REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021 |
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MORE MARGIN LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021 |
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FOR |
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MORE MARGIN LTD |
MORE MARGIN LTD (REGISTERED NUMBER: 06804055) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 January 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MORE MARGIN LTD |
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COMPANY INFORMATION |
for the Year Ended 31 January 2021 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
ECL House |
Lake Street |
Leighton Buzzard |
Bedfordshire |
LU7 1RT |
MORE MARGIN LTD (REGISTERED NUMBER: 06804055) |
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BALANCE SHEET |
31 January 2021 |
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31.1.21 | 31.1.20 |
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 and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Revaluation reserve | 12 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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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. |
MORE MARGIN LTD (REGISTERED NUMBER: 06804055) |
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BALANCE SHEET - continued |
31 January 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 director and authorised for issue on
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MORE MARGIN LTD (REGISTERED NUMBER: 06804055) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 January 2021 |
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1. | STATUTORY INFORMATION |
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More Margin Ltd is a
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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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Turnover |
The company's turnover represents the value, excluding value added tax, of services supplied to customers during the year. A sale is recognised when revenue and associated costs can be measured reliably and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts and VAT. |
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Tangible fixed assets |
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Motor vehicles | - |
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Computer equipment | - |
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Investment property |
In accordance with standard accounting practice, investment properties are revalued annually and the aggregate surplus or deficit is recognised in the income statement. Although standard accounting practice does not require the use of a revaluation reserve, the director believes that the use of such a reserve is necessary for a proper understanding of the company's financial position. Accordingly the investment property revaluation for the year is transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of investment properties. |
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Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is necessary in order to give a true and fair view, since the current value of investment properties, and changes to that current value, are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been included cannot be separately identified or quantified. |
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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 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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MORE MARGIN LTD (REGISTERED NUMBER: 06804055) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2021 |
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3. | ACCOUNTING POLICIES - continued |
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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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 profit or loss in the period to which they relate. |
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Debtors and creditors receivable / payable 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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Government grants |
Government grants are recognised in the income statement so as to match with the expenditure towards which they are intended to contribute. |
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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 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2020 |
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Additions |
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At 31 January 2021 |
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DEPRECIATION |
At 1 February 2020 |
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Charge for year |
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At 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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At 31 January 2020 |
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MORE MARGIN LTD (REGISTERED NUMBER: 06804055) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2021 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2020 |
and 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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At 31 January 2020 |
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The balance sheet figure comprises cost £186,188 plus revaluation of £8,812 |
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The investment property was valued at the balance sheet date, by the director, Mr M Ritchie on the basis of open market value at £195,000. Corporation tax of £1,674 would arise if the property was sold for this value. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.21 | 31.1.20 |
£ | £ |
Trade debtors |
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Other debtors |
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Staff expense float | 750 | 750 |
Directors' current accounts | 55,004 | 58,317 |
Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.21 | 31.1.20 |
£ | £ |
Hire purchase contracts (see note 10) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 40,628 | 35,522 |
Other creditors |
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Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.1.21 | 31.1.20 |
£ | £ |
Hire purchase contracts (see note 10) |
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MORE MARGIN LTD (REGISTERED NUMBER: 06804055) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2021 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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Hire purchase contracts |
31.1.21 | 31.1.20 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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The total operating lease commitments as at 31 January 2020 were £2,473 (2019 - £11,542). |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.21 | 31.1.20 |
value: | £ | £ |
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Ordinary | £1 | 970 | 970 |
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Ordinary B | £1 | 30 | 30 |
1,000 | 1,000 |
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12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 February 2020 |
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372,472 |
Profit for the year |
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Dividends | ( |
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At 31 January 2021 |
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313,083 |
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Although the company is not legally required to maintain a revaluation reserve, in the opinion of the director, it is in the company's best interest to do so. |
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13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 January 2021 and 31 January 2020: |
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31.1.21 | 31.1.20 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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MORE MARGIN LTD (REGISTERED NUMBER: 06804055) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2021 |
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13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued |
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The loan is interest free and repayable on demand. |