ACCOUNTS - Final Accounts

MARGRO DEVELOPMENTS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-05-312021-05-312022-05-232020-06-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08070568 2020-06-01 2021-05-31 08070568 2019-06-01 2020-05-31 08070568 2021-05-31 08070568 2020-05-31 08070568 c:Director1 2020-06-01 2021-05-31 08070568 d:FurnitureFittings 2020-06-01 2021-05-31 08070568 d:FurnitureFittings 2021-05-31 08070568 d:FurnitureFittings 2020-05-31 08070568 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-06-01 2021-05-31 08070568 d:ComputerEquipment 2020-06-01 2021-05-31 08070568 d:ComputerEquipment 2021-05-31 08070568 d:ComputerEquipment 2020-05-31 08070568 d:ComputerEquipment d:OwnedOrFreeholdAssets 2020-06-01 2021-05-31 08070568 d:OwnedOrFreeholdAssets 2020-06-01 2021-05-31 08070568 d:CurrentFinancialInstruments 2021-05-31 08070568 d:CurrentFinancialInstruments 2020-05-31 08070568 d:CurrentFinancialInstruments d:WithinOneYear 2021-05-31 08070568 d:CurrentFinancialInstruments d:WithinOneYear 2020-05-31 08070568 d:ShareCapital 2021-05-31 08070568 d:ShareCapital 2020-05-31 08070568 d:RetainedEarningsAccumulatedLosses 2021-05-31 08070568 d:RetainedEarningsAccumulatedLosses 2020-05-31 08070568 c:FRS102 2020-06-01 2021-05-31 08070568 c:AuditExempt-NoAccountantsReport 2020-06-01 2021-05-31 08070568 c:FullAccounts 2020-06-01 2021-05-31 08070568 c:PrivateLimitedCompanyLtd 2020-06-01 2021-05-31 08070568 2 2020-06-01 2021-05-31 iso4217:GBP xbrli:pure

Registered number: 08070568

MARGRO DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2021

MARGRO DEVELOPMENTS LIMITED

REGISTERED NUMBER: 08070568

BALANCE SHEET

AS AT 31 MAY 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		2,043		2,725
			2,043		2,725
Current assets
Debtors: amounts falling due within one year	5	1,630		19,273
Cash at bank and in hand	6	6,321		6,993
		7,951		26,266
Creditors: amounts falling due within one year	7	(11,302)		(27,436)
Net current liabilities			(3,351)		(1,170)
Net (liabilities)/assets			(1,308)		1,555

Capital and reserves
Called up share capital	1	1
Profit and loss account	(1,309)	1,554
	(1,308)	1,555

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MARGRO DEVELOPMENTS LIMITED

REGISTERED NUMBER: 08070568

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2021

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of income and retained earnings 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 by:

................................................

M Grossman

Director

Date: 23 May 2022

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

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MARGRO DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

1.	General information

Margro Developments Limited is a limited company incorporated in England and Wales, registration number 08070568. The registered office is Aston House, Cornwall Avenue, London, N3 1LF.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date the company's liabilities exceeded its assets, however the company retains the financial support of its shareholder and as such the director considers it appropriate to prepare the accounts on a going concern basis.

2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

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

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Interest income

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

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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MARGRO DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.

2.7

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:

				Fixtures & fittings	-	25% reducing balance
				Computer 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.

2.8

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.

2.9

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.

2.10

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.

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MARGRO DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.Accounting policies (continued)

2.11

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.

2.12

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.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

4.	Tangible fixed assets

	Fixtures & fittings	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 June 2020	9,110	5,169	14,279
At 31 May 2021	9,110	5,169	14,279
Depreciation
At 1 June 2020	7,848	3,706	11,554
Charge for the year on owned assets	316	366	682
At 31 May 2021	8,164	4,072	12,236
Net book value
At 31 May 2021	946	1,097	2,043
At 31 May 2020	1,263	1,462	2,725

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MARGRO DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

Debtors

					2021	2020
					£	£


Other debtors	1,630	19,273
	1,630	19,273

6.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	6,321	6,992
	6,321	6,992

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Amounts owed to other participating interests	-	15,634
Corporation tax	10,152	9,655
Accruals and deferred income	1,150	2,147
	11,302	27,436

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