Marlico Limited - Period Ending 2015-04-30

 
 
 
 
 
 
 
  Marlico Limited
 
  Unaudited Financial Statements
  Year Ended 30 April 2015
 
  Company Registration Number: 04730754

Marlico Limited
Contents

Director's Report 1

Profit and Loss Account 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 9

Accountants' Report 10

Marlico Limited
Director's Report
Year Ended 30 April 2015

The director presents his report and the unaudited financial statements for the year ended 30 April 2015.

Director of the company

The director who held office during the year was as follows:

Mr M Crump

Principal activity

The principal activity of the company is the wholesale and distribution of alcoholic and non-alcoholic beverages.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 21 September 2015 and signed on its behalf by:

Mr M Crump
Director

Page 1

Marlico Limited
Profit and Loss Account
Year Ended 30 April 2015

		Note			2015 £			2014 £
Turnover					24,342,986			20,070,390
Cost of sales					(23,808,565)			(19,604,897)
Gross profit					534,421			465,493
Administrative expenses					(135,936)			(82,912)
Other operating income					6,377			7,553
Operating profit		2			404,862			390,134
Other interest receivable and similar income					6,994			3,615
Interest payable and similar charges					(1,846)			-
Profit on ordinary activities before taxation					410,010			393,749
Tax on profit on ordinary activities		4			(84,090)			(82,134)
Profit for the financial year		11			325,920			311,615

The notes on pages 5 to 9 form an integral part of these financial statements.
Page 2

Marlico Limited
Balance Sheet
30 April 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		5			1,667			3,211
Current assets
Stocks					387,968			381,757
Debtors		6			1,565,065			1,450,544
Cash at bank and in hand					418,419			116,371
					2,371,452			1,948,672
Creditors: Amounts falling due within one year		7			(1,783,210)			(1,650,944)
Net current assets					588,242			297,728
Total assets less current liabilities					589,909			300,939
Creditors: Amounts falling due after more than one year		8			(93,050)			-
Net assets					496,859			300,939
Capital and reserves
Called up share capital		9			100			100
Profit and loss account		11			496,759			300,839
Shareholders' funds					496,859			300,939

The notes on pages 5 to 9 form an integral part of these financial statements.
Page 3

Marlico Limited
Balance Sheet
30 April 2015......... continued

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 30 April 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the director on 21 September 2015

Mr M Crump
Director

Company Registration Number: 04730754

The notes on pages 5 to 9 form an integral part of these financial statements.
Page 4

Marlico Limited
Notes to the Financial Statements
Year Ended 30 April 2015......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Equipment	25% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Assets and liabilities expressed in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions on foreign currencies are transaleted at the rate of exchange at the date of the transaction. Exchange differences are taken into account in arriving at the gross profit.

2	Operating profit

Operating profit is stated after charging:

		2015 £			2014 £
Depreciation of tangible fixed assets		1,544			1,631

3	Director's remuneration

The director's remuneration for the year was as follows:

		2015 £			2014 £
Remuneration		12,000			12,000

Page 5

Marlico Limited
Notes to the Financial Statements
Year Ended 30 April 2015......... continued

4

Taxation

Tax on profit on ordinary activities

		2015 £			2014 £
Current tax
Corporation tax charge		84,090			82,134

5	Tangible fixed assets

		Office equipment £			Total £
Cost or valuation
At 1 May 2014		6,525			6,525
Depreciation
At 1 May 2014		3,314			3,314
Charge for the year		1,544			1,544
At 30 April 2015		4,858			4,858
Net book value
At 30 April 2015		1,667			1,667
At 30 April 2014		3,211			3,211

6

Debtors

		2015 £			2014 £
Trade debtors		1,244,007			1,188,325
Other debtors		237,801			148,071
Directors current account		58,162			54,054
VAT		25,095			60,094
		1,565,065			1,450,544

Page 6

Marlico Limited
Notes to the Financial Statements
Year Ended 30 April 2015......... continued

7	Creditors: Amounts falling due within one year

		2015 £			2014 £
Bank loans and overdrafts		47,360			-
Trade creditors		1,627,589			1,326,877
Corporation tax		84,090			82,134
Other taxes and social security		46			66
Accruals and deferred income		24,125			241,867
		1,783,210			1,650,944

8	Creditors: Amounts falling due after more than one year

		2015 £			2014 £
Bank loans and overdrafts		93,050			-

9	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

10

Dividends

		2015 £			2014 £
Dividends paid
Current year interim dividend paid		130,000			130,000

11

Reserves

		Profit and loss account £			Total £
At 1 May 2014		300,839			300,839
Profit for the year		325,920			325,920
Dividends		(130,000)			(130,000)
At 30 April 2015		496,759			496,759

Page 7

Marlico Limited
Notes to the Financial Statements
Year Ended 30 April 2015......... continued

12	Commitments

Operating lease commitments

As at 30 April 2015 the company had annual commitments under non-cancellable operating leases as follows:

Operating leases which expire:

		2015 £			2014 £
Within one year		504			756

13	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr M Crump
Advances including interest at the official rate of 3.25%	142,009	137,901	175,650	153,292

Other related party transactions

During the year the company made the following related party transactions:

Mr M Crump ( Director )   During the year the company paid dividends totalling £78,000 (2014 £78,000) to Mr M Crump. At the balance sheet date the amount due from Mr M Crump was £58,162 ( 2014 £54,054 ) .

Charter Brands Limited ( Mr M Crump is a fifty percent shareholder of this company )   During the year the company made sales totalling £103,936 to Charter Brands Limited on a commercial basis. During the year the company made purchases from Charter Brands Limited totalling £58,046. A capital charge of £5,000 was paid by Charter Brands Limited in relation to short term funding. At the balance sheet date the amount due from Charter Brands Limited was £237,801 ( 2014 £148,071 ) .

Crump Family SIPP ( Related party )   During the year the company was charged £10,140 (2012 - £10,140) in licence fees for use of the intellectual property owned by the Crump Family SIPP. At the balance sheet date the amount due to Crump Family SIPP was £12,393 ( 2014 £12,393 ) .

Page 8

Marlico Limited
Notes to the Financial Statements
Year Ended 30 April 2015......... continued

14

Control

The company is controlled by the director who own s 60% of the called up share capital .
 
 

Page 9

Marlico Limited
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts
 Year Ended 30 April 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Marlico Limited for the year ended 30 April 2015 set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Marlico Limited, as a body, in accordance with the terms of our engagement letter dated 27 February 2013. Our work has been undertaken solely to prepare for your approval the accounts of Marlico Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marlico Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Marlico Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Marlico Limited. You consider that Marlico Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Marlico Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF

23 September 2015

Page 10