Martin Services Limited 02292443 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the management and letting of residential property Digita Accounts Production Advanced 6.30.9574.0 true true false true 02292443 2023-09-01 2024-08-31 02292443 2024-08-31 02292443 bus:OrdinaryShareClass1 2024-08-31 02292443 bus:Consolidated 2024-08-31 02292443 core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 02292443 core:RetainedEarningsAccumulatedLosses 2024-08-31 02292443 core:ShareCapital 2024-08-31 02292443 core:CurrentFinancialInstruments 2024-08-31 02292443 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 02292443 core:MotorVehicles 2024-08-31 02292443 core:DeferredTaxation 2024-08-31 02292443 bus:FRS102 2023-09-01 2024-08-31 02292443 bus:Audited 2023-09-01 2024-08-31 02292443 bus:FullAccounts 2023-09-01 2024-08-31 02292443 bus:RegisteredOffice 2023-09-01 2024-08-31 02292443 bus:Director3 2023-09-01 2024-08-31 02292443 bus:Director4 2023-09-01 2024-08-31 02292443 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 02292443 bus:Consolidated 2023-09-01 2024-08-31 02292443 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02292443 core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-01 2024-08-31 02292443 core:ShareCapital 2023-09-01 2024-08-31 02292443 core:MotorVehicles 2023-09-01 2024-08-31 02292443 core:DeferredTaxation 2023-09-01 2024-08-31 02292443 core:UKTax 2023-09-01 2024-08-31 02292443 1 2023-09-01 2024-08-31 02292443 countries:AllCountries 2023-09-01 2024-08-31 02292443 2023-08-31 02292443 core:MotorVehicles 2023-08-31 02292443 core:DeferredTaxation 2023-08-31 02292443 2022-09-01 2023-08-31 02292443 2023-08-31 02292443 bus:OrdinaryShareClass1 2023-08-31 02292443 core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 02292443 core:RetainedEarningsAccumulatedLosses 2023-08-31 02292443 core:ShareCapital 2023-08-31 02292443 core:CurrentFinancialInstruments 2023-08-31 02292443 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 02292443 core:MotorVehicles 2023-08-31 02292443 core:UKTax 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02292443

Martin Services Limited

Annual Report and Financial Statements

for the Year Ended 31 August 2024

 

Martin Services Limited

Contents

Directors' Report

1

Independent Auditor's Report

2 to 4

Profit and Loss Account and Statement of Retained Earnings

5

Balance Sheet

6

Notes to the Financial Statements

7 to 14

 

Martin Services Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

C J Hall

A K Martin

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
C J Hall
Director

 

Martin Services Limited

Independent Auditor's Report to the Members of Martin Services Limited

Opinion

We have audited the financial statements of Martin Services Limited (the 'company') for the year ended 31 August 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Martin Services Limited

Independent Auditor's Report to the Members of Martin Services Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the [set out on page ], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the validity of purchases, expenses and balances due to group undertakings and the misappropriation of transactions through management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

We then performed audit procedures after consideration of the above risks which included the following:

 

Martin Services Limited

Independent Auditor's Report to the Members of Martin Services Limited

reviewing the purchases and expenses by documenting the basis and controls used to calculate the recharges to gain assurance over the validity and accuracy of the shared expenses;

substantive group balances audit testing and performing a review of inter-company recharges for reasonableness;

enquiring of management concerning actual and potential litigation and claims;

reviewing correspondence with HMRC, and the company’s legal advisors;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

reading minutes of meetings of those charged with governance; and;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Andrew Padgett BFP ACA FCCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
Bradford

29 August 2025

 

Martin Services Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

3

583,894

182,352

Administrative expenses

 

(629,349)

(241,419)

Operating loss

(45,455)

(59,067)

Other interest receivable and similar income

4

320,155

268,496

Profit before tax

 

274,700

209,429

Taxation

8

(68,655)

(52,022)

Profit for the financial year

 

206,045

157,407

Retained earnings brought forward

 

75,692

(81,715)

Retained earnings carried forward

 

281,737

75,692

 

Martin Services Limited

(Registration number: 02292443)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

9

 

15,665

 

17,905

Current assets

   

 

Debtors

10

5,005,501

 

5,422,822

 

Cash at bank and in hand

 

1,528,834

 

787,549

 

 

6,534,335

 

6,210,371

 

Creditors: Amounts falling due within one year

11

(5,664,463)

 

(5,548,284)

 

Net current assets

   

869,872

 

662,087

Total assets less current liabilities

   

885,537

 

679,992

Provisions for liabilities

12

 

(3,700)

 

(4,200)

Net assets

   

881,837

 

675,792

Capital and reserves

   

 

Called up share capital

600,100

 

600,100

 

Retained earnings

14

281,737

 

75,692

 

Shareholders' funds

   

881,837

 

675,792

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
C J Hall
Director

 

Martin Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The company's principle activity is the management and letting of residential property.

The address of its registered office is:
Thorpe Underwood Hall
Great Ouseburn
York
YO26 9SZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 33.1A from disclosing transactions and balances with fellow group undertakings that are wholly owned.

The company has taken advantage of the exemption to disclose certain aspects of financial instruments, transactions with key management personnel and the exemption to prepare Statement of Cash Flows in accordance with Financial Reporting Standard 102 Section 1.12.

The company has taken advantage of the exemption under Companies Act 2006 Section 415 from disclosing Financial Instruments.

Going concern

The financial statements have been prepared on a going concern basis which assumes that ongoing financial support will be provided by the other companies within the group and accordingly do not take account of adjustments, if any, which may be necessary if the company is unable to continue as a going concern. The company has received written confirmation from group companies that there will not be a call for repayment in whole or in part of the outstanding balances if it would be prejudicial to the company continuing as a going concern.

 

Martin Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Shared expenses
All shared expenses are allocated across related companies via recharges. Recharge split percentages are calculated on an appropriate allocation basis, such as turnover, staff numbers and building usage, according to expense type.
 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of services to the ultimate parent undertaking in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The Company recognises revenue when (a) the company retains no continuing involvement or control over the services provided; (b) the amount of revenue can be measured reliably; and (c) it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

12.5% Straight Line

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Martin Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

583,894

182,352

4

Other interest receivable and similar income

2024
£

2023
£

Other finance income

320,155

268,496

 

Martin Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

85,441

101,261

Social security costs

8,831

11,313

Pension costs, defined contribution scheme

2,359

7,691

96,631

120,265

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

1

1

Other departments

2

2

3

3

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

56,765

Contributions paid to money purchase schemes

-

6,503

-

63,268

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

-

1

 

Martin Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

7

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

7,327

5,200


 

The company has taken the exemption from disclosing remuneration receivable by auditors for other services as this information is disclosed within the group accounts.

8

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

69,156

47,833

UK corporation tax adjustment to prior periods

(1)

(11)

69,155

47,822

Deferred taxation

Arising from origination and reversal of timing differences

(500)

4,200

Tax expense in the income statement

68,655

52,022

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

274,700

209,429

Corporation tax at standard rate

68,675

52,357

Effect of expense not deductible in determining taxable profit (tax loss)

(19)

(324)

Effect of tax losses

69,156

47,833

Tax decrease arising from group relief

(69,156)

(47,833)

Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period

(1)

(11)

Total tax charge

68,655

52,022

 

Martin Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

3,700

3,700

2023

Liability
£

Accelerated capital allowances

4,200

4,200

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £479 (2023 - £1,146).

9

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

17,905

17,905

At 31 August 2024

17,905

17,905

Depreciation

Charge for the year

2,240

2,240

At 31 August 2024

2,240

2,240

Carrying amount

At 31 August 2024

15,665

15,665

At 31 August 2023

17,905

17,905

 

Martin Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

10

Debtors

Current

2024
£

2023
£

Amounts owed by related parties

4,999,439

5,416,760

Other debtors

6,062

6,062

 

5,005,501

5,422,822

11

Creditors

2024
£

2023
£

Due within one year

Amounts due to related parties

5,651,460

5,537,797

Social security and other taxes

176

-

Accruals

12,827

10,487

5,664,463

5,548,284

12

Provisions for liabilities

Deferred tax
£

Total
£

At 1 September 2023

4,200

4,200

Increase (decrease) in existing provisions

(500)

(500)

At 31 August 2024

3,700

3,700

13

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £2,359 (2023 - £7,691).

 

Martin Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

14

Reserves

Share capital

Represents the nominal value of issued shares.

Retained earnings

Includes all current and prior periods distributable profits and losses unless otherwise stated.

15

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

600,100

600,100

600,100

600,100

       

16

Parent and ultimate parent undertaking

The company's immediate parent is Care & Recreation Holdings Limited, incorporated in England & Wales. The registered address of Care & Recreational Holdings Limited is Thorpe Underwood Hall, Great Ouseburn, York, YO26 9SZ.

 The ultimate parent is Foxlow Limited, incorporated in the British Virgin Islands.

 The most senior parent entity producing publicly available financial statements is Care & Recreation Holdings Limited. These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ

 The ultimate controlling party is The Acme Settlement.