78,880
500
20,835
20,602
92,147
212,964
Carrying amount
At 30 June 2024
414,120
6,160
9,864
13,394
1,295,044
1,738,582
At 30 June 2023
423,980
18,746
2,182
444,908
Company
Land and buildings
£
Cost
At 1 July 2023 and 30 June 2024
493,000
Depreciation and impairment
At 1 July 2023
69,020
Depreciation charged in the year
9,860
At 30 June 2024
78,880
Carrying amount
At 30 June 2024
414,120
At 30 June 2023
423,980
Freehold land and buildings with a carrying amount of £414,120 (2023 - £423,980) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Assets used in operating leases
Freehold Property with a cost of £493,000 (2023 - £493,000) was used to generate operating lease income, depreciation charged against these assets was £9,860 (2023 - £9,860)
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
4,368,812
4,368,812
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
4,368,812
Carrying amount
At 30 June 2024
4,368,812
At 30 June 2023
4,368,812
15
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
J Mills (Contractors) Limited
8 Brindley Road, City Park, Old Trafford, Manchester, M16 9HQ, UK
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,000
2,000
-
-
Work in progress
342,534
314,680
-
-
344,534
316,680
-
-
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,628,902
2,373,494
Corporation tax recoverable
197,442
Other debtors
502,195
466,893
1
Prepayments and accrued income
159,220
21,063
2,487,759
2,861,450
1
-
Amounts falling due after more than one year:
Amounts owed by group undertakings
14,400
-
-
-
Other debtors
251,998
251,998
251,998
251,998
266,398
251,998
251,998
251,998
Total debtors
2,754,157
3,113,448
251,999
251,998
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
48,271
48,271
Obligations under finance leases
279,305
Trade creditors
984,877
1,433,033
Corporation tax payable
6,520
372,264
6,520
5,914
Other taxation and social security
302,333
627,505
1,200
1,200
Other creditors
662,509
842,005
183,700
Accruals and deferred income
196,804
292,588
2,432,348
3,615,666
7,720
239,085
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
923,719
Amounts owed to group undertakings
4,662,361
4,441,447
Other creditors
344,875
517,313
1,268,594
517,313
4,662,361
4,441,447
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
48,271
48,271
Payable within one year
48,271
48,271
The long-term loans are secured by fixed and floating charges held by National Westminster Bank PLC over the undertaking and all property and assets present and future including goodwill uncalled capital buildings fixtures plant and machinery.
There is an unlimited intercompany composite guarantee with National Westminster Bank PLC
between J Mills (contractors) Limited and its parent Marplace (Number 754) Limited. The companies have guaranteed to undertake unlimited liability in respect of any obligations due to the bank.
Bank loan security:
The Royal Bank of Scotland have secured their loan against the property as to which it relates. The loan bears interest of 3.00% over base rate and is repayable over 60 months.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
179,853
165,672
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A shares of £1 each
90,000
90,000
90,000
90,000
B shares of £1 each
15,263
15,263
15,263
15,263
105,263
105,263
105,263
105,263
23
Capital commitments
Contract Hire Vehicles
The balance of the commitment due within one year if £0 (2023: £156,510), the remaining balance is all due after one year, but within five years.
The total amount contracted for but not provided in the financial statements was £0 (2023: £161,689).
Other Financial Commitments
Property Lease
The total amount of other financial commitments not provided in the financial statements was £36,000 (2023: £36,000).
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
24
Related party transactions
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
J Mills Employee Benefit Trust
251,998
251,998
Company
J Mills Employee Benefit Trust
251,998
251,998
A trust in which Directors Dr Paul Noall and Mr Peter Noall are both trustees.
25
Controlling party
The group is controlled by the directors who own the majority of the called up share capital.
26
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit after taxation
142,604
581,627
Adjustments for:
Taxation charged
87,649
372,252
Finance costs
6,438
5,043
Investment income
(40,868)
(14,045)
Loss on disposal of tangible fixed assets
5,446
-
Amortisation and impairment of intangible assets
114,744
114,744
Depreciation and impairment of tangible fixed assets
108,419
15,028
Movements in working capital:
Increase in stocks
(27,854)
(94,069)
Decrease/(increase) in debtors
556,733
(386,937)
(Decrease)/increase in creditors
(1,221,046)
379,553
Cash (absorbed by)/generated from operations
(267,735)
973,196
MARPLACE (NUMBER754) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
27
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
276,240
454,579
Adjustments for:
Taxation charged
6,520
5,902
Finance costs
1,616
4,841
Investment income
(258,306)
(439,216)
Depreciation and impairment of tangible fixed assets
9,860
9,860
Movements in working capital:
Increase in creditors
37,214
39,669
Cash generated from operations
73,144
75,635
28
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
2,474,800
(1,116,285)
1,358,515
Borrowings excluding overdrafts
(48,271)
48,271
-
Obligations under finance leases
-
(1,203,024)
(1,203,024)
2,426,529
(2,271,038)
155,491
29
Analysis of changes in net funds/(debt) - company
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
1,848
17,343
19,191
Borrowings excluding overdrafts
(48,271)
48,271
-
(46,423)
65,614
19,191
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