Malisna Limited - Abbreviated accounts 16.1
Malisna Limited - Abbreviated accounts 16.1
REGISTERED NUMBER: |
ABBREVIATED UNAUDITED ACCOUNTS |
FOR THE YEAR ENDED 1 JULY 2015 |
FOR |
MALISNA LIMITED |
MALISNA LIMITED (REGISTERED NUMBER: SC083632) |
CONTENTS OF THE ABBREVIATED ACCOUNTS |
for the Year Ended 1 July 2015 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 3 |
MALISNA LIMITED |
COMPANY INFORMATION |
for the Year Ended 1 July 2015 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
MALISNA LIMITED (REGISTERED NUMBER: SC083632) |
ABBREVIATED BALANCE SHEET |
1 July 2015 |
2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 2 |
CURRENT ASSETS |
Debtors | 3 |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 4 |
Revaluation reserve |
Profit and loss account |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors on |
MALISNA LIMITED (REGISTERED NUMBER: SC083632) |
NOTES TO THE ABBREVIATED ACCOUNTS |
for the Year Ended 1 July 2015 |
1. | ACCOUNTING POLICIES |
Accounting convention |
The financial statements have been prepared under the historical cost convention as modified by the revaluation |
of investment properties and in accordance with the Financial Reporting Standards for Smaller Entities (effective |
April 2008). |
Turnover |
Turnover represents income from the rental of investment properties, exclusive of value added tax. |
Investment property |
Investment property is shown at the most recent open market valuation. An external professional valuation is |
obtained when it is considered appropriate and the directors' own valuation is included in intervening years. Any |
aggregate surplus or deficit arising from changes in market value is transfered to a revaluation reserve. |
Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the |
balance sheet date. Deferred tax assets are recognised only to the extent that it is more likely than not that there |
will be taxable profits from which the underlying timing differences can be deducted. |
Investments |
Investments in UK listed companies are valued at the lower of cost and net realisable value and unrealised losses |
are charged to the profit and loss account. |
2. | INVESTMENT PROPERTY |
Freehold Land and buildings |
£ |
Open market value at beginning and end of year | 1,105,962 |
Historical cost | 275,029 |
Potential tax liability if sold at revalued amount | 107,543 |
Investment properties are included in the accounts at their open market valuation and no depreciation is charged. |
The director believes that this policy, which is a departure from the Companies Act 2006, is necessary to show a |
true and fair view. |
The properties were valued on an open market basis by DTZ, Edinburgh as at 11th April 2008. The directors |
have considered the value of the investment properties, and have revalued them downwards. They are satisfied |
that the aggregate value of those assets is not less than the aggregate amount at which they are stated in the |
accounts. The assets affected are accordingly stated in the accounts on the basis that a revaluation of the |
company's investment properties has taken place. |
3. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
The aggregate total of debtors falling due after more than one year is £ |
MALISNA LIMITED (REGISTERED NUMBER: SC083632) |
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
for the Year Ended 1 July 2015 |
4. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
Ordinary £1 shares | £1 |
5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year under review director Mrs J Minty was in receipt of two loans from the company. The company |
made a long term advance of £200,000 to assist with a property purchase. The loan is repayable on disposal of the |
property and ongoing interest will be accounted for via a personal benefit in kind. In addition the director was in |
receipt of a short term loan, with interest charged at the statutory rate, with no fixed terms of repayment. The total |
outstanding at the end of the year under review amounted to £206,219 (2014 £2,247) |