Marvelfairs Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 00826234 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST DECEMBER 2013

FOR

MARVELFAIRS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A Anand

Mrs A Sethia

Miss U Anand

SECRETARY:

A Anand

REGISTERED OFFICE:

Unit 8

Space Business Park

Abbey Road

London

NW10 7SU

REGISTERED NUMBER:

00826234 (England and Wales)

ACCOUNTANTS:

Cook & Partners Limited

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

FIXED ASSETS

Tangible assets

2

1,905,976

1,985,434

Investments

3

20,560

20,560

1,926,536

2,005,994

CURRENT ASSETS

Stocks

299,918

237,700

Debtors

703,216

586,932

Cash at bank and in hand

1,053,266

1,554,213

2,056,400

2,378,845

CREDITORS

Amounts falling due within one year

1,238,650

1,592,392

NET CURRENT ASSETS

817,750

786,453

TOTAL ASSETS LESS CURRENT LIABILITIES

2,744,286

2,792,447

CREDITORS

Amounts falling due after more than one year

56,613

17,967

NET ASSETS

2,687,673

2,774,480

CAPITAL AND RESERVES

Called up share capital

4

125,000

125,000

Revaluation reserve

957,109

957,109

Profit and loss account

1,605,564

1,692,371

SHAREHOLDERS' FUNDS

2,687,673

2,774,480

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2013 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 19th September 2014 and were signed on its behalf by:

A Anand - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The directors have assessed various factors and risks affecting the company and its ability in these difficult

economic times to continue to trade as a going concern.They have not identified any material uncertainties or

risks related to events or conditions that could cast significant doubt about the company's ability to continue as a

going concern and therefore the financial statements for the year ended 31st December 2013 have been prepared

using the going concern basis of accounting.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Preparation of consolidated financial statements

The financial statements contain information about Marvelfairs Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

25% on cost

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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.

Sales interest

The company seeks to charge interest on unpaid sales invoices. Due to uncertainties as to recovery, particularly

from customers based in Nigeria and Zambia, such interest is only recognised on a receipts basis or, if received

within three months of a financial year end, on an accruals basis.

Revaluation of fixed assets

Freehold property has been revalued in the past but the directors have availed themselves of the transitional

provisions of the Financial Reporting Standard for Smaller Entities (effective April 2008) whereby annual

revaluations have not been made.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1st January 2013

2,801,825

Disposals

(45,738

)

At 31st December 2013

2,756,087

DEPRECIATION

At 1st January 2013

816,391

Charge for year

58,520

Eliminated on disposal

(24,800

)

At 31st December 2013

850,111

NET BOOK VALUE

At 31st December 2013

1,905,976

At 31st December 2012

1,985,434

Were the revalued freehold properties to be sold at their revalued amounts then taking account of indexation for

capital gains purposes the estimated corporation tax arising at the rate of such tax prevailing at the year end

would be in the order of £284,000.

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1st January 2013

and 31st December 2013

20,560

NET BOOK VALUE

At 31st December 2013

20,560

At 31st December 2012

20,560

The company's investments at the balance sheet date in the share capital of companies include the following:

Mindico Uniform Accoutrements Limited

Nature of business: Import and export of military accessories

%

Class of shares:

holding

Ordinary

99.90

2013

2012

£

£

Aggregate capital and reserves

-

54,052

This company did not trade during the year.

Marvelfairs Caribbean Limited

Country of incorporation: Bahamas

Nature of business: Import and export agency

%

Class of shares:

holding

Ordinary

20.00

None of the above undertakings have been consolidated in these financial statements. Ultimate control over all

group companies is unknown.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

£

125,000

Ordinary

£1

125,000

125,000

5.	ULTIMATE PARENT COMPANY