Marigold Corporation Ltd
Registered number: 03431764
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,721,797 7,722,114
Current assets
Debtors 4 2,297 1,843
Cash at bank and in hand 85,258 88,121
87,555 89,964
Creditors: amounts falling due within one year 5 (841,448) (810,160)
Net current liabilities (753,893) (720,196)
Total assets less current liabilities 6,967,904 7,001,918
Creditors: amounts falling due after more than one year 6 (1,283,647) (1,360,705)
Provisions for liabilities (529,714) (529,714)
Net assets 5,154,543 5,111,499
Capital and reserves
Called up share capital 2 2
Revaluation reserve 8 4,219,861 4,219,861
Profit and loss account 934,680 891,636
Shareholders' funds 5,154,543 5,111,499
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr V Halai
Director
Approved by the board on 15 August 2025
Marigold Corporation Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the rents received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rents and from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery etc 15% on written down basis
Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The methods and significant assumptions used to acertain the fair value at the balance sheet date and fair value movement included in the profit for the year are as follows:
Properties are valued using RICS open market valuation on freehold basis, conducted by Anderson Wilde & Harris, Chartered Surveyors.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 7,720,000 39,865 7,759,865
At 31 December 2024 7,720,000 39,865 7,759,865
Depreciation
At 1 January 2024 - 37,751 37,751
Charge for the year - 317 317
At 31 December 2024 - 38,068 38,068
Net book value
At 31 December 2024 7,720,000 1,797 7,721,797
At 31 December 2023 7,720,000 2,114 7,722,114
Three of the thirteen properties were revalued in February 2016 as part of the refinance process. The remaining properties were revalued in August 2017 under direct instruction from the directors. Both sets of valuations were carried out by Mr T Kyriacou Bsc (Hons), Msc, MRICS and Mr H Hirani Bsc (Hons), MRICS, both of Anderson Wilde & Harris. The valuations were based on recent market values achieved on comparable properties in the immediate vicinity.
4 Debtors 2024 2023
£ £
Other debtors 2,297 1,843
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 13,082 8,493
Other taxes and social security costs 9,750 82
Other creditors 818,616 801,585
841,448 810,160
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,283,647 1,360,705
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,283,647 1,360,705
Bank loans are secured by a fixed charge over freehold property
8 Revaluation reserve 2024 2023
£ £
At 1 January 2024 4,219,861 4,219,861
At 31 December 2024 4,219,861 4,219,861
9 Related party transactions
Other creditors include £418,434 (2023: £418,434) owed to a company registered in UK and under common ownership and control.
10 Other information
Marigold Corporation Ltd is a private company limited by shares and incorporated in England. Its registered office is:
250 Chamberlayne Road
London
NW10 3LN
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