Company Registration No. 4347827 (England and Wales)
MARVAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
MARVAL LIMITED
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 7
MARVAL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,312,509
2,337,812
Current assets
Stocks
6,874
6,524
Debtors
4
490,241
481,924
Cash at bank and in hand
202,285
90,260
699,400
578,708
Creditors: amounts falling due within one year
5
(1,343,356)
(1,196,990)
Net current liabilities
(643,956)
(618,282)
Total assets less current liabilities
1,668,553
1,719,530
Creditors: amounts falling due after more than one year
6
(707,954)
(761,491)
Provisions for liabilities
(99,402)
(105,700)
Net assets
861,197
852,339
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
877,762
906,898
Profit and loss reserves
(16,567)
(54,561)
Total equity
861,197
852,339
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
MARVAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2017
30 April 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 January 2018 and are signed on its behalf by:
Mrs L M Lewis
Director
Company Registration No. 4347827
MARVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 3 -
1
Accounting policies
Company information
Marval Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Blackbrook House, Ashbourne Road, Belper, Derby, DE56 2DB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 April 2017
are the
first
financial statements of Marval Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. There are no such estimates or judgements applicable to the company.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when services are provided.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Fixtures and fittings
25% on reducing balance
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
MARVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at the transaction price.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was - (2016 - 0).
MARVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2016
2,553,751
318,014
2,871,765
Additions
-
13,171
13,171
At 30 April 2017
2,553,751
331,185
2,884,936
Depreciation and impairment
At 1 May 2016
257,751
276,202
533,953
Depreciation charged in the year
27,000
11,474
38,474
At 30 April 2017
284,751
287,676
572,427
Carrying amount
At 30 April 2017
2,269,000
43,509
2,312,509
At 30 April 2016
2,296,000
41,812
2,337,812
Included within freehold property are properties with an historical cost of £1,398,752. In 2014 these properties were revalued by the directors to £2,350,000. The directors do not consider the market values of these properties as at 30 April 2017 to differ significantly to this. The directors are not qualified in property valuations.
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
4,058
Other debtors
490,241
477,866
490,241
481,924
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
52,302
49,073
Trade creditors
652,406
453,414
Corporation tax
29,477
42,822
Other taxation and social security
16,458
19,910
Other creditors
592,713
631,771
1,343,356
1,196,990
MARVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 6 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
707,954
761,491
Amounts included above which fall due after five years are as follows:
Payable by instalments
498,798
565,203
7
Loans and overdrafts
2017
2016
£
£
Bank loans
760,256
810,564
Payable within one year
52,302
49,073
Payable after one year
707,954
761,491
The long-term loans are secured by fixed charges over the freehold property.
The bank loans are repayable in equal monthly instalments over 15 years and bear interest at a rate of 2.5% above bank base rate.
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1
1 Ordinary B of £1 each
1
1
2
2
9
First year adoption of FRS102
Revaluation of Land and Buildings
Under previous UK GAAP the company was not required to provide for taxation on revaluations, unless the company had entered into a binding sale agreement and recognised the gain or loss expected to arise. Under FRS102 deferred taxation is provided on the temporary difference arising from the revaluation. A deferred tax charge of £110,700 arose on the transition to FRS 102 in the year ending 30 April 2015. There was a reversal of the deferred tax creditor in the year ended 30 April 2016 of £5,000. This resulted in a reduction in net assets on transition of £110,700.
MARVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 7 -
10
RELATED PARTY DISCLOSURES
L M Lewis and MAE Lewis
Directors of the company
Amount due to related party at the balance sheet date : £538,901 (2016 : £591,958).
Mathew Lewis Developments Limited
Under the control of the directors
Amount due from related party at the balance sheet date : £489,986 (2016 : £477,866).