Company Registration No. 04909117 (England and Wales)
MARTIN LEVY COMMERCIAL LTD.
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
MARTIN LEVY COMMERCIAL LTD.
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 6
MARTIN LEVY COMMERCIAL LTD.
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2021.
Principal activities
The principal activity of the company has continued to be that of corporate office property consultants.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M Levy
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M Levy
Director
14 December 2021
MARTIN LEVY COMMERCIAL LTD.
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,776
1,012
Current assets
Debtors
4
87,848
112,796
Cash at bank and in hand
30,425
28
118,273
112,824
Creditors: amounts falling due within one year
5
(25,399)
(50,656)
Net current assets
92,874
62,168
Total assets less current liabilities
94,650
63,180
Creditors: amounts falling due after more than one year
6
(33,333)
Provisions for liabilities
(337)
(192)
Net assets
60,980
62,988
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
60,979
62,987
Total equity
60,980
62,988
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
The financial statements were approved and signed by the director and authorised for issue on 14 December 2021
M Levy
Director
Company Registration No. 04909117
MARTIN LEVY COMMERCIAL LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Martin Levy Commercial Ltd. is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Europa House, Goldstone Villas, Hove, East Sussex, BN3 3RQ.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors
.
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:
Office equipment
25% reducing balance
1.4
Cash at bank and in hand
Cash and cash equivalents
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.
1.5
Financial instruments
The
company has the following basic financial instruments:
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
MARTIN LEVY COMMERCIAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
MARTIN LEVY COMMERCIAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
10,232
Additions
1,357
At 31 March 2021
11,589
Depreciation and impairment
At 1 April 2020
9,220
Depreciation charged in the year
593
At 31 March 2021
9,813
Carrying amount
At 31 March 2021
1,776
At 31 March 2020
1,012
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
22,455
22,455
Other debtors
63,819
89,819
Prepayments and accrued income
1,574
522
87,848
112,796
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
6,667
13,832
Trade creditors
2,373
48
Corporation tax
11,519
26,456
Other taxation and social security
1,795
6,220
Accruals and deferred income
3,045
4,100
25,399
50,656
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
33,333
MARTIN LEVY COMMERCIAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
8
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
M Levy -
-
89,819
(26,000)
63,819
89,819
(26,000)
63,819