Marshall Warehousing Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC175332

MARSHALL WAREHOUSING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

33,133

5,000

Investment property

5

1,036,139

1,036,139

1,069,272

1,041,139

CURRENT ASSETS

Debtors

6

181,344

150,449

Cash at bank

2,407,812

2,839,287

2,589,156

2,989,736

CREDITORS

Amounts falling due within one year

7

30,840

73,719

NET CURRENT ASSETS

2,558,316

2,916,017

TOTAL ASSETS LESS CURRENT LIABILITIES

3,627,588

3,957,156

CAPITAL AND RESERVES

Called up share capital

9,000

9,000

Share premium

991,000

991,000

Retained earnings

2,627,588

2,957,156

SHAREHOLDERS' FUNDS

3,627,588

3,957,156

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 January 2024 and were signed on its behalf by:

R Marshall - Director

1.	STATUTORY INFORMATION

Marshall Warehousing Limited is a private company, limited by shares, registered in Scotland. The registered office is The Whins, Alloa, Clackmannanshire, FK10 3TA

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from the standard. The financial statements have been prepared under the historic cost convention as modified by the revaluation of certain fixed assets.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover

Turnover is derived from rents receivable, recognised on a straight line basis over the term of the lease and other warehouse services provided, exclusive of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land

-

not provided

Plant and machinery

-

15% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Investment property

The company's property is held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve (fair value reserve) in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Operating lease agreements

Rents receivable under operating leases are recognised on a straight line basis over the period of the lease.

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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2022

5,000

130,212

135,212

Additions

-

31,500

31,500

Disposals

-

(27,000

)

(27,000

)

At 31 July 2023

5,000

134,712

139,712

DEPRECIATION

At 1 August 2022

-

130,212

130,212

Charge for year

-

3,367

3,367

Eliminated on disposal

-

(27,000

)

(27,000

)

At 31 July 2023

-

106,579

106,579

NET BOOK VALUE

At 31 July 2023

5,000

28,133

33,133

At 31 July 2022

5,000

-

5,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2022

and 31 July 2023

1,036,139

NET BOOK VALUE

At 31 July 2023

1,036,139

At 31 July 2022

1,036,139

The fair value of the investment property at 31 July 2023, has been arrived at on the basis of a valuation carried out at that date by the company directors, who are not professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

79,766

113,449

Other debtors

101,578

37,000

181,344

150,449

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Taxation and social security

532

43,583

Other creditors

30,308

30,136

30,840

73,719

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

2023

2022

£

£

Mrs J P Hunter

Balance outstanding at start of year

-

35,008

Amounts repaid

-

(35,008

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

J Marshall Jnr

Balance outstanding at start of year

-

35,008

Amounts repaid

-

(35,008

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

R Marshall

Balance outstanding at start of year

-

35,007

Amounts repaid

-

(35,007

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The loans to the directors were interest free and repayable on demand.

9.	RELATED PARTY DISCLOSURES