Marpaul Properties Limited - Period Ending 2016-03-31

Registration number: 04634463

Marpaul Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2016
 

Broderick & Leslie
Chartered Certified Accountants
3 Railway Court
Ten Pound Walk
Doncaster
South Yorkshire
DN4 5FB

Marpaul Properties Limited
Contents

Company Information 1

Directors' Report 2 to 3

Directors Responsibilities 2

Accountants' Report 4

Profit and Loss Account 5

Balance Sheet 6 to 7

Notes to the Financial Statements 8 to 11

Marpaul Properties Limited
Company Information

Directors

Mrs P Flanagan Mrs J Hand Mr M Flanagan Mr M J Hand

Company secretary

Mrs P Flanagan

Business Address

34 Park Drive Sprotbrough Doncaster DN5 7LA

Registered office

3 Railway Court Ten Pound Walk Doncaster South Yorkshire DN4 5FB

Bankers

Royal Bank of Scotland Plc Doncaster Branch 15 St Sepulchre Gate Doncaster South Yorkshire DN1 1TF

Accountants

Broderick & Leslie Chartered Certified Accountants 3 Railway Court Ten Pound Walk Doncaster South Yorkshire DN4 5FB

Page 1

Marpaul Properties Limited
Directors' Report for the Year Ended 31 March 2016

The directors present their report and the unaudited financial statements for the year ended 31 March 2016.

Directors of the company

The directors who held office during the year were as follows:

Mrs P Flanagan

Mrs J Hand

Mr M Flanagan

Mr M J Hand

Directors' responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, directors are required to:

- select suitable accounting policies and apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and which they know the auditors are unaware of.

Principal activity

The principal activity of the company is that of property rental & investment.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 21 December 2016 and signed on its behalf by:

Page 2

Marpaul Properties Limited
Directors' Report for the Year Ended 31 March 2016
......... continued

.........................................
Mr M Flanagan
Director

Page 3

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Marpaul Properties Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Marpaul Properties Limited for the year ended 31 March 2016 set out on pages 5 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Marpaul Properties Limited, as a body, in accordance with the terms of our engagement letter dated 20 January 2012. Our work has been undertaken solely to prepare for your approval the accounts of Marpaul Properties Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marpaul Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Marpaul Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Marpaul Properties Limited. You consider that Marpaul Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Marpaul Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Broderick & Leslie
Chartered Certified Accountants
3 Railway Court
Ten Pound Walk
Doncaster
South Yorkshire
DN4 5FB

21 December 2016

Page 4

Marpaul Properties Limited
Profit and Loss Account for the Year Ended 31 March 2016

		Note			2016 £			2015 £
Turnover					37,937			41,631
Administrative expenses					(8,235)			(14,738)
Operating profit		2			29,702			26,893
Interest payable and similar charges					(6,491)			(7,099)
Profit on ordinary activities before taxation					23,211			19,794
Tax on profit on ordinary activities		3			(4,642)			(3,966)
Profit for the financial year		8			18,569			15,828

The notes on pages 8 to 11 form an integral part of these financial statements.
Page 5

Marpaul Properties Limited
(Registration number: 04634463)
Balance Sheet at 31 March 2016

		Note			2016						2015 £
	£			£
Fixed assets
Tangible fixed assets		4						590,753			591,061
Current assets
Cash at bank and in hand					1,237						1,977
Creditors: Amounts falling due within one year		5			(38,848)						(58,465)
Net current liabilities								(37,611)			(56,488)
Total assets less current liabilities								553,142			534,573
Creditors: Amounts falling due after more than one year		6						(431,500)			(431,500)
Net assets								121,642			103,073
Capital and reserves
Called up share capital		7			4						4
Profit and loss account		8			121,638						103,069
Shareholders' funds								121,642			103,073

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

For the year ending 31 March 2016 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the Board on 21 December 2016 and signed on its behalf by:

The notes on pages 8 to 11 form an integral part of these financial statements.
Page 6

Marpaul Properties Limited
(Registration number: 04634463)
Balance Sheet at 31 March 2016
......... continued

......................................... Mr M Flanagan Director

The notes on pages 8 to 11 form an integral part of these financial statements.
Page 7

Marpaul Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents income received from the rental of properties.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful life as follows:

Asset class	Depreciation method and rate
Freehold property	Not depreciated
Motor vehicles	25% reducing balance method

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Operating profit

Operating profit is stated after charging:

		2016 £			2015 £
Depreciation of tangible fixed assets		308			411

3

Taxation

Tax on profit on ordinary activities

		2016 £			2015 £
Current tax
Corporation tax charge		4,642			3,966

Page 8

Marpaul Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

4	Tangible fixed assets

		Freehold land and buildings £			Motor vehicles £			Total £
Cost or valuation
At 1 April 2015		589,826			5,200			595,026
Depreciation
At 1 April 2015		-			3,965			3,965
Charge for the year		-			308			308
At 31 March 2016		-			4,273			4,273
Net book value
At 31 March 2016		589,826			927			590,753
At 31 March 2015		589,826			1,235			591,061

5	Creditors: Amounts falling due within one year

		2016 £			2015 £
Trade creditors		2,800			-
Corporation tax		4,642			3,966
Other creditors		31,406			54,499
		38,848			58,465

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the company:

2016 £

2015 £

6	Creditors: Amounts falling due after more than one year

		2016 £			2015 £
Bank loans and overdrafts		431,500			431,500

Page 9

Marpaul Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Bank Loan		431,500			431,500

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		431,500			431,500

7	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		4			4			4			4

8

Reserves

		Profit and loss account £			Total £
At 1 April 2015		103,069			103,069
Profit for the year		18,569			18,569
At 31 March 2016		121,638			121,638

9	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mrs P Flanagan
Mr M & Mrs P Flanagan	30,706	3,997	34,703	670

Page 10

Marpaul Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

10

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 11