Marigold Construction Ltd
Registered number: 02504016
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 534,000 534,000
Current assets
Debtors 4 418,434 418,434
Cash at bank and in hand 20,724 13,163
439,158 431,597
Creditors: amounts falling due within one year 5 (49,493) (49,378)
Net current assets 389,665 382,219
Total assets less current liabilities 923,665 916,219
Creditors: amounts falling due after more than one year 6 (221,453) (243,898)
Net assets 702,212 672,321
Capital and reserves
Called up share capital 50,000 50,000
Revaluation reserve 8 358,335 358,335
Profit and loss account 293,877 263,986
Shareholders' funds 702,212 672,321
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 Construction 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 consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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
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 - 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2024 550,000
At 31 December 2024 550,000
Depreciation
At 1 January 2024 16,000
At 31 December 2024 16,000
Net book value
At 31 December 2024 534,000
At 31 December 2023 534,000
Freehold property was revalued in February 2016 as part of the refinance process 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 418,434 418,434
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 8,226 8,113
Other creditors 41,267 41,265
49,493 49,378
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 221,453 243,898
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 221,453 243,898
Bank loans are secured by a fixed charge over freehold property
8 Revaluation reserve 2024 2023
£ £
At 1 January 2024 358,335 358,335
At 31 December 2024 358,335 358,335
9 Related party transactions
Other debtors include £418,434 (2023: £418,434) owed by company registered in UK and under common ownership and control.
10 Other information
Marigold Construction 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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