Marlowe C&FS Limited 02634688 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is in the provision of residential care homes for children and young adults. Digita Accounts Production Advanced 6.30.9574.0 true false true false 02634688 2023-09-01 2024-08-31 02634688 2024-08-31 02634688 core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 02634688 core:CurrentFinancialInstruments 2024-08-31 02634688 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 02634688 core:DisposalsDecreaseInInvestments 2024-08-31 02634688 core:LandBuildings 2024-08-31 02634688 bus:SmallEntities 2023-09-01 2024-08-31 02634688 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 02634688 bus:FilletedAccounts 2023-09-01 2024-08-31 02634688 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 02634688 bus:RegisteredOffice 2023-09-01 2024-08-31 02634688 bus:Director1 2023-09-01 2024-08-31 02634688 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02634688 core:Buildings 2023-09-01 2024-08-31 02634688 core:FurnitureFittings 2023-09-01 2024-08-31 02634688 core:LandBuildings 2023-09-01 2024-08-31 02634688 core:PlantMachinery 2023-09-01 2024-08-31 02634688 core:Subsidiary1 2023-09-01 2024-08-31 02634688 core:Subsidiary1 countries:AllCountries 2023-09-01 2024-08-31 02634688 countries:EnglandWales 2023-09-01 2024-08-31 02634688 2023-08-31 02634688 core:LandBuildings 2023-08-31 02634688 2022-09-01 2023-08-31 02634688 2023-08-31 02634688 core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 02634688 core:CurrentFinancialInstruments 2023-08-31 02634688 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 02634688 core:CostValuation 2023-08-31 02634688 core:LandBuildings 2023-08-31 02634688 core:Subsidiary1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 02634688

Prepared for the registrar

Marlowe C&FS Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Marlowe C&FS Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Marlowe C&FS Limited

Company Information

Director

S P Miller

Registered office

Units 2 & 3
The Hawthorns
Hawthorns Lane
Corse
Gloucestershire
GL19 3NY

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Marlowe C&FS Limited

(Registration number: 02634688)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

607,212

1,912,375

Investment property

5

-

351,590

Investments

6

-

100

 

607,212

2,264,065

Current assets

 

Debtors

477,581

89,875

Cash at bank and in hand

 

11,943

121,281

 

489,524

211,156

Creditors: Amounts falling due within one year

8

(611,914)

(368,173)

Net current liabilities

 

(122,390)

(157,017)

Total assets less current liabilities

 

484,822

2,107,048

Deferred tax liabilities

9

(94,250)

(94,099)

Net assets

 

390,572

2,012,949

Capital and reserves

 

Called up share capital

4,250

4,250

Capital redemption reserve

5,750

5,750

Retained earnings

380,572

2,002,949

Shareholders' funds

 

390,572

2,012,949

For the financial year ending 31 August 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 April 2025
 


S P Miller
Director

 

Marlowe C&FS Limited

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 2 & 3
The Hawthorns
Hawthorns Lane
Corse
Gloucestershire
GL19 3NY

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a part of a small sized group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company. 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.

 

Marlowe C&FS Limited

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

Tax

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

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Nil

Freehold buildings

2% straight line basis

Plant and machinery

33%-50% straight line basis

Fixtures and fittings

33%-50% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

 

Marlowe C&FS Limited

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

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Marlowe C&FS Limited

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


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

 

Marlowe C&FS Limited

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

 

4

Tangible assets

Freehold land and buildings
£

Cost

At 1 September 2023

2,751,158

Additions

8,290

Disposals

(1,907,758)

At 31 August 2024

851,690

Depreciation

At 1 September 2023

838,783

Charge for the year

18,663

Depreciation adjustment

(612,968)

At 31 August 2024

244,478

Carrying amount

At 31 August 2024

607,212

At 31 August 2023

1,912,375

Land with a carrying value of £124,810 (2023 - £472,457) is not depreciated.

 

5

Investment properties

2024
£

At 1 September 2023

370,141

Disposals

(370,141)

At 31 August 2024

-

There has been no valuation of investment property by an independent valuer.

During the year the investment property was transferred to the company's immediate parent undertaking at market value, which is considered to be the same as the carrying value at the date of transfer.

 

Marlowe C&FS Limited

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

 

6

Investments

2024
£

2023
£

Investments in subsidiaries

-

100

Subsidiaries

£

Cost and net book value

At 1 September 2023

100

Disposals

(100)

Carrying amount

At 31 August 2024

-

At 31 August 2023

100

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Hartmore Education Limited

Ordinary

0%

100%

 

England and Wales

     

Subsidiary undertakings

Hartmore Education Limited

The principal activity of Hartmore Education Limited is the provision of education to young people in the care of local authorities.

 

7

Debtors

2024
 £

2023
 £

Trade debtors

-

3,241

Overdrawn director's loan account

469,409

80,556

Other debtors

8,172

4,348

Prepayments

-

1,730

 

477,581

89,875

 

Marlowe C&FS Limited

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

 

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

3,298

2,745

Amounts owed to group undertakings

 

593,486

310,378

Other creditors

 

-

15,218

Accrued expenses

 

1,150

1,300

Corporation tax liability

13,980

38,532

 

611,914

368,173

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

94,250

94,250

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

94,099

94,099