Registered number
03019168
MARSON IMPORTS LIMITED
Filleted Accounts
30 June 2024
MARSON IMPORTS LIMITED
Registered number: 03019168
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 306,214 358,887
Current assets
Stocks 31,341 34,236
Debtors 4 454,294 477,748
Cash at bank and in hand 291,899 431,302
777,534 943,286
Creditors: amounts falling due within one year 5 (206,810) (239,188)
Net current assets 570,724 704,098
Total assets less current liabilities 876,938 1,062,985
Creditors: amounts falling due after more than one year 6 (168,490) (215,630)
Net assets 708,448 847,355
Capital and reserves
Called up share capital 1 1
Profit and loss account 708,447 847,354
Shareholders' funds 708,448 847,355
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A B Fagelson
Director
Approved by the board on 7 January 2025
MARSON IMPORTS LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 3-5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 380,953 28,965 88,300 498,218
Disposals - - (47,375) (47,375)
At 30 June 2024 380,953 28,965 40,925 450,843
Depreciation
At 1 July 2023 95,250 27,916 16,165 139,331
Charge for the year 7,620 1,049 13,388 22,057
On disposals - - (16,759) (16,759)
At 30 June 2024 102,870 28,965 12,794 144,629
Net book value
At 30 June 2024 278,083 - 28,131 306,214
At 30 June 2023 285,703 1,049 72,135 358,887
4 Debtors 2024 2023
£ £
Trade debtors 279,088 302,610
Other debtors 175,206 175,138
454,294 477,748
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 22,084 21,568
Obligations under finance lease and hire purchase contracts 6,759 13,042
Trade creditors 69,068 75,114
Taxation and social security costs 89,750 99,392
Other creditors 19,149 30,072
206,810 239,188
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 145,246 159,150
Obligations under finance lease and hire purchase contracts 23,244 56,480
168,490 215,630
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 66,462 75,192
Secured bank loans 138,971 144,601
The bank loan is secured on the company's freehold property.
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
A B Fagelson
Interest free and repayable on demand 69,496 - - 69,496
A S Fagelson
Interest free and repayable on demand 69,496 - - 69,496
138,992 - - 138,992
9 Related party transactions 2024 2023
£ £
IB Fagelson and Mrs JL Fagelson - shareholders and directors
Loans to the company 7,077 19,854
10 Controlling party
The company is controlled by I B Fagelson and Mrs J L Fagelson.
11 Other information
MARSON IMPORTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 17 The High Cross Centre
Fountayne Road
London
N15 4QN
MARSON IMPORTS LIMITED 03019168 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts July 2024 A B Fagelson No description of principal activity 03019168 2022-07-01 2023-06-30 03019168 core:WithinOneYear 2023-06-30 03019168 core:AfterOneYear 2023-06-30 03019168 core:ShareCapital 2023-06-30 03019168 core:RetainedEarningsAccumulatedLosses 2023-06-30 03019168 2023-07-01 2024-06-30 03019168 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03019168 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 03019168 bus:Director40 2023-07-01 2024-06-30 03019168 core:LandBuildings 2023-07-01 2024-06-30 03019168 core:PlantMachinery 2023-07-01 2024-06-30 03019168 core:Vehicles 2023-07-01 2024-06-30 03019168 bus:Director3 2023-07-01 2024-06-30 03019168 bus:Director3 1 2023-07-01 2024-06-30 03019168 bus:Director4 2023-07-01 2024-06-30 03019168 bus:Director4 1 2023-07-01 2024-06-30 03019168 countries:England 2023-07-01 2024-06-30 03019168 bus:FRS102 2023-07-01 2024-06-30 03019168 bus:FilletedAccounts 2023-07-01 2024-06-30 03019168 2024-06-30 03019168 core:WithinOneYear 2024-06-30 03019168 core:AfterOneYear 2024-06-30 03019168 core:ShareCapital 2024-06-30 03019168 core:RetainedEarningsAccumulatedLosses 2024-06-30 03019168 core:LandBuildings 2024-06-30 03019168 core:PlantMachinery 2024-06-30 03019168 core:Vehicles 2024-06-30 03019168 bus:Director3 1 2024-06-30 03019168 bus:Director4 1 2024-06-30 03019168 2023-06-30 03019168 core:LandBuildings 2023-06-30 03019168 core:PlantMachinery 2023-06-30 03019168 core:Vehicles 2023-06-30 03019168 bus:Director3 1 2023-06-30 03019168 bus:Director4 1 2023-06-30 iso4217:GBP xbrli:pure