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

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

MARVIC PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 05779035 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

MARVIC PROPERTIES LIMITED
MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MARVIC PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2020







DIRECTORS: V.J.H. Smith
M. Smith





SECRETARY: V.J.H. Smith





REGISTERED OFFICE: United House
The Street
Takeley
Essex
CM22 6QR





REGISTERED NUMBER: 05779035 (England and Wales)





ACCOUNTANTS: Knight Wheeler Sanson Limited
54 Sun Street
Waltham Abbey
Essex
EN9 1EJ
Page 1
MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035)

BALANCE SHEET
31 March 2020

2020 2019
Notes £    £   
FIXED ASSETS
Investment property 4 556,613 832,655

CURRENT ASSETS
Debtors 5 5,810 5,401
Cash at bank 40,330 26,064
46,140 31,465
CREDITORS
Amounts falling due within one year 6 (347,643 ) (601,589 )
NET CURRENT LIABILITIES (301,503 ) (570,124 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
255,110
262,531

PROVISIONS FOR LIABILITIES - (6,995 )
NET ASSETS 255,110 255,536

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Investment Revaluation Reserve 7 - 27,978
Retained earnings 7 254,110 226,558
SHAREHOLDERS' FUNDS 255,110 255,536

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 notes form part of these financial statements

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MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035)

BALANCE SHEET - continued
31 March 2020


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 Board of Directors and authorised for issue on 30 March 2021 and were
signed on its behalf by:





M. Smith - Director


The notes form part of these financial statements

Page 3
MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2020

1. STATUTORY INFORMATION

Marvic 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.

The financial statements are presented in sterling (£) which is also the functional currency for the company and
rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes. Revenue from the provision of services is recognised when the service
has been performed and legal title has passed.

The company's turnover derives from rental income and property investment.

Investment properties
The company's investment properties have been valued at their open market value. The valuation of the
investment properties is undertaken annually by the company directors with periodic external open market
valuations. Any change in the value of the properties is reflected within the profit and loss account for the
period.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax
rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated
in the financial statements that arise from the inclusion of income and expense in tax assessments in periods
different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the
balance sheet date that are expected to apply to the reversal of timing differences.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and any short term deposits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

Page 4 continued...
MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2020

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2019 832,655
Disposals (276,042 )
At 31 March 2020 556,613
NET BOOK VALUE
At 31 March 2020 556,613
At 31 March 2019 832,655

Fair value at 31 March 2020 is represented by:

£   
Cost 556,613

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 1,100 1,100
Other debtors 4,710 4,301
5,810 5,401

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 1,909 1,909
Taxation and social security 726 1,856
Other creditors 345,008 597,824
347,643 601,589

7. RESERVES

Investment Profit and Total
Revaluation Loss AccountReserves
Reserve
(£)(£ )(£)

At 1st April 201927,978226,558254,536

Result for the year(6,042)(1,379)(7,421)

Reserves transfer(28,931)28,931-
Deferred tax 6,995 - 6,995
--------------------------------------------------
At 31st March 2020- 254,110254,110


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MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2020

8. RELATED PARTY DISCLOSURES

As at 31st March 2020, the company owed £2,252 (2019: £261,657) to S & L United Storage Systems Limited, a
company in which Mr V Smith, company director, holds a material share interest.

The company has previously acquired an investment property financed wholly by a director loan from a company
director, Mr V Smith. The loan is shown as repayable by the company in within one year. The loan is unsecured,
non-interest bearing and repayable on demand.

In addition during the year, the company received rental income and incurred letting expenses in respect of
properties owned by Mr V Smith and his connected persons. The income and expenses have been duly
reclassified as that of the property owners.

The above transactions were conducted on an arms length, commercial basis.

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