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Registration number: 03504232

Marabese Ceramics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Marabese Ceramics Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Marabese Ceramics Limited

Company Information

Director

Mr Lucio Marabese

Registered office

Unit 5
Windsor Road
Bedford
Bedfordshire
MK42 9HW

Accountants

BBK Accountants BMM Limited
Chartered Certified Accountants4A Roman Road
London
E6 3RX

 

Marabese Ceramics Limited

(Registration number: 03504232)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

12,220

19,718

Current assets

 

Stocks

5

63,955

246,336

Debtors

6

335,124

414,791

Cash at bank and in hand

 

2,081

57,171

 

401,160

718,298

Creditors: Amounts falling due within one year

7

(210,378)

(711,416)

Net current assets

 

190,782

6,882

Total assets less current liabilities

 

203,002

26,600

Creditors: Amounts falling due after more than one year

7

(230,000)

(40,087)

Provisions for liabilities

(2,435)

(1,855)

Net liabilities

 

(29,433)

(15,342)

Capital and reserves

 

Called up share capital

8

8

Retained earnings

(29,441)

(15,350)

Shareholders' deficit

 

(29,433)

(15,342)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2025
 

.........................................
Mr Lucio Marabese
Director

 

Marabese Ceramics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 5
Windsor Road
Bedford
Bedfordshire
MK42 9HW
United Kingdom

These financial statements were authorised for issue by the director on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.The company entered in to a Company Voluntary Arrangement (CVA) on the 17th January 2024, which has allowed it to restructure its debts and continue operations.The Director has reviewed forecasts and believes that the company has adequate resources to meets its obligations under the CVA and continue trading.

CVA and Debt Restructuring

On 17th January 2024, the company entered in to a CVA, reducing total liabilities by £170441.
Under the agreement, creditors will be repaid over 5 year, with monthly instalments of £5000.
As a result, the company has derecognised liabilities of £170441 and this gain has been recognised in the profit and loss account.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Marabese Ceramics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing balance method

Fixtures and fittings

25% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Marabese Ceramics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2023 - 25).

 

Marabese Ceramics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

205,399

47,351

252,750

Disposals

(9,603)

-

(9,603)

At 31 March 2024

195,796

47,351

243,147

Depreciation

At 1 April 2023

190,398

42,634

233,032

Charge for the year

2,894

1,179

4,073

Eliminated on disposal

(6,178)

-

(6,178)

At 31 March 2024

187,114

43,813

230,927

Carrying amount

At 31 March 2024

8,682

3,538

12,220

At 31 March 2023

15,001

4,717

19,718

5

Stocks

2024
£

2023
£

Other inventories

63,955

246,336

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

73,253

181,598

Amounts owed by related parties

9

253,500

223,500

Prepayments

 

8,371

6,881

Other debtors

 

-

2,812

   

335,124

414,791

7

Creditors

Creditors: amounts falling due within one year

 

Marabese Ceramics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

78,630

53,450

Trade creditors

 

4,889

491,131

Taxation and social security

 

25,311

118,468

Accruals and deferred income

 

8,950

8,367

Other creditors

 

92,598

40,000

 

210,378

711,416

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

40,087

Other non-current financial liabilities

 

230,000

-

 

230,000

40,087

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

40,087

Current loans and borrowings

2024
£

2023
£

Bank borrowings

53,450

53,450

Bank overdrafts

25,180

-

78,630

53,450

9

Related party transactions

During the year under review, a loan of £253500 was made to Marabese Ceramics Holdings, the parent company of which the Directors have a controlling interest.

 

Marabese Ceramics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

93,583

91,041