Marine Prop. Investment (Btn) Ltd - Accounts to registrar (filleted) - small 18.2

Marine Prop. Investment (Btn) Ltd - Accounts to registrar (filleted) - small 18.2

MARINE PROPERTY INVESTMENTS (BRIGHTON) LIMITED - Company Information

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REGISTERED NUMBER: 00358273 (England and Wales)












Financial Statements

for the Year Ended 30 September 2019

for

MARINE PROPERTY INVESTMENTS (BRIGHTON)
LIMITED
MARINE PROPERTY INVESTMENTS (BRIGHTON)
LIMITED (REGISTERED NUMBER: 00358273)






Contents of the Financial Statements
for the Year Ended 30 September 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MARINE PROPERTY INVESTMENTS (BRIGHTON)
LIMITED

Company Information
for the Year Ended 30 September 2019







DIRECTOR: S Krick





SECRETARY: T C Paddenburg





REGISTERED OFFICE: 100 Church Street
Brighton
East Sussex
BN1 1UJ





REGISTERED NUMBER: 00358273 (England and Wales)





ACCOUNTANTS: Paddenburg & Co Limited
100 Church Street
Brighton
East Sussex
BN1 1UJ
Page 1
MARINE PROPERTY INVESTMENTS (BRIGHTON)
LIMITED (REGISTERED NUMBER: 00358273)

Balance Sheet
30 September 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,815 4,776
Investment property 5 2,440,000 2,440,000
2,443,815 2,444,776

CURRENT ASSETS
Debtors 6 2,015 837
Cash at bank 9,711 6,668
11,726 7,505
CREDITORS
Amounts falling due within one year 7 31,035 37,929
NET CURRENT LIABILITIES (19,309 ) (30,424 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,424,506
2,414,352

CREDITORS
Amounts falling due after more than one
year
8
(304,807
)
(304,807
)

PROVISIONS FOR LIABILITIES 10 (256,623 ) (256,623 )
NET ASSETS 1,863,076 1,852,922

CAPITAL AND RESERVES
Called up share capital 100 100
Undistributable reserve 11 1,350,647 1,350,647
Retained earnings 11 512,329 502,175
SHAREHOLDERS' FUNDS 1,863,076 1,852,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
MARINE PROPERTY INVESTMENTS (BRIGHTON)
LIMITED (REGISTERED NUMBER: 00358273)

Balance Sheet - continued
30 September 2019


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 April 2020 and were
signed by:





S Krick - Director


The notes form part of these financial statements

Page 3
MARINE PROPERTY INVESTMENTS (BRIGHTON)
LIMITED (REGISTERED NUMBER: 00358273)

Notes to the Financial Statements
for the Year Ended 30 September 2019

1. STATUTORY INFORMATION

Marine Property Investments (Brighton) 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 rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from
changes in fair value is recognised in profit or loss.

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 properties
Investment properties are valued periodically on an open market basis. Any permanent deficit in the
value of any property is shown in the Profit & Loss account. All other changes in valuation are shown in
the Statement of Total Recognised Gains & Losses.

The non-depreciation of these properties is a departure from the Companies Act, however it is
necessary to give a true and fair view.

Amounts transferred to and from the revaluation reserve are not charged to Corporation Tax.

Page 4 continued...
MARINE PROPERTY INVESTMENTS (BRIGHTON)
LIMITED (REGISTERED NUMBER: 00358273)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2019

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 October 2018
and 30 September 2019 28,551 7,281 35,832
DEPRECIATION
At 1 October 2018 23,883 7,173 31,056
Charge for year 934 27 961
At 30 September 2019 24,817 7,200 32,017
NET BOOK VALUE
At 30 September 2019 3,734 81 3,815
At 30 September 2018 4,668 108 4,776


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2018
and 30 September 2019 2,440,000
NET BOOK VALUE
At 30 September 2019 2,440,000
At 30 September 2018 2,440,000

Fair value at 30 September 2019 is represented by:

£   
Valuation in 2017 430,000
Valuation in 2015 (440,000 )
Valuation in 2013 (875,000 )
Valuation in 2012 897,900
Valuation in 2011 (21,524 )
Valuation in 2007 10,800
Valuation in 2006 65,744
Valuation in 2005 42,500
Valuation in 2004 1,165,863
Cost 1,163,717
2,440,000

Page 5 continued...
MARINE PROPERTY INVESTMENTS (BRIGHTON)
LIMITED (REGISTERED NUMBER: 00358273)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2019

5. INVESTMENT PROPERTY - continued

If the investment properties had not been revalued they would have been included at the following
historical cost:

2019 2018
£    £   
Cost 1,163,717 1,163,717

The main investment properties were valued on an open market basis on 5 November 2016 by a RICS registered valuer
.

The properties are revalued annually by the Director, by reference to similar properties in the area.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Rent due from tenants 13,953 1,667
Prepayments (11,938 ) (830 )
2,015 837

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 174 175
Corporation tax 15,180 12,356
Tenant deposits held 12,317 21,567
Directors' loan accounts 4 471
Accrued expenses 3,360 3,360
31,035 37,929

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2019 2018
£    £   
Bank loans - 1-2 years 304,807 -
Bank loans - 2-5 years - 304,807
304,807 304,807

9. SECURED DEBTS

The following secured debts are included within creditors:

2019 2018
£    £   
Bank loans 304,807 304,807

The bank loan is secured with a mortgage over one of the company's freehold investment properties.

Page 6 continued...
MARINE PROPERTY INVESTMENTS (BRIGHTON)
LIMITED (REGISTERED NUMBER: 00358273)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2019

10. PROVISIONS FOR LIABILITIES
2019 2018
£    £   
Deferred tax 256,623 256,623

Deferred
tax
£   
Balance at 1 October 2018 256,623
Balance at 30 September 2019 256,623

11. RESERVES
Retained Undistributable
earnings reserve Totals
£    £    £   

At 1 October 2018 502,175 1,350,647 1,852,822
Profit for the year 63,754 63,754
Dividends (53,600 ) (53,600 )
At 30 September 2019 512,329 1,350,647 1,862,976

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Krick.

Page 7