Markhall Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02768166 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2021

for

Markhall Limited

Page

Company Information

1

Statement of Financial Position

2

Statement of Changes in Equity

4

Notes to the Financial Statements

5

DIRECTOR:

L Smith

REGISTERED OFFICE:

92 Park Street

Camberley

Surrey

GU15 3NY

REGISTERED NUMBER:

02768166 (England and Wales)

ACCOUNTANTS:

Butt Miller

Chartered Accountants

92 Park Street

Camberley

Surrey

GU15 3NY

FIXED ASSETS

Tangible assets

4

9,999

14,999

Investment property

5

1,130,000

1,130,000

1,139,999

1,144,999

CURRENT ASSETS

Debtors

6

57,832

105,571

Cash at bank

134,899

148,146

192,731

253,717

CREDITORS

Amounts falling due within one year

7

(123,541

)

(104,449

)

NET CURRENT ASSETS

69,190

149,268

TOTAL ASSETS LESS CURRENT LIABILITIES

1,209,189

1,294,267

CREDITORS

Amounts falling due after more than one year

8

-

(311

)

PROVISIONS FOR LIABILITIES

(56,000

)

(72,000

)

NET ASSETS

1,153,189

1,221,956

CAPITAL AND RESERVES

Called up share capital

3

3

Non-distributable reserve

483,876

467,876

Retained earnings

669,310

754,077

SHAREHOLDERS' FUNDS

1,153,189

1,221,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 28 June 2022 and were signed by:

L Smith - Director

Called up

share

Retained

Non-distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2019

3

733,198

179,875

913,076

Changes in equity

Total comprehensive income

-

308,880

-

308,880

Transfer deferred tax movement

-

52,000

(52,000

)

-

Transfer fair value adjustment

-

(340,001

)

340,001

-

Balance at 30 June 2020

3

754,077

467,876

1,221,956

Changes in equity

Total comprehensive income

-

(68,767

)

-

(68,767

)

Transfer deferred tax movement

-

(16,000

)

16,000

-

Balance at 30 June 2021

3

669,310

483,876

1,153,189

1.	STATUTORY INFORMATION

Markhall Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable for services provided and rental income.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Government grants

Grants comprise amounts received under the government's business support schemes and are recognised in the Income Statement once the relevant performance conditions have been met.

Investment property

Investment property, which is property held to earn rentals, is stated at its fair value as at the reporting date. The movement for the year in relation to fair value adjustments is recognised in the Income Statement.

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 or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and operating leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.

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 the Income Statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 July 2020

and 30 June 2021

12,912

19,999

32,911

DEPRECIATION

At 1 July 2020

12,912

5,000

17,912

Charge for year

-

5,000

5,000

At 30 June 2021

12,912

10,000

22,912

NET BOOK VALUE

At 30 June 2021

-

9,999

9,999

At 30 June 2020

-

14,999

14,999

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

and 30 June 2021

1,130,000

NET BOOK VALUE

At 30 June 2021

1,130,000

At 30 June 2020

1,130,000

The fair value of the investment property has been arrived at on the basis of an open market valuation carried out as at 30 June 2021 by the director.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

6,599

595

Other debtors

31,390

101,039

Tax

19,843

-

Prepayments

-

3,937

57,832

105,571

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

311

534

Tax

-

5,262

Social security and other taxes

1,480

1,367

Other creditors

106,108

87,918

Accruals and deferred income

15,642

9,368

123,541

104,449

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

311

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

311

845

The hire purchase contracts above are secured on the assets covered by those contracts.

Other securities and charges:

There is a debenture in place in favour of the company's bank comprising fixed and floating charges over all the assets and undertakings of the company.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020:

2021

2020

£

£

T S Faun

Balance outstanding at start of year

-

(53,928

)

Amounts advanced

-

72,124

Amounts repaid

-

(18,196

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The above loan was unsecured, interest free and repayable on demand.

The above loan was transferred and shown within other creditors as at 30 June 2020 as the relevant director ceased to hold office during that year.

11.	EFFECT OF COVID-19

The Covid-19 pandemic resulted in the country going into periods of 'lockdown'. The situation affected the company and the UK economy as a whole. During this period the company received government support. The director is optimistic about the future and believes that the foundations are in place for the company to continue for the foreseeable future.