Marketminster Limited Filleted accounts for Companies House (small and micro)

MARKETMINSTER LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 1880140

Marketminster Limited

Filleted Unaudited Financial Statements

30 June 2020

Marketminster Limited

Statement of Financial Position

30 June 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		145	181

Current assets

Debtors	5	45,436	67,500
Investments	6	155,745	130,665
Cash at bank and in hand		20,587	69,652
		---------	---------
		221,768	267,817

Creditors: amounts falling due within one year	7	96,002		145,839
		---------		---------
Net current assets			125,766	121,978
			---------	---------
Total assets less current liabilities			125,911	122,159
			---------	---------
Net assets			125,911	122,159
			---------	---------

Capital and reserves

Called up share capital	5,002	5,002
Profit and loss account	120,909	117,157
	---------	---------
Shareholders funds	125,911	122,159
	---------	---------

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 30th June 2020 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 .

These financial statements were approved by the board of directors and authorised for issue on 2 December 2020 , and are signed on behalf of the board by:

Mr P Todd
Director

Company registration number: 1880140

Marketminster Limited

Notes to the Financial Statements

Year ended 30th June 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5-11 Mortimer Street, London, W1T 3HS.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Investments

Current asset investments which comprise quoted securities are included at market value with changes in market value included in the income statement for the year.

Turnover for the year comprises of commissions and other fees receivable on ship broking contracts and associated consulting fees for services provided during the year.

(d) Taxation

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) Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

(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:

	Equipment	-	20% reducing balance

(h) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Equipment	Total
	£	£
Cost
At 1st July 2019 and 30th June 2020	4,032	4,032
	------	------
Depreciation
At 1st July 2019	3,851	3,851
Charge for the year	36	36
	------	------
At 30th June 2020	3,887	3,887
	------	------
Carrying amount
At 30th June 2020	145	145
	------	------
At 30th June 2019	181	181
	------	------

5. Debtors

	2020	2019
	£	£
Trade debtors	41,923	60,462
Other debtors	3,513	7,038
	-------	-------
	45,436	67,500
	-------	-------

All these sums are receivable within one year.

6. Investments

	2020	2019
	£	£
Listed Investments	155,745	130,665
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	83,555	116,306
Corporation tax	8,491	18,198
Other creditors	3,956	11,335
	-------	---------
	96,002	145,839
	-------	---------