ACCOUNTS - Final Accounts

MARLIN WOOD LIMITED - Company Information

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Registered number: 08790264

MARLIN WOOD LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2020

MARLIN WOOD LIMITED

REGISTERED NUMBER: 08790264

BALANCE SHEET

AS AT 31 MAY 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		1,521		1,479
			1,521		1,479
Current assets
Debtors: amounts falling due within one year	5	5,605		6,520
Cash at bank and in hand	6	5,381		538
		10,986		7,058
Creditors: amounts falling due within one year	7	(16,176)		(1,980)
Net current (liabilities)/assets			(5,190)		5,078
Total assets less current liabilities			(3,669)		6,557

Net (liabilities)/assets			(3,669)		6,557

Capital and reserves
Called up share capital	10	10
Profit and loss account	(3,679)	6,547
	(3,669)	6,557

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MARLIN WOOD LIMITED

REGISTERED NUMBER: 08790264

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2021.

Darren Gurner

Director

The notes on pages 3 to 6 form part of these financial statements.

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MARLIN WOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

1.	General information

The Company is limited by shares and incorporated in England. The address of the registered office is given in the company information on the cover page of these financial statements.
The company's principal activity is activities auxilliary to financial intermediation
The Financial statements are presented in sterling which is the functional currency of the company and rounded to nearest £.
The significant accounting policies applied in the preparation of this financial statement are set out below. These policies have been consistently applied to all years presented.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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MARLIN WOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

25%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

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MARLIN WOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2020	2019
	No.	No.

Director	2	1

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 June 2019	3,452
	Additions	549
	At 31 May 2020	4,001
	Depreciation
	At 1 June 2019	1,973
	Charge for the year on owned assets	507
	At 31 May 2020	2,480
	Net book value
	At 31 May 2020	1,521
	At 31 May 2019	1,479

Debtors

					2020	2019
					£	£

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MARLIN WOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

5.Debtors (continued)


Trade debtors	5,605	4,369
Other debtors	-	2,151
	5,605	6,520

6.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	5,381	538
	5,381	538

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Other creditors	14,196	-
Accruals and deferred income	1,980	1,980
	16,176	1,980

8.	Financial instruments
		2020	2019
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	5,381	538

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