Marlins Land and Development Ltd - Period Ending 2019-11-30

Registration number: 08307034

Marlins Land and Development Ltd

Annual Report and Unaudited Financial Statements - Companies House Filing

for the Year Ended 30 November 2019

Marlins Land and Development Ltd

(Registration number: 08307034)
Statement of Financial Position as at 30 November 2019

	Note	2019 £	2018 £
Fixed assets
Investment property	4	441,563	210,000
Current assets
Debtors	5	1,957	250,000
Cash at bank and in hand		607,019	455,875
		608,976	705,875
Creditors: Amounts falling due within one year	6	(855,015)	(756,185)
Net current liabilities		(246,039)	(50,310)
Net assets		195,524	159,690
Capital and reserves
Called up share capital		10	10
Profit and loss account		195,514	159,680
Total equity		195,524	159,690

For the financial year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income and expenditure Statement has been taken.

Approved and authorised by the director on 1 May 2020
 

.........................................

Mr M L Davidson
Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Marlins Land and Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
18 Park Street
Camberley
Surrey
GU15 3PL

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Page 2

Marlins Land and Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

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 debtors and creditors, loans from banks and other third parties and loans to related parties.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 1).

4	Investment properties

	2019 £
At 1 December 2018	210,000
Additions	231,563
At 30 November 2019	441,563

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2019 £	2018 £
Other debtors	1,957	250,000
	1,957	250,000

Page 3

Marlins Land and Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Taxation and social security	8,405	19,725
Accruals and deferred income	800	650
Other creditors	845,810	735,810
	855,015	756,185

Page 4