Company Registration No. 05259104 (England and Wales)
MARPLACE (NUMBER 641) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
MARPLACE (NUMBER 641) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
MARPLACE (NUMBER 641) LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
8
945,584
892,102
Cash at bank and in hand
39
945,584
892,141
Creditors: amounts falling due within one year
9
(1,008,903)
(955,889)
Net current liabilities
(63,319)
(63,748)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
(63,419)
(63,848)
Total equity
(63,319)
(63,748)
The notes on pages 2 to 6 form part of these financial statements.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 4 February 2025
Mr G Pulford
Director
Company registration number 05259104 (England and Wales)
MARPLACE (NUMBER 641) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Marplace (Number 641) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Speed Medical House, 16 Eaton Avenue, Matrix Park, Chorley, Lancashire, PR7 7NA.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end, the Company had net liabilities of £63,319 (2023: £63,748). The Company is dependent on funding provided by group undertakings. The Director has received confirmation from associated group entities that it will provide financial support as is necessary to enable the Company to meet its liabilities as they fall due for a period of at least 12 months from the date of signing these financial statements. The Director has considered the forecasts and projections of associated group entities, 116 Cardamon Limited, taking account of reasonably possible changes in trading performance forecasts and projection, and cash collection profile together with other means of managing cash outflows, show that the Company has sufficient resources and facilities to meet its liabilities as they fall due and have accordingly prepared the financial statements on a going concern basis. true
After making enquiries, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Furthermore, a letter of support has been received by the parent Company confirming that support will be provided for a minimum of 12 months from the date of signing these financial statements. Accordingly, he continues to adopt the going concern basis of accounting in preparing the annual report and financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
MARPLACE (NUMBER 641) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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.
1.5
Financial instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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 company 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.
1.6
Equity instruments
Equity instruments issued by the company 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 company.
1.7
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
MARPLACE (NUMBER 641) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Interest receivable from group companies
53,814
39,624
5
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
56,321
41,389
MARPLACE (NUMBER 641) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
6
Fixed asset investments
Investments in subsidiary companies
£
Cost or valuation
At 1 June 2023 & 31 May 2024
4,379,494
Impairment
At 1 June 2023 & 31 May 2024
4,379,494
Carrying amount
At 31 May 2024
-
At 31 May 2023
-
7
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Aim Legal Expenses Insurance Services Limited
Ordinary
100.00
The registered office of the subsidiary is the same as the company.
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
945,484
891,671
Other debtors
100
431
945,584
892,102
MARPLACE (NUMBER 641) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15
Trade creditors
3,036
Amounts owed to group undertakings
962,393
907,722
Amounts owed to related parties
43,780
37,131
Taxation and social security
215
Accruals and deferred income
2,500
8,000
1,008,903
955,889
Amounts owed to group undertakings are repayable on demand. Interest is charged at 3.5%.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,000
1,000
100
100
11
Related party transactions
The Company has taken advantage of the exemption in FRS 102 section 1AC.35 and has not disclosed transactions with 116 Cardamon Limited and its subsidiaries.
At the end of the year £29,928 (2023 - £28,278) was owed to Speed Medical Examination Services Limited. Speed Medical Examination Services Limited is considered to be a related party because it has the same ultimate controlling party as the Company. Interest of £1,650 (2023 - £1,135) was paid during the year.
12
Parent company
The immediate and ultimate parent is 116 Cardamon Limited, a company incorporated in England and Wales. The registered address of 116 Cardamon Limited is Speed Medical House 16 Eaton Avenue, Matrix Park, Chorley, Lancashire, PR7 7NA.
The ultimate controlling party was Dr Rajnish Luthra by virtue of his shareholding in 116 Cardamon Limited.