Margate House Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11951502 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2021

for

Margate House Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C N Kemsley

R J Verdin

REGISTERED OFFICE:

Main Office

Station House

Station Road

Barnes

SW13 0HT

REGISTERED NUMBER:

11951502 (England and Wales)

ACCOUNTANTS:

R A Leslie & Co. LLP

Chartered Accountants

Gowran House

56 Broad Street

Chipping Sodbury

Bristol

BS37 6AG

FIXED ASSETS

Intangible assets

4

70,000

70,000

Tangible assets

5

615,600

548,432

685,600

618,432

CURRENT ASSETS

Debtors

6

832

-

Cash at bank and in hand

3,945

793

4,777

793

CREDITORS

Amounts falling due within one year

7

20,496

6,975

NET CURRENT LIABILITIES

(15,719

)

(6,182

)

TOTAL ASSETS LESS CURRENT LIABILITIES

669,881

612,250

CREDITORS

Amounts falling due after more than one year

8

718,758

640,000

NET LIABILITIES

(48,877

)

(27,750

)

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

(49,077

)

(27,950

)

SHAREHOLDERS' FUNDS

(48,877

)

(27,750

)

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 31 January 2022 and were signed on its behalf by:

C N Kemsley - Director

1.	STATUTORY INFORMATION

Margate House 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.

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 net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in April 2019, is being amortised evenly over its estimated useful life of ten years from 1/5/21 onwards

Tangible fixed assets

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

Freehold land and buildings

-

0% as the value exceeds original cost

Equipment

-

15% on reducing balance from 1/4/21

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 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.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from the directors that they will continue to give financial support to the company for twelve months from the date of signing of these accounts.

On this basis the directors consider it appropriate to prepare the accounts on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2020

and 30 April 2021

70,000

NET BOOK VALUE

At 30 April 2021

70,000

At 30 April 2020

70,000

5.	TANGIBLE FIXED ASSETS

Freehold

land and

buildings

Equipment

Totals

£

£

£

COST

At 1 May 2020

528,432

20,000

548,432

Additions

60,988

6,180

67,168

At 30 April 2021

589,420

26,180

615,600

NET BOOK VALUE

At 30 April 2021

589,420

26,180

615,600

At 30 April 2020

528,432

20,000

548,432

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Debtors and prepayments

832

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans and overdrafts

5,000

-

Trade creditors

-

6,050

Social security and other taxes

-

625

Other creditors and accruals

15,496

300

20,496

6,975

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.21

30.4.20

£

£

Bank loan

45,000

-

Loan

625,000

625,000

Directors' loan account

48,758

15,000

718,758

640,000

The loan of £625,000 is due to Knapton Limited, a company owned by a Director, R Verdin, currently repayable around April 2024, with interest payable at 10% per annum, subject to a first charge over the freehold land and buildings. The 10% charge was reduced to 5% for a period, due to COVID 19.

9.	RELATED PARTY DISCLOSURES