The Martin Property Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC192298 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

THE MARTIN PROPERTY COMPANY LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs D J Martin

Mrs J M Martin

SECRETARY:

Mr C G Barral

REGISTERED OFFICE:

13 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

REGISTERED NUMBER:

SC192298 (Scotland)

ACCOUNTANTS:

Profit Counts Ltd

13 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

FIXED ASSETS

Investment property

3

361,000

591,000

CURRENT ASSETS

Cash at bank and in hand

12,464

21,509

CREDITORS

Amounts falling due within one year

(131,369

)

(384,384

)

NET CURRENT LIABILITIES

(118,905

)

(362,875

)

TOTAL ASSETS LESS CURRENT LIABILITIES

242,095

228,125

PROVISIONS FOR LIABILITIES

(9,770

)

(12,644

)

NET ASSETS

232,325

215,481

CAPITAL AND RESERVES

Called up share capital

5

4

4

Retained earnings

6

232,321

215,477

SHAREHOLDERS' FUNDS

232,325

215,481

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 April 2019 and were signed on its behalf by:

Mrs D J Martin - Director

1.	STATUTORY INFORMATION

The Martin Property Company Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of rents receivable from investment properties.

Investment property

Investment properties are shown in the balance sheet at fair value. Any change in fair value is taken to the profit

and loss account each year.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investment property

Investment properties are shown in the balance sheet at fair value. Any change in fair value is taken to the profit

and loss account each year.

3.	INVESTMENT PROPERTY

The assets included are used for the purpose of generating rental income.

True and fair value at 31 December 2018 is represented by:

The valuation at the year end Is £361,000 (2017 - £591,000)

4.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

-

225,037

Standard securities and a bond & floating charge have been granted to the company's bankers for all sums due

or becoming due.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

4

Ordinary

£1

4

4

6.

RESERVES

Retained

earnings

£

At 1 January 2018

215,477

Profit for the year

24,844

Dividends

(8,000

)

At 31 December 2018

232,321

7.	RELATED PARTY DISCLOSURES

Included within creditors due within one year is £122,876 (2017 - £155,470) due to the directors, and immediate

family members. This is an interest free loan and there are no fixed terms for repayment.