Company Registration No. SC486893 (Scotland)
MARANN HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
MARANN HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MARANN HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2020
31 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
128,850
128,996
Investments
4
4
4
128,854
129,000
Current assets
Debtors
5
377,114
197,917
Creditors: amounts falling due within one year
6
(279,004)
(260,612)
Net current assets/(liabilities)
98,110
(62,695)
Total assets less current liabilities
226,964
66,305
Provisions for liabilities
(2,220)
(2,220)
Net assets
224,744
64,085
Capital and reserves
Called up share capital
8
7
7
Profit and loss reserves
224,737
64,078
Total equity
224,744
64,085
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 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
MARANN HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2020
31 January 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 November 2020 and are signed on its behalf by:
Mr M Halsey
Director
Company Registration No. SC486893
MARANN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
- 3 -
1
Accounting policies
Company information
Marann Holdings Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Titanium 1, King's Inch Place, Renfrew, PA4 8WF.
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 and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This
true
is an ongoing situation and the company is adopting a strategy to manage the everchanging situation as effectively as
possible.
The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this
basis is appropriate for the preparation of the accounts.
1.3
Tangible fixed assets
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
No Deprecitation
Fixtures and fittings
15% on reducing balance
Computers
15% on reducing balance
The directors are of the opinion that the fair value has not changed significantly since the date of the last valuation.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MARANN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 February 2019
120,668
4,905
10,160
135,733
Additions
-
653
644
1,297
At 31 January 2020
120,668
5,558
10,804
137,030
Depreciation and impairment
At 1 February 2019
-
2,301
4,436
6,737
Depreciation charged in the year
-
488
955
1,443
At 31 January 2020
-
2,789
5,391
8,180
Carrying amount
At 31 January 2020
120,668
2,769
5,413
128,850
At 31 January 2019
120,668
2,604
5,724
128,996
4
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
4
4
MARANN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 February 2019 & 31 January 2020
4
Carrying amount
At 31 January 2020
4
At 31 January 2019
4
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
377,114
197,917
6
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
279,004
260,612
7
Secured Debt
The Bank of Scotland PLC holds a floating charge over all property and other assets of the company.
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
6 Ordinary Shares of £1 each
6
6
1 Ordinary B Shares of £1 each
1
1
7
7
9
Events after the reporting date
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This
is an ongoing situation and the company is adopting a strategy to manage the everchanging situation as effectively as
possible.
MARANN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 6 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Amount Due
128,385
125,254
Interest
3,131
3,055
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
£
£
Amount Due
377,114
197,917
Interest
9,198
4,827
The above loans are unsecured and have no formal terms of repayment. Interest has been applied at an agreed rate of 2.5% per annum.