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

REGISTERED NUMBER: 00358273 (England and Wales)

Financial Statements

for the Year Ended 30 September 2020

for

MARINE PROPERTY INVESTMENTS (BRIGHTON)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Tangible assets

4

2,047

3,815

Investment property

5

2,440,000

2,440,000

2,442,047

2,443,815

CURRENT ASSETS

Debtors

6

12,071

14,875

Cash at bank

13,031

9,711

25,102

24,586

CREDITORS

Amounts falling due within one year

7

48,240

43,895

NET CURRENT LIABILITIES

(23,138

)

(19,309

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,418,909

2,424,506

CREDITORS

Amounts falling due after more than one year

8

(304,807

)

(304,807

)

PROVISIONS FOR LIABILITIES

10

(256,623

)

(256,623

)

NET ASSETS

1,857,479

1,863,076

CAPITAL AND RESERVES

Called up share capital

100

100

Undistributable reserve

11

1,350,647

1,350,647

Retained earnings

11

506,732

512,329

SHAREHOLDERS' FUNDS

1,857,479

1,863,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 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 1 December 2020 and were signed by:

S Krick - Director

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2019

28,551

7,281

35,832

Additions

-

2,656

2,656

Disposals

(28,551

)

(7,281

)

(35,832

)

At 30 September 2020

-

2,656

2,656

DEPRECIATION

At 1 October 2019

24,817

7,200

32,017

Charge for year

-

609

609

Eliminated on disposal

(24,817

)

(7,200

)

(32,017

)

At 30 September 2020

-

609

609

NET BOOK VALUE

At 30 September 2020

-

2,047

2,047

At 30 September 2019

3,734

81

3,815

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2019

and 30 September 2020

2,440,000

NET BOOK VALUE

At 30 September 2020

2,440,000

At 30 September 2019

2,440,000

Fair value at 30 September 2020 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

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

2020

2019

£

£

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

2020

2019

£

£

Rent due from tenants

11,151

13,953

Prepayments

920

922

12,071

14,875

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

173

174

Corporation tax

8,484

15,180

Tenant deposits held

12,317

12,317

Directors' loan accounts

10,770

4

Deferred income

12,536

12,860

Accrued expenses

3,960

3,360

48,240

43,895

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

304,807

304,807

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

304,807

304,807

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

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

256,623

256,623

Deferred

tax

£

Balance at 1 October 2019

256,623

Balance at 30 September 2020

256,623

11.

RESERVES

Retained

Undistributable

earnings

reserve

Totals

£

£

£

At 1 October 2019

512,329

1,350,647

1,862,976

Profit for the year

34,403

34,403

Dividends

(40,000

)

(40,000

)

At 30 September 2020

506,732

1,350,647

1,857,379

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Krick.