Company registration number 01082249 (England and Wales)
MARBEN ENGINEERING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
MARBEN ENGINEERING COMPANY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
MARBEN ENGINEERING COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs R J Wood
Mrs C L Liley
Mr H K Wood
Secretary
Mrs C L Liley
Company number
01082249
Registered office
3 Grovely Avenue
Bournemouth
Dorset
England
BH 5 1JA
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
MARBEN ENGINEERING COMPANY LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
21,849
23,168
Investment properties
5
2,055,000
2,001,779
2,076,849
2,024,947
Current assets
Stocks
500
1,500
Debtors
6
25,896
29,852
Cash at bank and in hand
389,659
471,528
416,055
502,880
Creditors: amounts falling due within one year
7
(68,065)
(69,340)
Net current assets
347,990
433,540
Total assets less current liabilities
2,424,839
2,458,487
Provisions for liabilities
(223,474)
(159,728)
Net assets
2,201,365
2,298,759
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
774,146
784,671
Distributable profit and loss reserves
1,427,119
1,513,988
Total equity
2,201,365
2,298,759
MARBEN ENGINEERING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Mrs C L Liley
Director
Company Registration No. 01082249
The notes on pages 4 to 7 form part of these financial statements
MARBEN ENGINEERING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Marben Engineering Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Grovely Avenue, Bournemouth, Dorset, England, BH 5 1JA.
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 pound.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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.
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:
Freehold land and buildings
2-10% straight line
Leasehold land and buildings
2-10% straight line
Plant and equipment
10-25% reducing balance
Computers
10-25% reducing balance
Motor vehicles
10-25% reducing balance
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 credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
MARBEN ENGINEERING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
MARBEN ENGINEERING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
12,258
1,118
19,195
2,057
12,050
46,678
Additions
319
283
602
At 30 June 2024
12,258
1,118
19,514
2,340
12,050
47,280
Depreciation and impairment
At 1 July 2023
4,324
1,118
4,541
1,977
11,550
23,510
Depreciation charged in the year
245
1,490
61
125
1,921
At 30 June 2024
4,569
1,118
6,031
2,038
11,675
25,431
Carrying amount
At 30 June 2024
7,689
13,483
302
375
21,849
At 30 June 2023
7,934
14,654
80
500
23,168
5
Investment property
2024
£
Fair value
At 1 July 2023
2,001,779
Revaluations
53,221
At 30 June 2024
2,055,000
MARBEN ENGINEERING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Investment property
(Continued)
- 7 -
Investment property comprises residential property with an original cost of £946,988. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the balance sheet date by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,633
Other debtors
15,604
16,056
Prepayments and accrued income
10,292
10,163
25,896
29,852
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,569
7,624
Taxation and social security
1,531
1,751
Other creditors
57,165
57,165
Accruals and deferred income
2,800
2,800
68,065
69,340
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100