Marnic Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05425881 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MARNIC PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M S Almond

Mrs N J Almond

SECRETARY:

Mrs N J Almond

REGISTERED OFFICE:

Hightrees

134 Bewdley Hill

KIDDERMINSTER

Worcestershire

DY11 6BT

REGISTERED NUMBER:

05425881 (England and Wales)

ACCOUNTANTS:

E R Grove & Co Limited

Grove House

Coombs Wood Court

Steel Park Road

Halesowen

West Midlands

B62 8BF

FIXED ASSETS

Investment property

4

148,000

154,000

CURRENT ASSETS

Cash at bank

10,801

66,691

CREDITORS

Amounts falling due within one year

5

58,586

29,760

NET CURRENT (LIABILITIES)/ASSETS

(47,785

)

36,931

TOTAL ASSETS LESS CURRENT LIABILITIES

100,215

190,931

CREDITORS

Amounts falling due after more than one year

6

-

(84,318

)

PROVISIONS FOR LIABILITIES

(1,079

)

(2,219

)

NET ASSETS

99,136

104,394

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

98,136

103,394

SHAREHOLDERS' FUNDS

99,136

104,394

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 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 20 February 2024 and were signed on its behalf by:

Mr M S Almond - Director

1.	STATUTORY INFORMATION

Marnic 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2023

154,000

Revaluations

(6,000

)

At 31 December 2023

148,000

NET BOOK VALUE

At 31 December 2023

148,000

At 31 December 2022

154,000

Fair value at 31 December 2023 is represented by:

£

Valuation in 2016

13,167

Valuation in 2017

6,000

Valuation in 2021

22,000

Valuation in 2022

14,000

Valuation in 2023

(6,000

)

Cost

98,833

148,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

98,833

98,833

The investment property was valued on an open market basis on 31 December 2022 by the directors of the company .

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Taxation and social security

-

160

Other creditors

58,586

29,600

58,586

29,760

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

-

84,318

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

84,318