Company No:
Contents
DIRECTOR | A V Marment Jr. BSc (Hons) |
SECRETARY | A V Marment Jr. BSc (Hons) |
REGISTERED OFFICE | 5 Callaghan Square |
Cardiff | |
CF10 5BT | |
United Kingdom | |
COMPANY NUMBER | 00135594(England and Wales) |
ACCOUNTANT | Deloitte LLP |
5 Callaghan Square | |
Cardiff | |
CF10 5BT | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_
It is your duty to ensure that Marments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Marments Limited. You consider that Marments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Marments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Accountant
Cardiff
CF10 5BT
United Kingdom
2019 | 2018 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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6,674,723 | 6,504,783 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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72,441 | 110,428 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 56,039 | 93,929 | ||
Total assets less current liabilities | 6,730,762 | 6,598,712 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Provisions for liabilities | (
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Net assets | 6,001,577 | 5,897,744 | ||
Called-up share capital |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds | 6,001,577 | 5,897,744 |
Director's responsibilities:
The financial statements of Marments Limited (registered number:
A V Marment Jr. BSc (Hons)
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the year and to the preceding year.
Marments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Callaghan Square, Cardiff, CF10 5BT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Marments Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Other operating income comprises amounts derived from the collection of rents and falls within the Company‘s ordinary activities. Revenue is recognised in the period in which the rents are receivable. All income arises in the United Kingdom.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
2019 | 2018 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | Total | |
£ | £ | |
Cost/Valuation | ||
At 01 April 2018 |
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Remeasurement of investment property |
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At 31 March 2019 |
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Accumulated depreciation | ||
At 01 April 2018 |
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At 31 March 2019 |
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Net book value | ||
At 31 March 2019 |
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At 01 April 2018 |
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Investment properties
The fair value of investment properties included in the Balance Sheet and the change in fair value recognised in the Profit and Loss Account in the year were as follows:
2019 | 2018 | |
£ | £ | |
Fair value gain/(loss) recognised in the Profit and Loss Account for the year |
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Fair value of investment properties at 31 March |
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Listed investments | Other investments | Total | |
£ | £ | £ | |
Carrying value before impairment | |||
At 01 April 2018 |
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Disposals | (
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Movement in fair value |
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At 31 March 2019 |
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Provisions for impairment | |||
At 01 April 2018 |
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At 31 March 2019 |
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Carrying value at 31 March 2019 |
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Carrying value at 31 March 2018 |
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Listed investments of £3,510,723 (2018: £3,394,783) represent investments in non-puttable ordinary shares. The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £1,556,851 (2018: £1,631,480). Included within the profit and loss account reserve is an amount of £1,805,906 (2018: £1,573,512) which relates to the revaluation of listed investments.
Other investments of £24,000 (2018: £24,000) are held at cost less impairment because their fair value cannot be measured reliably.
2019 | 2018 | |
£ | £ | |
Trade debtors |
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Corporation tax |
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Other debtors |
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2019 | 2018 | |
£ | £ | |
Other creditors |
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Other taxation and social security |
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Accruals and deferred income |
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2019 | 2018 | |
£ | £ | |
Other creditors |
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350,000 | 350,000 |
4.2% redeemable preference shares carry an entitlement to a dividend at the rate of 4.2 pence per share per annum.
10% cumulative second preference shares carry an entitlement to a dividend at the rate of 10 pence per share per annum.
The preference shares are redeemable at the sole discretion of the Company. The preference shares do not entitle the holders to any further or other participation rights in the profits or assets of the Company in excess of the annual dividends.
In the prior year, an interest charge of £4,575 was recognised in the Profit and Loss Account in relation to an outstanding unsecured loan to C Marment. During the prior year, the loan was fully repaid.
The total aggregate directors remuneration for the year was £38,059 (2018: £38,721). The directors are the only key management personnel of the Company.