More Margin Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06804055 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

FOR

MORE MARGIN LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M G Ritchie

SECRETARY:

Ms M Coello

REGISTERED OFFICE:

10 Mountgrace Road

Luton

Bedfordshire

LU2 8EP

REGISTERED NUMBER:

06804055 (England and Wales)

ACCOUNTANTS:

ECL Howard Watson Smith LLP

Chartered Accountants

ECL House

Lake Street

Leighton Buzzard

Bedfordshire

LU7 1RT

FIXED ASSETS

Tangible assets

5

19,983

21,037

Investment property

6

195,000

195,000

214,983

216,037

CURRENT ASSETS

Debtors

7

62,973

158,818

Cash at bank and in hand

96,017

82,126

158,990

240,944

CREDITORS

Amounts falling due within one year

8

48,157

67,385

NET CURRENT ASSETS

110,833

173,559

TOTAL ASSETS LESS CURRENT LIABILITIES

325,816

389,596

CREDITORS

Amounts falling due after more than one year

9

(6,869

)

(10,453

)

PROVISIONS FOR LIABILITIES

(4,864

)

(5,671

)

NET ASSETS

314,083

373,472

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Revaluation reserve

12

7,138

7,138

Retained earnings

12

305,945

365,334

SHAREHOLDERS' FUNDS

314,083

373,472

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 29 October 2021 and were signed by:

M G Ritchie - Director

1.	STATUTORY INFORMATION

More Margin Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

The company's turnover represents the value, excluding value added tax, of services supplied to customers during the year. A sale is recognised when revenue and associated costs can be measured reliably and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts and VAT.

Tangible fixed assets

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

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% on cost

Investment property

In accordance with standard accounting practice, investment properties are revalued annually and the aggregate surplus or deficit is recognised in the income statement. Although standard accounting practice does not require the use of a revaluation reserve, the director believes that the use of such a reserve is necessary for a proper understanding of the company's financial position. Accordingly the investment property revaluation for the year is transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of investment properties.

Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is necessary in order to give a true and fair view, since the current value of investment properties, and changes to that current value, are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been included cannot be separately identified or quantified.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Government grants

Government grants are recognised in the income statement so as to match with the expenditure towards which they are intended to contribute.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 9 ) .

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2020

21,250

9,239

30,489

Additions

3,400

-

3,400

At 31 January 2021

24,650

9,239

33,889

DEPRECIATION

At 1 February 2020

354

9,098

9,452

Charge for year

4,406

48

4,454

At 31 January 2021

4,760

9,146

13,906

NET BOOK VALUE

At 31 January 2021

19,890

93

19,983

At 31 January 2020

20,896

141

21,037

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2020

and 31 January 2021

195,000

NET BOOK VALUE

At 31 January 2021

195,000

At 31 January 2020

195,000

The balance sheet figure comprises cost £186,188 plus revaluation of £8,812

The investment property was valued at the balance sheet date, by the director, Mr M Ritchie on the basis of open market value at £195,000. Corporation tax of £1,674 would arise if the property was sold for this value.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade debtors

3,516

78,544

Other debtors

3,613

20,664

Staff expense float

750

750

Directors' current accounts

55,004

58,317

Prepayments

90

543

62,973

158,818

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Hire purchase contracts (see note 10)

3,584

3,584

Trade creditors

169

5,899

Tax

1,065

19,773

Social security and other taxes

1,001

-

VAT

40,628

35,522

Other creditors

310

1,107

Accrued expenses

1,400

1,500

48,157

67,385

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Hire purchase contracts (see note 10)

6,869

10,453

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts

31.1.21

31.1.20

£

£

Net obligations repayable:

Within one year

3,584

3,584

Between one and five years

6,869

10,453

10,453

14,037

The total operating lease commitments as at 31 January 2020 were £2,473 (2019 - £11,542).

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.21

31.1.20

value:

£

£

970

Ordinary

£1

970

970

30

Ordinary B

£1

30

30

1,000

1,000

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2020

365,334

7,138

372,472

Profit for the year

762

762

Dividends

(60,151

)

(60,151

)

At 31 January 2021

305,945

7,138

313,083

Although the company is not legally required to maintain a revaluation reserve, in the opinion of the director, it is in the company's best interest to do so.

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2021 and 31 January 2020:

31.1.21

31.1.20

£

£

M G Ritchie

Balance outstanding at start of year

58,317

72,491

Amounts advanced

55,004

58,317

Amounts repaid

(58,317

)

(72,491

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

55,004

58,317

The loan is interest free and repayable on demand.