Marjolo Partners Ltd Filleted accounts for Companies House (small and micro)

Marjolo Partners Ltd Filleted accounts for Companies House (small and micro)

MARJOLO PARTNERS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09907013
Marjolo Partners Ltd
Filleted unaudited financial statements
31 December 2021
Marjolo Partners Ltd
Statement of financial position
31 December 2021
2021
2020
Note
£
£
£
£
Fixed assets
Intangible assets
5
34,548
41,607
Tangible assets
6
7,403
2,727
-------
-------
41,951
44,334
Current assets
Debtors
7
597,635
153,713
Cash at bank and in hand
64,609
–
---------
---------
662,244
153,713
Creditors: amounts falling due within one year
8
( 714,368)
( 147,501)
---------
---------
Net current (liabilities)/assets
( 52,124)
6,212
-------
-------
Total assets less current liabilities
( 10,173)
50,546
Creditors: amounts falling due after more than one year
9
–
( 50,000)
-------
-------
Net (liabilities)/assets
( 10,173)
546
-------
-------
Capital and reserves
Called up share capital
10
102
102
Profit and loss account
( 10,275)
444
-------
----
Shareholders funds
( 10,173)
546
-------
----
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 income statement has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Marjolo Partners Ltd
Statement of financial position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 30 September 2022 , and are signed on behalf of the board by:
Mr D King
Director
Company registration number: 09907013
Marjolo Partners Ltd
Notes to the financial statements
year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales (no 09907013 ). The address of the registered office is Electric Works, Sheffield Digital Campus, Sheffield, S1 2BJ. The principal activity of the company was management consultancy.
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
Basis of preparation
The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors note that the company has net liabilities of £10,173 but after considering expectations of forecasted revenues for the next 12 months the directors believe it appropriate to adopt the going concern basis of accounting. In arriving at this conclusion, due consideration has been given to the impact of wider economic conditions and potential impact on trading. The directors prepare annual budgets and forecasts in order to ensure that they have sufficient facilities in place and that they comply with the terms and conditions of any bank and loan facilities. As a result of the above, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.
Turnover
Revenue is recognised to the extent that it is probable that 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. 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 - the cost incurred and the costs to complete the contract can be measured reliably
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 pay or recover 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Development costs
-
33% straight line
Website
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Development costs
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred. Development expenditure is amortised over three years from the date the asset is capable of generating revenue.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
-
33% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2020: 5 ).
5. Intangible assets
Goodwill
Development costs
Website
Total
£
£
£
£
Cost
At 1 January 2021
–
40,502
13,014
53,516
Additions
–
–
–
–
Acquisitions through business combinations
12,000
–
–
12,000
-------
-------
-------
-------
At 31 December 2021
12,000
40,502
13,014
65,516
-------
-------
-------
-------
Amortisation
At 1 January 2021
–
7,571
4,338
11,909
Charge for the year
1,100
14,705
3,254
19,059
-------
-------
-------
-------
At 31 December 2021
1,100
22,276
7,592
30,968
-------
-------
-------
-------
Carrying amount
At 31 December 2021
10,900
18,226
5,422
34,548
-------
-------
-------
-------
At 31 December 2020
–
32,931
8,676
41,607
-------
-------
-------
-------
6. Tangible assets
Equipment
£
Cost
At 1 January 2021
11,406
Additions
7,389
-------
At 31 December 2021
18,795
-------
Depreciation
At 1 January 2021
8,679
Charge for the year
2,713
-------
At 31 December 2021
11,392
-------
Carrying amount
At 31 December 2021
7,403
-------
At 31 December 2020
2,727
-------
7. Debtors
2021
2020
£
£
Trade debtors
200,505
84,871
Amounts owed by related undertakings
241,358
–
Prepayments and accrued income
90,990
–
Directors loan account
60,319
38,663
Other debtors
4,463
30,179
---------
---------
597,635
153,713
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank overdrafts and other loans
224,880
49,175
Trade creditors
223,328
45,798
Amounts owed to related undertakings
147,533
–
Accruals and deferred income
34,490
3,713
Corporation tax
6,771
15,500
Social security and other taxes
77,366
33,315
---------
---------
714,368
147,501
---------
---------
The bank loans are secured by way of fixed and floating charge over the assets of the company.
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank overdrafts and other loans
–
50,000
----
-------
The bank loans are secured by way of fixed and floating charge over the assets of the company.
10. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary A shares of £ 0.10 each
601
60
601
60
Ordinary B shares of £ 0.10 each
59
6
59
6
Ordinary C shares of £ 0.10 each
180
18
180
18
Ordinary D shares of £ 0.10 each
180
18
180
18
------
----
------
----
1,020
102
1,020
102
------
----
------
----
11. Directors' advances, credits and guarantees
During the period a director was advanced £59,010 and interest of £1,309 was charged on the balance outstanding. In addition dividends of £32,219 were voted during the year and allocated to the loan account. The amount due to the company at the period end was £60,319 (2020 - £32,219). The highest balance during the year was £88,230. In addition the director has provided a personal guarantee over specific borrowings of the company.
12. Related party transactions
During the year the company was advanced £147,533 from two companies under the control of the directors. The company also made payments of £241,358 on behalf of another company under the control of the directors. The company has also accrued management charge income of £122,175 (2020 - £nil) in respect of services provided, including salary costs incurred, to companies under the control of the directors.
13. Controlling party
The company was under the control of the directors throughout the current and prior period.