| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| MARRAKUSHI LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| MARRAKUSHI LIMITED |
| MARRAKUSHI LIMITED (REGISTERED NUMBER: 12280168) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MARRAKUSHI LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| MARRAKUSHI LIMITED (REGISTERED NUMBER: 12280168) |
| BALANCE SHEET |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investments | 3 |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| DEFERRED TAX | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 8 |
| Retained earnings | 8 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| MARRAKUSHI LIMITED (REGISTERED NUMBER: 12280168) |
| BALANCE SHEET - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MARRAKUSHI LIMITED (REGISTERED NUMBER: 12280168) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Marrakushi Limited is a company limited by shares and is incorporated in England and Wales. The address of the registered office is 5 The Triangle, Wildwood Drive, Worcester, Worcestershire, WR5 2QX. The nature of the company's operations and its principal activity was that of investing in property. |
| The company's financial statements have been prepared in compliance with FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" Section 1A and the Companies Act 2006. |
| The financial statements have been prepared under the historical cost convention and on a going concern basis as modified by the revaluation of land and buildings held as investment property. |
| The financial statements comprise the unaudited financial statements of the company up to 31 December each year, and are stated in pounds, the company's functional and presentational currency. |
| The principal accounting policies applied in the preparation of these financial statements are set out below. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Exemptions |
| In accordance with the small companies regime, no cash flow statement is required to be presented as the company qualifies as a small entity as defined in the Companies Act 2006. |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue comprises rental income arising from operating leases on investment properties, to the extent that there is a right to receive consideration and is recorded at the fair value of consideration received or receivable excluding value added tax. |
| Rental income is accounted for on a straight line basis over the lease term. An annual inflationary adjustment to the operating lease rental linked to the Retail Prices Index (RPI) is recognised on all operating leases from 31 January each year and is based on the published RPI index for the month of November from the prior year. |
| All revenue is attributable to one class of business and arose in the United Kingdom. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the income statement. Unrealised gains or losses (net of related deferred tax) are transferred from retained earnings to a separate revaluation reserve. |
| MARRAKUSHI LIMITED (REGISTERED NUMBER: 12280168) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation expense for the period comprises current and deferred tax recognised in the period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. |
| Current tax is the amount of UK corporation tax payable in respect of the taxable profit for the year or prior years calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
| Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. |
| Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Except for deferred tax relating to investment property, all other deferred tax is measured using tax rates and laws that have been enacted or substantively enacted at the reporting date and are expected to apply to the reversal of the timing difference. Deferred tax relating to investment property that is measured at fair value is calculated using the tax rates and allowances that apply to the sale of the asset. |
| Critical accounting judgements and estimates |
| In preparing the financial statements the directors are required to make a number of accounting judgements and make estimates and assumptions concerning the future. The following judgements and estimates are deemed significant in the context of these financial statements: |
| i) Investment properties are recognised at their fair value. The company's investment properties were revalued on 31 December 2024 at fair value, determined by the directors. |
| 2. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 3. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| MARRAKUSHI LIMITED (REGISTERED NUMBER: 12280168) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2024 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fair value at 31 December 2024 is represented by: |
| £ |
| Valuation in 2020 | 90,758 |
| Valuation in 2021 | 228,256 |
| Valuation in 2022 | 516,135 |
| Cost | 3,604,000 |
| 4,439,149 |
| Investment properties were revalued on 31 December 2024 at fair value, determined by the directors. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Amounts owed by group undertakings |
| Balances with related parties are unsecured, repayable on demand and attract no interest. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 7. | LEASING AGREEMENTS |
| The company holds an investment property as disclosed in the notes to the financial statements. This is let under a non cancellable lease which has a remaining term of 5 years. Rental income receivable is subject to annual inflationary increases linked to the RPI index. |
| Minimum lease payments receivable under non-cancellable operating leases fall due as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year | 308,822 | 293,271 |
| Between one and five years | 1,235,290 | 1,173,084 |
| In more than five years | 32,151 | 324,607 |
| 1,576,263 | 1,790,962 |
| MARRAKUSHI LIMITED (REGISTERED NUMBER: 12280168) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2024 |
| 8. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 20,109,861 |
| Profit for the year | - |
| Dividends | ( |
) | - | ( |
) |
| At 31 December 2024 | 20,219,560 |
| The retained earnings reserve represents cumulative profits and losses net of transfers of investment property revaluations and other adjustments. |
| The revaluation reserve represents the cumulative effect of revaluations of investment properties which are revalued to fair value at each reporting date. |
| 9. | RELATED PARTY DISCLOSURES |
| During the period the company invoiced rent to Prime Plc amounting to £316,450 (2023 - £290,656). |
| During the period the company purchased services from Prime (UK) Developments Ltd amounting to £14,757 (2023 - £14,013). |
| During the period the company were invoiced £50,276 (2023 - £50,384) from Mersenne Properties Limited. |
| The sales and purchase transactions with related parties include amounts which have been deferred in other creditors. |
| Prime Plc , Prime (UK) Developments Limited and Mersenne Properties Limited all share directors in common with the company. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is owned by private shareholders, none of whom individually has a controlling interest in the issued share capital of the company. Accordingly, there is no ultimate controlling party. |