Marco Specialist Interiors Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05536025 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MARCO SPECIALIST INTERIORS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C Scott

Mr MR Whatling

SECRETARIES:

Mrs M Whatling

Mrs S Gates

REGISTERED OFFICE:

7 Kneller Road

West Thamesmead Business Park

London

SE28 0AX

REGISTERED NUMBER:

05536025 (England and Wales)

ACCOUNTANTS:

Elliott, Mortlock, Busby & Co Limited

12 High Street

Stanford le Hope

Essex

SS17 0EY

FIXED ASSETS

Intangible assets

5

30,000

40,000

Tangible assets

6

98,722

136,598

128,722

176,598

CURRENT ASSETS

Stocks

25,524

45,318

Debtors

1,361,479

1,180,249

Cash at bank

2,578,312

2,116,811

3,965,315

3,342,378

CREDITORS

Amounts falling due within one year

626,717

566,121

NET CURRENT ASSETS

3,338,598

2,776,257

TOTAL ASSETS LESS CURRENT LIABILITIES

3,467,320

2,952,855

CREDITORS

Amounts falling due after more than one year

-

(12,461

)

PROVISIONS FOR LIABILITIES

9

(25,565

)

(24,655

)

NET ASSETS

3,441,755

2,915,739

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,441,655

2,915,639

SHAREHOLDERS' FUNDS

3,441,755

2,915,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 30 November 2023 and were signed on its behalf by:

Mr MR Whatling - Director

1.	STATUTORY INFORMATION

Marco Specialist Interiors 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.

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured,

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Capital expenditure on property

-

20% straight line basis

Plant and equipment

-

20% straight line basis

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 taxation

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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 the profit and loss account in the period to which they relate.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 33 ) .

5.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

and 31 March 2023

200,000

AMORTISATION

At 1 April 2022

160,000

Amortisation for year

10,000

At 31 March 2023

170,000

NET BOOK VALUE

At 31 March 2023

30,000

At 31 March 2022

40,000

6.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

807,277

Additions

15,454

Disposals

(2,701

)

At 31 March 2023

820,030

DEPRECIATION

At 1 April 2022

670,679

Charge for year

53,328

Eliminated on disposal

(2,699

)

At 31 March 2023

721,308

NET BOOK VALUE

At 31 March 2023

98,722

At 31 March 2022

136,598

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2022

and 31 March 2023

98,000

DEPRECIATION

At 1 April 2022

58,800

Charge for year

19,600

At 31 March 2023

78,400

NET BOOK VALUE

At 31 March 2023

19,600

At 31 March 2022

39,200

7.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023

2022

£

£

Net obligations repayable:

Within one year

12,461

11,995

Between one and five years

-

12,461

12,461

24,456

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

12,461

24,456

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

25,565

24,655

Deferred

tax

£

Balance at 1 April 2022

24,655

Charge to Income Statement during year

910

Balance at 31 March 2023

25,565

The provision for deferred taxation is made up of accelerated capital allowances.

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme, for the directors and employees. The assets of the scheme are held separately from those of the company in independently administered funds. At the balance sheet date there were £19,153 unpaid contributions (2022: £7,780).

11.	CAPITAL COMMITMENTS

2023

2022

£

£

Contracted but not provided for in the

financial statements

251,138

-

12.	OTHER FINANCIAL COMMITMENTS

The Company has a total commitments, guarantees and contingencies as at year end 2023 of £125,308 (2022: £202,942) included in the above are minimum lease payments under non-cancellable operating leases, falling due as follows:

2023

2022

£

£

Within one year

83,817

148,512

Between one and five years

41,491

54,430

125,308

202,942