Marathon Leisure Limited - Period Ending 2013-12-31

Registration number: 02702123

Marathon Leisure Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Marathon Leisure Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Marathon Leisure Limited
for the Year Ended 31 December 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Marathon Leisure Limited for the year ended 31 December 2013 set out on pages 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 Marathon Leisure Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Marathon Leisure 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 Marathon Leisure Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Marathon Leisure 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 Marathon Leisure Limited. You consider that Marathon Leisure 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 Marathon Leisure 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.

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

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

22 August 2014

Page 1

Marathon Leisure Limited
(Registration number: 02702123)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					41,407			16,416
Current assets
Stocks					866,438			985,060
Debtors					754,088			960,499
Cash at bank and in hand					3,380			1,935
					1,623,906			1,947,494
Creditors: Amounts falling due within one year					(1,251,839)			(1,561,169)
Net current assets					372,067			386,325
Total assets less current liabilities					413,474			402,741
Provisions for liabilities					(2,825)			(1,563)
Net assets					410,649			401,178
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					410,549			401,078
Shareholders' funds					410,649			401,178

For the year ending 31 December 2013 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 21 August 2014 and signed on its behalf by:

.........................................
Mr T Millinder
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Marathon Leisure Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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
Land and buildings leasehold	10% straight line
Computer equipment	33% straight line
Fixtures, fittings and 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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Marathon Leisure Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2013		168,835			168,835
Additions		46,818			46,818
Disposals		(767)			(767)
At 31 December 2013		214,886			214,886
Depreciation
At 1 January 2013		152,419			152,419
Charge for the year		21,251			21,251
Eliminated on disposals		(191)			(191)
At 31 December 2013		173,479			173,479
Net book value
At 31 December 2013		41,407			41,407
At 31 December 2012		16,416			16,416

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

4

Control

The company is controlled by Marathon Holdings Limited the parent company. The ultimate controlling party is Mr T Millinder the majority shareholder of Marathon Holdings Limited.

Page 4