| Peoples Property (Marsh Farm) Limited |
| Registered number: |
03982732 |
| Directors' Report |
|
| The directors present their report and accounts for the year ended 31 March 2016. |
|
| Principal activity |
| The company is dormant and has not traded during the year or subsequent to the year end. |
|
| Directors |
| The following persons served as directors during the year: |
|
|
Louisa Boateng (appointed 27 June 2016) |
|
David Crean |
|
Roy Davis |
|
Abdur Rahman Khan |
|
Bhavesh Patel |
|
Anna Pedersen |
|
Aimi Rix (appointed 27 June 2016) |
|
Annette White |
|
Glenn Jenkins (resigned 25 January 2016) |
|
Sydney Knight (resigned 19 September 2015) |
|
|
| Small company provisions |
| This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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|
|
| This report was approved by the board on 12 December 2016 and signed on its behalf. |
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|
|
|
|
| Mr. Roy John Davis |
| Director |
|
| Peoples Property (Marsh Farm) Limited |
| Balance Sheet |
| as at 31 March 2016 |
|
| Notes |
|
2016 |
|
2015 |
| £ |
£ |
| Fixed Assets |
|
|
1,953,374 |
|
1,953,374 |
| Tangible fixed assets |
|
|
|
|
|
|
| Current assets |
| Cash at bank and in hand |
2,129 |
|
2,129 |
|
| Creditors |
| Amounts falling due after one year |
(3,098,810) |
|
(3,098,810) |
|
| Net Liabilites |
(1,143,307) |
|
(1,143,307) |
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
2 |
|
4,000 |
|
4,000 |
| Share premium account |
73,776 |
|
73,776 |
| Revaluation reserve |
(1,548,573) |
|
(1,548,573) |
| Profit and loss account |
327,490 |
|
327,490 |
|
| Shareholders' funds |
|
|
(1,143,307) |
|
(1,143,307) |
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| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 480 of the Companies Act 2006 relating to dormant companies. |
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| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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|
|
|
|
| Mr. Roy John Davis |
| Director |
| Approved by the board on 12 December 2016 |
|
| Peoples Property (Marsh Farm) Limited |
| Notes to the Accounts |
| for the year ended 31 March 2016 |
|
| 1 |
Accounting policies |
|
The accounts have been prepared under the historical cost convention. |
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|
| 2 |
Share capital |
2016 |
|
2015 |
| £ |
£ |
|
|
Allotted, called up and fully paid: |
|
Ordinary shares |
of £1 each |
4,000 |
|
4,000 |
|
|
| 3 |
Ultimate controlling party |
|
|
The ultimate controlling party is Marsh Farms Futures Ltd which holds 100% of the shares in People's Property (Marsh Farms) Limited. |
| 4 |
Investment properties |
|
Certain of the company's properties are held for long-term investment. Investment properties have been accounted for as follows:
No depreciation is provided in respect of investment properties and instead a revaluation was done in 2011. The surplus or deficit on revaluation was transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
|
| 5 |
Revaluation |
|
The Freehold Property class of fixed assets was revalued on 31 March 2011 by Lambert Smith Hampton who is external to the company. The basis of this valuation was on an open market basis. This valuation was for value of £1,945,000 (2013 - £1,945,000) and this class of asset had a carrying amount of historical cost of£2,468,573 (2013 - £2,468,573). The depreciation on this historical cost is £nil (2014 - £nil). Office equipment with a net book value £8,374.00 is included in Tangible Fixed Assets which is a brought forward figure from 2014 (since there are no movements). |
| 6 |
Peppercorn lease |
|
A lease was assigned to Marsh Farm Futures from Peoples Property (Marsh Farm) Limited on 21 November 2013 for a term of 21 years expiring on 20 November 2034 at a peppercorn annual rent. |
|
| 7 |
Creditors |
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|
The creditors figure is a historical brought forward amount. |
