Company registration number 08795732 (England and Wales)
MARFF LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MARFF LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MARFF LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,249,826
2,249,826
Investments
4
75,413
75,413
2,325,239
2,325,239
Current assets
Stocks
1,014,303
1,000,000
Debtors
5
1,675
1,675
Cash at bank and in hand
3,787
13,283
1,019,765
1,014,958
Creditors: amounts falling due within one year
6
(1,738,458)
(1,751,556)
Net current liabilities
(718,693)
(736,598)
Total assets less current liabilities
1,606,546
1,588,641
Creditors: amounts falling due after more than one year
7
(1,487,788)
(1,487,788)
Net assets
118,758
100,853
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
9
719,682
719,682
Distributable profit and loss reserves
(601,024)
(618,929)
Total equity
118,758
100,853
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
MARFF LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
G Broomhead
Director
Company Registration No. 08795732
MARFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information
Marff Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the lenders have confirmed their continuing financial support of the company thus providing adequate resources for it to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Sale of goods
Revenue arises from the sale of residential properties.
Revenue is recognised when the risks and rewards of ownership pass to the buyer, which is on completion of the transaction.
Rental income
Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Fixed asset investments
Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
MARFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).
MARFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
2,249,826
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors who have experience in this area. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
75,413
75,413
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,675
1,675
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,397
Other creditors
1,732,061
1,751,556
1,738,458
1,751,556
Included within other creditors is a loan with a balance of £1,684,256 (2023: £1,704,256) which is secured by way of a fixed and floating charge over the investment property to which it relates. This security contains a negative pledge which means that the company will not create or agree to create or permit to subsist any security interest over the charged asset.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,487,788
1,487,788
MARFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Included within other creditors is a balance of £1,487,788 (2023: £1,487,788) relating to three separate loans.
One of the loans with a balance of £483,457 (2023: £483,457) is secured by a fixed and floating charge over the investment property to which it relates. This security contains a negative pledge which means that the company will not create or agree to create or permit to subsist any security interest over the charged asset.
The other two loans which total £1,004,331 (2023: £1,004,331) are secured by a negative pledge over the investment properties to which they relate.
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
719,682
777,694
Non distributable profits in the year
-
(58,012)
At the end of the year
719,682
719,682