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COMPANY REGISTRATION NUMBER: 06622243
R Martinson Limited
Filleted Unaudited Financial Statements
Year ended
30 June 2024
R Martinson Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
R Martinson Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,810,077
1,817,036
Current assets
Stocks
28,000
50,000
Debtors
7
143,917
89,586
Cash at bank and in hand
200,296
183,333
----------
----------
372,213
322,919
Creditors: amounts falling due within one year
8
139,212
89,398
----------
----------
Net current assets
233,001
233,521
-------------
-------------
Total assets less current liabilities
2,043,078
2,050,557
Creditors: amounts falling due after more than one year
9
520,496
578,498
Provisions
Taxation including deferred tax
186,095
187,417
-------------
-------------
Net assets
1,336,487
1,284,642
-------------
-------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
714,407
714,407
Profit and loss account
621,980
570,135
-------------
-------------
Shareholders funds
1,336,487
1,284,642
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
R Martinson Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 27 June 2025 , and are signed on behalf of the board by:
Mr R Martinson
Director
Company registration number: 06622243
R Martinson Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Bays, Shore Road, Garthorpe, Scunthorpe, South Yorkshire, DN17 4AD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it and does not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is recognised on delivery of produce or on provision of service or entitlement to income and is stated net of discounts and of Value Added Tax.
(d) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
15% reducing balance
(h) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(i) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stocks of unsold farm produce on hand at the year end date are valued using the industry standard valuation method set out in HM Revenue & Customs help sheet IR232.
(j) Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 9 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
10,000
--------
Amortisation
At 1 July 2023 and 30 June 2024
10,000
--------
Carrying amount
At 30 June 2024
--------
At 30 June 2023
--------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
1,770,646
138,005
36,509
1,945,160
-------------
----------
--------
-------------
Depreciation
At 1 July 2023
106,077
22,047
128,124
Charge for the year
4,790
2,169
6,959
-------------
----------
--------
-------------
At 30 June 2024
110,867
24,216
135,083
-------------
----------
--------
-------------
Carrying amount
At 30 June 2024
1,770,646
27,138
12,293
1,810,077
-------------
----------
--------
-------------
At 30 June 2023
1,770,646
31,928
14,462
1,817,036
-------------
----------
--------
-------------
7. Debtors
2024
2023
£
£
Trade debtors
126,779
85,374
Other debtors
17,138
4,212
----------
--------
143,917
89,586
----------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
17,500
26,500
Trade creditors
78,567
36,162
Corporation tax
21,251
15,390
Social security and other taxes
21,894
11,346
----------
--------
139,212
89,398
----------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
520,496
578,498
----------
----------
Bank loans and overdrafts during the year are secured by fixed and floating charges.
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Martinson
4,212
28,318
( 15,392)
17,138
-------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Martinson
7,551
( 20,332)
16,993
4,212
-------
--------
--------
-------
The overdrawn loan account was cleared by a dividend voted in March 2025.