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Unaudited Financial Statements for the Year Ended 31 July 2021 |
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Marsha Interiors Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 July 2021 |
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for |
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Marsha Interiors Limited |
Marsha Interiors Limited (Registered number: 01190813) |
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Contents of the Financial Statements |
for the year ended 31 July 2021 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Marsha Interiors Limited (Registered number: 01190813) |
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Balance Sheet |
31 July 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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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 |
Called up share capital | 9 |
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Fair value reserve | 10 |
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965,053 |
Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Marsha Interiors Limited (Registered number: 01190813) |
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Balance Sheet - continued |
31 July 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Marsha Interiors Limited (Registered number: 01190813) |
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Notes to the Financial Statements |
for the year ended 31 July 2021 |
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1. | STATUTORY INFORMATION |
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Marsha Interiors Limited is a
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Registered number: |
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Registered office: |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. |
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A potential source of uncertainty noted by the directors at the time of approving these accounts is the ongoing Covid-19 pandemic. |
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However, given that the company is in a net asset position and has funds at the bank, the directors consider it appropriate to prepare the accounts on a going concern basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investment property |
Investment property, which is property held to earn rental income and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the balance sheet date. The surplus or deficit on revaluation is recognised in the profit and loss account. |
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Deferred taxation is provided on these unrealised gains at the rate expected to apply when the property is sold. |
Marsha Interiors Limited (Registered number: 01190813) |
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Notes to the Financial Statements - continued |
for the year ended 31 July 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Debtors and creditors due within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 August 2020 |
and 31 July 2021 |
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DEPRECIATION |
At 1 August 2020 |
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Charge for year |
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At 31 July 2021 |
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NET BOOK VALUE |
At 31 July 2021 |
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At 31 July 2020 |
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Marsha Interiors Limited (Registered number: 01190813) |
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Notes to the Financial Statements - continued |
for the year ended 31 July 2021 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2020 |
and 31 July 2021 |
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NET BOOK VALUE |
At 31 July 2021 |
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At 31 July 2020 |
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The valuation of investment property was last carried out as at 31 July 2021 by a director of the company on an open market basis. No depreciation is provided in respect of investment property. The surplus on revaluation was recognised in the profit and loss account. |
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On a historical cost basis the investment property would have been included at an original cost of £58,051 (2020: £58,051). |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Taxation and social security |
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Other creditors |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary shares | £1 | 200 | 200 |
Marsha Interiors Limited (Registered number: 01190813) |
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Notes to the Financial Statements - continued |
for the year ended 31 July 2021 |
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10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 August 2020 |
and 31 July 2021 | 965,053 |
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11. | CONTINGENT LIABILITIES |
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The company has, together with two connected companies, entered into loan agreements with a bank. Each company is jointly and severally liable up to the total amount outstanding. At 31 July 2021 the total loan outstanding amounted to £2,985,334 (2020: £3,015,287). |
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12. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £10,000 (2020 - £7,500) were paid to the directors . |