More Margin Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06804055 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

FOR

MORE MARGIN LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M G Ritchie

SECRETARY:

Ms M Coello

REGISTERED OFFICE:

10 Mountgrace Road

Luton

Bedfordshire

LU2 8EP

REGISTERED NUMBER:

06804055 (England and Wales)

ACCOUNTANTS:

ECL Howard Watson Smith LLP

Chartered Accountants

ECL House

Lake Street

Leighton Buzzard

Bedfordshire

LU7 1RT

FIXED ASSETS

Tangible assets

5

21,037

527

Investment property

6

195,000

-

216,037

527

CURRENT ASSETS

Debtors

7

158,818

222,301

Cash at bank and in hand

82,126

229,306

240,944

451,607

CREDITORS

Amounts falling due within one year

8

67,385

85,479

NET CURRENT ASSETS

173,559

366,128

TOTAL ASSETS LESS CURRENT LIABILITIES

389,596

366,655

CREDITORS

Amounts falling due after more than one year

9

(10,453

)

-

PROVISIONS FOR LIABILITIES

(5,671

)

-

NET ASSETS

373,472

366,655

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Revaluation reserve

12

7,138

-

Retained earnings

12

365,334

365,655

SHAREHOLDERS' FUNDS

373,472

366,655

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 July 2020 and were signed by:

M G Ritchie - Director

1.	STATUTORY INFORMATION

More Margin Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

The company's turnover represents the value, excluding value added tax, of services supplied to customers

during the year. A sale is recognised when revenue and associated costs can be measured reliably and future

economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable

for services provided in the normal course of business, net of discounts and VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% on cost

Investment property

In accordance with standard accounting practice, investment properties are revalued annually and the aggregate

surplus or deficit is recognised in the income statement. Although standard accounting practice does not require

the use of a revaluation reserve, the director believes that the use of such a reserve is necessary for a proper

understanding of the company's financial position. Accordingly the investment property revaluation for the year

is transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of investment

properties.

Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the

directors believe that the policy of not providing depreciation is necessary in order to give a true and fair view,

since the current value of investment properties, and changes to that current value, are of prime importance rather

than the calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in

the annual valuation, and the amount which might otherwise have been included cannot be separately identified

or quantified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in

administrative expenses.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - 9 ).

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2019

-

9,239

9,239

Additions

21,250

-

21,250

At 31 January 2020

21,250

9,239

30,489

DEPRECIATION

At 1 February 2019

-

8,712

8,712

Charge for year

354

386

740

At 31 January 2020

354

9,098

9,452

NET BOOK VALUE

At 31 January 2020

20,896

141

21,037

At 31 January 2019

-

527

527

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

186,188

Revaluations

8,812

At 31 January 2020

195,000

NET BOOK VALUE

At 31 January 2020

195,000

The balance sheet figure comprises cost £186,188 plus revaluation of £8,812

The investment property was valued at the balance sheet date, by the director, Mr M Ritchie on the basis of open

market value at £195,000. Corporation tax of £1,674 would arise if the property was sold for this value.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Trade debtors

78,544

142,321

Other debtors

20,664

5,550

Staff expense float

750

750

Directors' current accounts

58,317

72,491

Prepayments

543

1,189

158,818

222,301

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Hire purchase contracts (see note 10)

3,584

-

Trade creditors

5,899

-

Tax

19,773

23,129

VAT

35,522

53,289

Other creditors

1,107

7,561

Accrued expenses

1,500

1,500

67,385

85,479

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.20

31.1.19

£

£

Hire purchase contracts (see note 10)

10,453

-

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.1.20

31.1.19

£

£

Net obligations repayable:

Within one year

3,584

-

Between one and five years

10,453

-

14,037

-

The total operating lease commitments as at 31 January 2020 were £2,473 (2019 - £11,542).

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.20

31.1.19

value:

£

£

970

Ordinary

£1

970

970

30

Ordinary B

£1

30

30

1,000

1,000

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2019

365,655

-

365,655

Profit for the year

104,808

104,808

Dividends

(97,991

)

(97,991

)

Fair value gain/(loss) on investment property

(8,812

)

8,812

-

Tax on revaluation

1,674

(1,674

)

-

At 31 January 2020

365,334

7,138

372,472

Although the company is not legally required to maintain a revaluation reserve, in the opinion of the director, it is

in the company's best interest to do so.

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2020 and

31 January 2019:

31.1.20

31.1.19

£

£

M G Ritchie

Balance outstanding at start of year

72,491

78,985

Amounts advanced

58,317

72,491

Amounts repaid

(72,491

)

(78,985

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

58,317

72,491

The loan is interest free and repayable on demand.