Margetts Investments (Leaseholds) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12696886 (England and Wales)

MARGETTS INVESTMENTS (LEASEHOLDS) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Margetts

REGISTERED OFFICE:

6-7 Castle Gate

Castle Street

Hertford

Hertfordshire

SG14 1HD

REGISTERED NUMBER:

12696886 (England and Wales)

ACCOUNTANTS:

TC Group

6-7 Castle Gate

Castle Street

Hertford

Hertfordshire

SG14 1HD

FIXED ASSETS

Investment property

4

265,000

177,044

CURRENT ASSETS

Debtors

5

384,259

384,359

Cash at bank

1,280

240

385,539

384,599

CREDITORS

Amounts falling due within one year

6

321,686

324,895

NET CURRENT ASSETS

63,853

59,704

TOTAL ASSETS LESS CURRENT LIABILITIES

328,853

236,748

CREDITORS

Amounts falling due after more than one year

7

(163,415

)

(163,415

)

PROVISIONS FOR LIABILITIES

(16,712

)

-

NET ASSETS

148,726

73,333

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

148,626

73,233

148,726

73,333

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 21 February 2024 and were signed by:

J Margetts - Director

1.	STATUTORY INFORMATION

Margetts Investments (Leaseholds) 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.

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Margetts Investments (Leaseholds) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2022

177,044

Revaluations

87,956

At 28 February 2023

265,000

NET BOOK VALUE

At 28 February 2023

265,000

At 28 February 2022

177,044

Fair value at 28 February 2023 is represented by:

£

Valuation in 2023

87,956

Cost

177,044

265,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

384,259

384,359

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Taxation and social security

19,605

17,178

Other creditors

302,081

307,717

321,686

324,895

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

163,415

163,415

2023

2022

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loan more than five years

163,415

163,415

The loan is secured by first legal charge over 34a Fore Street, Hertford, Hertfordshire.

8.	RELATED PARTY DISCLOSURES

The director, J Margetts is also the director and shareholder of Margetts Investments Ltd. During the year, Margetts Investments Ltd loaned the company the sum of £299,561 (2022: £306,037).

J Margetts is also the director and shareholder of Hubertnoble Limited. During the year, Margetts Investments (Leaseholds) Ltd loaned Hubertnoble Limited the sum of £384,259 (2022: £384,259).

9.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Margetts Investments Ltd (a company registered in England and Wales, company number 11808148). The ultimate controlling party is J Margetts, director of the company.