Marvic Properties Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05779035 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016

FOR

MARVIC PROPERTIES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

V.J.H. Smith

M. Smith

SECRETARY:

V.J.H. Smith

REGISTERED OFFICE:

United House

The Street

Takeley

Essex

CM22 6QR

REGISTERED NUMBER:

05779035 (England and Wales)

ACCOUNTANTS:

Knight Wheeler Limited

54 Sun Street

Waltham Abbey

Essex

EN9 1EJ

FIXED ASSETS

Investment property

2

832,655

CURRENT ASSETS

Debtors

5,678

7,126

Cash at bank

69,814

39,403

75,492

46,529

CREDITORS

Amounts falling due within one year

(677,106

)

(75,205

)

NET CURRENT LIABILITIES

(601,614

)

(28,676

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

231,041

803,979

CREDITORS

Amounts falling due after more than one
year

-

(584,016

)

NET ASSETS

231,041

219,963

CAPITAL AND RESERVES

Called up share capital

3

1,000

Investment Revaluation Reserve

34,973

Profit and loss account

195,068

183,990

SHAREHOLDERS' FUNDS

231,041

219,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 20 December 2016 and were signed on its behalf
by:

M. Smith - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents rental income receivable from investment and development properties held.

Investment properties

Investment properties are revalued annually at their open market value in accordance with the FRSSE (effective

January 2015). The surplus or deficit on revaluation is transferred to a revaluation reserve except where the

deficit reduces the property below its historical cost, in which case it is taken to the profit and loss account.

No depreciation is provided on investment properties which is a departure from the requirements of the

Companies Act 2006. In the opinion of the directors, these properties are held primarily for their investment

potential and so their current value is of more significance than any measure of consumption and to depreciate

them would not give a true and fair view. The provisions of the FRSSE (effective January 2015) in respect of

investment properties have therefore been adopted in order to give a true and fair view. If this departure from the

Act had not been made, the profit for the year would have been reduced by depreciation.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2015

and 31 March 2016

832,655

NET BOOK VALUE

At 31 March 2016

832,655

At 31 March 2015

832,655

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

£1

1,000

4.	RECLASSIFICATION OF CREDITORS

During the year, following discussion with the relevant creditor, the company's directors have reclassified a

director loan and a sum due to S & L United Storage Systems Limited as repayable within one year.