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Company No: 05388589 (England and Wales)

MARKOSIA ENTERPRISES LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

MARKOSIA ENTERPRISES LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

MARKOSIA ENTERPRISES LIMITED

BALANCE SHEET

As at 31 August 2024
MARKOSIA ENTERPRISES LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Restated - note 2
Current assets
Debtors 4 99 556
Cash at bank and in hand 791 0
890 556
Creditors: amounts falling due within one year 5 ( 17,551) ( 18,547)
Net current liabilities (16,661) (17,991)
Total assets less current liabilities (16,661) (17,991)
Creditors: amounts falling due after more than one year 6 ( 94,707) ( 94,707)
Net liabilities ( 111,368) ( 112,698)
Capital and reserves
Called-up share capital 7 28,000 28,000
Share premium account 74,950 74,950
Capital redemption reserve 5,000 5,000
Profit and loss account ( 219,318 ) ( 220,648 )
Total shareholders' deficit ( 111,368) ( 112,698)

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 financial statements of Markosia Enterprises Limited (registered number: 05388589) were approved and authorised for issue by the Director on 23 May 2025. They were signed on its behalf by:

H Markos
Director
MARKOSIA ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
MARKOSIA ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Markosia Enterprises Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Prior year adjustment

Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 August 2023 £ £ £
C Ordinary Shares of £1.00 each 32,000 (5,000) 27,000
Capital Redemption Reserve 0 5,000 5,000

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Debtors

2024 2023
£ £
Trade debtors 99 556

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 883 392
Trade creditors 0 1,527
Taxation and social security 0 200
Other creditors 16,668 16,428
17,551 18,547

The director considers that the carrying amount of trade payables approximates to their fair value.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 94,707 94,707

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
950 Ordinary shares of £ 1.00 each 950 950
50 B Ordinary shares of £ 1.00 each 50 50
27,000 C Ordinary shares of £ 1.00 each 27,000 27,000
28,000 28,000

The holders of the 'B' and 'C' ordinary shares are not entitled to receive notice of, or attend, any general meetings of the shareholders, nor are they entitled to any vote at any general meeting of the company. In all other aspects, shares rank pari passu.

8. Related party transactions

At the year end the company owed £15,228 (2023 - £15,228) to the director of the company, in respect of an interest free loan, which is repayable on demand.