Marlion (Preston) Limited - Accounts to registrar (filleted) - small 18.2

Marlion (Preston) Limited - Accounts to registrar (filleted) - small 18.2

MARLION (PRESTON) LIMITED - Company Information

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REGISTERED NUMBER: 02179275 (England and Wales)

























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

MARLION (PRESTON) LIMITED
MARLION (PRESTON) LIMITED (REGISTERED NUMBER: 02179275)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MARLION (PRESTON) LIMITED


COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2020







DIRECTORS: Mr M A Crook
Mrs V L Bauer





SECRETARY: Mr M A Crook





REGISTERED OFFICE: Nook Farm
Carrhouse Lane
Bretherton
Leyland
Lancashire
PR26 9AR





REGISTERED NUMBER: 02179275 (England and Wales)





ACCOUNTANTS: James Todd & Co
Chartered Accountants
Greenbank House
141 Adelphi Street
Preston
Lancashire PR1 7BH
Page 1
MARLION (PRESTON) LIMITED (REGISTERED NUMBER: 02179275)


ABRIDGED BALANCE SHEET
31 OCTOBER 2020

2020 2019
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 2,250 3,000
Investment property 5 312,500 312,500
314,750 315,500

CURRENT ASSETS
Debtors 924 4,399
Cash at bank 2,335 2,822
3,259 7,221
CREDITORS
Amounts falling due within one year 34,621 35,040
NET CURRENT LIABILITIES (31,362 ) (27,819 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
283,388
287,681

CREDITORS
Amounts falling due after more than one
year
6
(147,081
)
(159,809
)

PROVISIONS FOR LIABILITIES (428 ) (570 )
NET ASSETS 135,879 127,302

CAPITAL AND RESERVES
Called up share capital 2 2
Non-distributable reserve 70,663 70,663
Retained earnings 65,214 56,637
SHAREHOLDERS' FUNDS 135,879 127,302

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

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

Page 2 continued...
MARLION (PRESTON) LIMITED (REGISTERED NUMBER: 02179275)


ABRIDGED BALANCE SHEET - continued
31 OCTOBER 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 July 2021 and were signed on its behalf by:





Mr M A Crook - Director


The notes form part of these financial statements

Page 3
MARLION (PRESTON) LIMITED (REGISTERED NUMBER: 02179275)


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020

1. STATUTORY INFORMATION

Marlion (Preston) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible 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.
Motor vehicles - 25% on reducing balance

Investment property
The property held by the company is classed as investment property which is held to earn rentals and/or for capital appreciation. Investment property is stated at open market value,at the most recent valuation. Gains or losses arising from the changes in the fair values of investment properties are included in the Income Statement for the period in which they arise. Deferred tax is provided on these movements where applicable.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, prepayments, trade creditors accruals, cash at bank, bank loans and inter company loans. They are all measured at the amount of consideration expected to be received or paid.

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.

Page 4 continued...
MARLION (PRESTON) LIMITED (REGISTERED NUMBER: 02179275)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020

2. ACCOUNTING POLICIES - continued

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.

Revenue recognition
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods and services supplied net of discounts.

Rents receivable are recognised when a liability arises on the tenant in accordance with the tenancy agreement.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Totals
£
COST
At 1 November 2019
and 31 October 2020 9,700
DEPRECIATION
At 1 November 2019 6,700
Charge for year 750
At 31 October 2020 7,450
NET BOOK VALUE
At 31 October 2020 2,250
At 31 October 2019 3,000

Page 5 continued...
MARLION (PRESTON) LIMITED (REGISTERED NUMBER: 02179275)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£
COST
At 1 November 2019
and 31 October 2020 6,600
DEPRECIATION
At 1 November 2019 3,810
Charge for year 690
At 31 October 2020 4,500
NET BOOK VALUE
At 31 October 2020 2,100
At 31 October 2019 2,790

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 November 2019
and 31 October 2020 312,500
NET BOOK VALUE
At 31 October 2020 312,500
At 31 October 2019 312,500

Fair value at 31 October 2020 is represented by:
£
Valuation in 2007 33,612
Valuation in 2011 37,051
Cost 241,837
312,500

The directors consider that the market value of freehold property held for investment has remained unchanged since its last valuation on 14th July 2011.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2020 2019
£ £
Repayable by instalments
Bank loans 83,396 95,133

Page 6 continued...
MARLION (PRESTON) LIMITED (REGISTERED NUMBER: 02179275)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020

7. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£ £
Bank loans 163,002 174,739
Hire purchase contracts 991 2,310
163,993 177,049

The bank loan and overdraft facility are secured by a legal charge in favour of Royal Bank of Scotland PLC, dated 23 February 2007, over the company's freehold property. The holding company, Winckley Estates Limited, has given a debenture in favour of Royal Bank of Scotland PLC, in respect of the borrowing requirements of Marlion (Preston) Limited. Hire purchase creditors are secured on the relevant assets.

8. ULTIMATE CONTROLLING PARTY

The company considers Mr M A Crook to be the ultimate controlling party, by virtue of his majority shareholding in the holding company, Winckley Estates Limited. This company is its wholly owned subsidiary.

9. GOING CONCERN

Although the company has substantial net assets at the balance sheet date, it has net current liabilities meaning that it would be unable to pay its creditors as and when they fall due. The company continues to trade through the support of its parent company, its bankers and its creditors.

Page 7