Marine Prop. Investment (Btn) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00358273 (England and Wales)

Financial Statements

for the Year Ended 30 September 2023

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

3,490

3,116

Investment property

5

2,436,188

2,430,094

2,439,678

2,433,210

CURRENT ASSETS

Debtors

6

33,413

25,387

Cash at bank

15,077

15,800

48,490

41,187

CREDITORS

Amounts falling due within one year

7

71,231

50,711

NET CURRENT LIABILITIES

(22,741

)

(9,524

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,416,937

2,423,686

CREDITORS

Amounts falling due after more than one year

8

(321,300

)

(321,300

)

PROVISIONS FOR LIABILITIES

10

(239,700

)

(182,101

)

NET ASSETS

1,855,937

1,920,285

CAPITAL AND RESERVES

Called up share capital

100

100

Undistributable reserve

1,209,800

1,267,118

Retained earnings

646,037

653,067

SHAREHOLDERS' FUNDS

1,855,937

1,920,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 10 June 2024 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 October 2022

5,873

Additions

1,273

At 30 September 2023

7,146

DEPRECIATION

At 1 October 2022

2,757

Charge for year

899

At 30 September 2023

3,656

NET BOOK VALUE

At 30 September 2023

3,490

At 30 September 2022

3,116

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2022

2,430,094

Additions

6,094

At 30 September 2023

2,436,188

NET BOOK VALUE

At 30 September 2023

2,436,188

At 30 September 2022

2,430,094

Fair value at 30 September 2023 is represented by:

£

Valuation in 2017

458,182

Valuation in 2013

(580,000

)

Valuation in 2012

715,000

Valuation in 2011

1,849

Valuation in 2007

11,664

Valuation in 2006

48,523

Valuation in 2005

22,500

Valuation in 2004

770,909

Cost

987,561

2,436,188

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

2023

2022

£

£

Cost

987,561

981,467

Investment properties was valued on an open market basis on 5 November 2016 by a RICS registered valuer .

An independent valuation, on a rental yield basis as at 30 September 2023 performed by the Director of Commercial Property at Eightfold Property, validated the valuations shown above.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Rent due from tenants

14,951

13,900

Other debtors

11,375

10,798

Prepayments

7,087

689

33,413

25,387

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

198

8,242

Corporation tax

12,424

11,786

Tenant deposits held

23,708

16,673

Directors' loan accounts

15,977

296

Deferred income

14,264

9,054

Accrued expenses

4,660

4,660

71,231

50,711

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans more 5 yrs non-inst

321,300

321,300

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

321,300

321,300

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

321,300

321,300

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

10.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

239,700

182,101

Deferred

tax

£

Balance at 1 October 2022

182,101

Provided during year

57,599

Balance at 30 September 2023

239,700

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Krick.