Malbury Properties Limited - Accounts to registrar (filleted) - small 18.2

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

MALBURY PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors' Responsibilities Statement

6

Independent Chartered Accountants' Review Report

7

DIRECTORS:

Mrs V J Farquharson

Mrs N J Farrar

REGISTERED OFFICE:

6th Floor Dean Park House

Dean Park Crescent

Bournemouth

BH1 1HP

REGISTERED NUMBER:

00813749 (England and Wales)

ACCOUNTANTS:

Schofields

Chartered Accountants

6th Floor

Dean Park House

Dean Park Crescent

Bournemouth

Dorset

BH1 1HP

FIXED ASSETS

Tangible assets

4

33,226

45,860

Investment property

5

4,079,000

3,404,000

4,112,226

3,449,860

CURRENT ASSETS

Debtors

6

50,020

51,724

Cash at bank and in hand

83,924

32,316

133,944

84,040

CREDITORS

Amounts falling due within one year

7

155,401

190,077

NET CURRENT LIABILITIES

(21,457

)

(106,037

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,090,769

3,343,823

CREDITORS

Amounts falling due after more than one year

8

(1,320,321

)

(620,696

)

PROVISIONS FOR LIABILITIES

(6,238

)

(6,238

)

NET ASSETS

2,764,210

2,716,889

CAPITAL AND RESERVES

Called up share capital

10

250,000

250,000

Share premium

465,752

465,752

Non-distributable revaluation reserve

1,200,026

1,234,950

Retained earnings

848,432

766,187

SHAREHOLDERS' FUNDS

2,764,210

2,716,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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.

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 9 August 2019 and were signed on its behalf by:

Mrs N J Farrar - Director

1.	STATUTORY INFORMATION

Malbury Properties Limited is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 represents property rents receivable, excluding value added tax.

Fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures, fittings & equipment

-

Over 5 years

Motor vehicles

-

25% on reducing balance

Investment property

Investment properties are revalued annually based on their fair value. Changes to fair value go through the income

statement. Gains and losses are not realised and as such are not subject to current tax and are regarded as non-distributable.

Depreciation is not provided.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are

measured as amortised cost using the effective interest rate method, less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Motor

& equipment

vehicles

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

16,846

42,354

59,200

DEPRECIATION

At 1 April 2018

8,046

5,294

13,340

Charge for year

3,369

9,265

12,634

At 31 March 2019

11,415

14,559

25,974

NET BOOK VALUE

At 31 March 2019

5,431

27,795

33,226

At 31 March 2018

8,800

37,060

45,860

The net book value of tangible fixed assets includes £ 27,795 (2018 - £ 37,060 ) in respect of assets held under hire purchase

contracts.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

3,404,000

Additions

710,267

Revaluations

(35,267

)

At 31 March 2019

4,079,000

NET BOOK VALUE

At 31 March 2019

4,079,000

At 31 March 2018

3,404,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2019

4,079,000

If investment property had not been revalued it would have been included at the following historical cost:

2019

2018

£

£

Cost

2,872,736

2,162,469

Investment property was valued on a fair value basis on 31 March 2019 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

13,589

22,058

Other debtors

36,431

29,666

50,020

51,724

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

37,833

86,727

Hire purchase contracts

4,697

4,127

Trade creditors

-

1,776

Taxation and social security

30,985

30,878

Other creditors

81,886

66,569

155,401

190,077

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

1,109,210

484,695

Hire purchase contracts

25,792

30,489

Other creditors

185,319

105,512

1,320,321

620,696

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

265,000

300,000

Repayable by instalments

Bank loans due over 5 years

685,877

115,695

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

-

70,727

Bank loans

1,147,043

500,695

1,147,043

571,422

The bank overdraft and bank loans are secured by way of fixed charges held over various investment property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

250,000

Ordinary

£1

250,000

250,000

The following reproduces the text of the report prepared for the directors and members in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance

Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors

are not required to be filed with the Registrar of Companies.

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-	prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2019 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE BOARD:

Mrs N J Farrar - Director

9 August 2019

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Malbury Properties Limited for the year ended 31 March 2019, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 1 to 11. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed.

Directors' responsibility for the financial statements

As explained more fully in the Directors' Responsibilities Statement set out on page ten, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance

with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements'

and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also

requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed

additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of

management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The

procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International

Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

Schofields

Chartered Accountants

6th Floor

Dean Park House

Dean Park Crescent

Bournemouth

Dorset

BH1 1HP

9 August 2019