Marchall Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03018098

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MARCHALL PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A J McIntyre

REGISTERED OFFICE:

Magma House

16 Davy Court

Castle Mound Way

Rugby

Warwickshire

REGISTERED NUMBER:

03018098

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

400,000

400,000

400,000

400,000

CURRENT ASSETS

Debtors

6

13,996

-

Cash at bank

500

14,309

14,496

14,309

CREDITORS

Amounts falling due within one year

7

(8,316

)

(22,017

)

NET CURRENT ASSETS/(LIABILITIES)

6,180

(7,708

)

TOTAL ASSETS LESS CURRENT LIABILITIES

406,180

392,292

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

406,178

392,290

406,180

392,292

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 June 2024 and were signed by:

A J McIntyre - Director

1.	STATUTORY INFORMATION

Marchall Properties Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is Magma house 16 Davy Court, Castle Mound Way, Rugby, CV23 OUZ and the registered number is 03018098.

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.

The functional and presentational currency of this company is Sterling (£) and rounded to the nearest £1.

Turnover

Turnover represents rents receivable from investment properties and is measured as the fair value of the consideration receieved or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue can be recognised:

Rendering of goods and services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a straight line basis, as indicated below.

Plant and machinery - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

Investment property

The Company classifies land and buildings as investment property when it is held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost, which comprises the purchase price and any directly attributable expenditure. Investment properties are subsequently remeasured to fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2023

and 31 December 2023

14,501

DEPRECIATION

At 1 January 2023

and 31 December 2023

14,501

NET BOOK VALUE

At 31 December 2023

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2023

and 31 December 2023

400,000

NET BOOK VALUE

At 31 December 2023

400,000

At 31 December 2022

400,000

The director has valued the investment property at the balance sheet date. In their opinion, the open market value at 31 December 2023 is £400,000 (2022 £400,000).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by group undertakings

13,996

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed to group undertakings

-

10,000

Taxation and social security

2,876

6,577

Other creditors

5,440

5,440

8,316

22,017

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, rentals amounting to £42,000 (2022 £38,667) were received from a company of which A J McIntyre exercises common control.

During the year, purchases amounting to £nil (2022 £1,545) were made from a company of which A J McIntyre exercises common control.