Company registration number 11325525 (England and Wales)
MARK 2 (ESTATE AGENTS) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
MARK 2 (ESTATE AGENTS) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MARK 2 (ESTATE AGENTS) LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,663
12,145
Current assets
Debtors
4
199,720
129,452
Cash at bank and in hand
238,169
235,688
437,889
365,140
Creditors: amounts falling due within one year
5
(85,330)
(55,399)
Net current assets
352,559
309,741
Total assets less current liabilities
365,222
321,886
Provisions for liabilities
(2,971)
(2,859)
Net assets
362,251
319,027
Capital and reserves
Called up share capital
6
10,100
10,100
Share premium account
14,900
14,900
Profit and loss reserves
337,251
294,027
Total equity
362,251
319,027
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 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 9 April 2025
Mr A M Roberts
Director
Company Registration No. 11325525
MARK 2 (ESTATE AGENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Mark 2 (Estate Agents) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.
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
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 measured at cost, 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:
Fixtures and fittings
20% straight line
Equipment
20% straight line
Motor vehicles
25% straight line
1.4
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 balance sheet 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MARK 2 (ESTATE AGENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
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 company’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.
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 when the company has 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
16
3
Tangible fixed assets
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
18,370
35,261
12,340
65,971
Additions
800
4,955
5,755
At 31 July 2024
19,170
40,216
12,340
71,726
Depreciation and impairment
At 1 August 2023
17,129
24,357
12,340
53,826
Depreciation charged in the year
596
4,641
5,237
At 31 July 2024
17,725
28,998
12,340
59,063
Carrying amount
At 31 July 2024
1,445
11,218
12,663
At 31 July 2023
1,241
10,904
12,145
MARK 2 (ESTATE AGENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,511
15,030
Amounts owed by group undertakings
150,908
108,637
Other debtors
18,301
5,785
199,720
129,452
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,304
17,102
Corporation tax
11,278
5,461
Other taxation and social security
38,776
28,873
Other creditors
3,972
3,963
85,330
55,399
6
Called up share capital
2024
2023
£
£
Ordinary share capital - Issued and fully paid
100 of £100 each
10,000
10,000
100 of £1 each
100
100
10,100
10,100
7
Related party transactions
The company paid dividends of £14,000 (2023: £13,000) to Kingcoed Holdings Limited within the year.
At the year end a balance of £150,908 (2023: £108,637) remained outstanding from Kingcoed Holdings Limited, included in debtors; amounts falling due within one year.
The company pays property rent totalling £10,000 (2023: £6,667) to Kingcoed Holdings Limited.
The above transaction is related as the directors of Kingcoed Holdings Limited are also directors of Mark 2 (Estate Agents) Ltd. Kingcoed Holdings limited is also the parent company of Mark 2 (Estate Agents) Ltd.
MARK 2 (ESTATE AGENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
8
Parent company
The ultimate parent company is Kingcoed Holdings Limited.
In the opinion of the directors, the ultimate parent company is Kingcoed Holdings Limited by virtue of its 100% shareholding, who in turn are ultimately controlled by Mr Anthony Mark Roberts by virtue of their 100% shareholding.
The registered office of Kingcoed Holdings Limited is: Bradbury House, Mission Court, Newport, NP20 2DW