Marraum Limited - Period Ending 2018-06-30
Marraum Limited - Period Ending 2018-06-30
Registration number:
Prepared for the registrar (filleted)
Marraum Limited
for the Year Ended 30 June 2018
Marraum Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Marraum Limited
Company Information
Directors |
Mrs Daisy Sawle Mr Adam Laskey |
Registered office |
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Page 1 |
Marraum Limited
(Registration number: 08541611)
Balance Sheet as at 30 June 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Marraum Limited
(Registration number: 08541611)
Balance Sheet as at 30 June 2018
For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mrs Daisy Sawle
Director
.........................................
Mr Adam Laskey
Director
Page 3 |
Marraum Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.
Revenue recognition
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and
derives from the provision of goods falling within the company's ordinary activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Page 4 |
Marraum Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Asset class |
Depreciation method and rate |
Leasehold properties |
Straight line over the life of the lease |
Plant and machinery |
20% straight line |
Website |
25% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5 years |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 5 |
Marraum Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
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Amortisation expense |
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Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 July 2017 |
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At 30 June 2018 |
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Amortisation |
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At 1 July 2017 |
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Amortisation charge |
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At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
Page 6 |
Marraum Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 July 2017 |
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Additions |
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At 30 June 2018 |
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Depreciation |
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At 1 July 2017 |
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Charge for the year |
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At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of long leasehold land and buildings and £770 (2017 - £1,155) in respect of short leasehold land and buildings.
Stocks |
2018 |
2017 |
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Work in progress |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 7 |
Marraum Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
Summary of transactions with other related parties
HORMANN, Michael
Director & shareholder
Amount due to the related party: £0.00 (2017: £21,428)
LASKEY, Adam
Director & shareholder
Amount due to the related party: £26,393 (2017: £18,187)
Page 8 |