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REGISTERED NUMBER: 12280168 (England and Wales)















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: L Chumbley
R Laing
R G E Williams





REGISTERED OFFICE: 5 The Triangle
Wildwood Drive
Worcester
United Kingdom
WR5 2QX





REGISTERED NUMBER: 12280168 (England and Wales)






MARRAKUSHI LIMITED (REGISTERED NUMBER: 12280168)

BALANCE SHEET
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Investments 3 2,000 2,000
Investment property 4 4,439,149 4,439,149
4,441,149 4,441,149

CURRENT ASSETS
Debtors 5 15,594,317 15,598,816
Cash at bank 769,570 588,775
16,363,887 16,187,591
CREDITORS
Amounts falling due within one year 6 (144,580 ) (81,740 )
NET CURRENT ASSETS 16,219,307 16,105,851
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,660,456

20,547,000

DEFERRED TAX (440,471 ) (436,714 )
NET ASSETS 20,219,985 20,110,286

CAPITAL AND RESERVES
Called up share capital 425 425
Revaluation reserve 8 626,362 626,362
Retained earnings 8 19,593,198 19,483,499
SHAREHOLDERS' FUNDS 20,219,985 20,110,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by:





R Laing - Director


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 2,000
NET BOOK VALUE
At 31 December 2024 2,000
At 31 December 2023 2,000

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 4,439,149
NET BOOK VALUE
At 31 December 2024 4,439,149
At 31 December 2023 4,439,149

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 15,594,317 15,598,816

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 72,943 13,519
Other creditors 71,637 68,221
144,580 81,740

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 19,483,499 626,362 20,109,861
Profit for the year 869,764 - 869,764
Dividends (760,065 ) - (760,065 )
At 31 December 2024 19,593,198 626,362 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.