Company Registration No. 10219358 (England and Wales)
MARBLE AND QUARTZ LIMITED
Unaudited accounts
for the year ended 30 June 2023
MARBLE AND QUARTZ LIMITED
Unaudited accounts
Contents
MARBLE AND QUARTZ LIMITED
Company Information
for the year ended 30 June 2023
Company Number
10219358 (England and Wales)
Registered Office
30 ASHLEY DRIVE
BOREHAMWOOD
WD6 2JD
ENGLAND
MARBLE AND QUARTZ LIMITED
Statement of financial position
as at 30 June 2023
Tangible assets
6,563
13,057
Cash at bank and in hand
256,610
195,142
Creditors: amounts falling due within one year
(156,653)
(221,064)
Net current assets
431,946
337,600
Total assets less current liabilities
438,509
350,657
Creditors: amounts falling due after more than one year
(27,081)
(37,946)
Net assets
411,428
312,711
Called up share capital
100
100
Profit and loss account
411,328
312,611
Shareholders' funds
411,428
312,711
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 March 2024 and were signed on its behalf by
Manish Odedra
Director
Company Registration No. 10219358
MARBLE AND QUARTZ LIMITED
Notes to the Accounts
for the year ended 30 June 2023
MARBLE AND QUARTZ LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10219358. The registered office is 30 ASHLEY DRIVE, BOREHAMWOOD, WD6 2JD, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% straight line basis
Fixtures & fittings
25% reducing balance
Tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of reporting period.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
In accordance with their responsibilities as director, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. With the continuing financial support from the shareholders, the director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continue to adopt the going concern basis of accounting in preparing the financial statements.
MARBLE AND QUARTZ LIMITED
Notes to the Accounts
for the year ended 30 June 2023
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgement, estimates and assumptions that affect the amounts reported. These estimates and judgement are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The items in the financial statements where these judgement and estimates include assessing the carrying value of investments, recoverability of debtors, current and deferred taxation, depreciation of tangible fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.
Basic financial liabilities, including trade and other creditors, loans from third parties and loan from related parties, are initially recognised at transaction price, unless the arrangement constitues a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairement.
MARBLE AND QUARTZ LIMITED
Notes to the Accounts
for the year ended 30 June 2023
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 July 2022
25,842
575
26,417
At 30 June 2023
25,842
575
26,417
At 1 July 2022
12,921
439
13,360
Charge for the year
6,460
34
6,494
At 30 June 2023
19,381
473
19,854
At 30 June 2023
6,461
102
6,563
At 30 June 2022
12,921
136
13,057
Amounts falling due within one year
Trade debtors
24,336
56,105
Amounts falling due after more than one year
Other debtors
307,653
307,417
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
37,999
61,684
Other creditors
29,104
9,169
Loans from directors
78,341
76,117
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).