Malisna Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC083632 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 1 JULY 2016

FOR

MALISNA LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mrs J A Minty

J H McErlean

SECRETARY:

Mrs S McErlean

REGISTERED OFFICE:

C/O Bank House

20a Strathearn Road

Edinburgh

Lothian

EH9 2AB

REGISTERED NUMBER:

SC083632 (Scotland)

ACCOUNTANTS:

Mc Creath & Co, CA

Bank House

20A Strathearn Road

Edinburgh

EH9 2AB

FIXED ASSETS

Investment property

2

1,105,962

CURRENT ASSETS

Debtors

3

293,940

320,152

Cash at bank

183,962

190,529

477,902

510,681

CREDITORS

Amounts falling due within one year

22,511

58,225

NET CURRENT ASSETS

455,391

452,456

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,561,353

1,558,418

CAPITAL AND RESERVES

Called up share capital

4

1,000

Revaluation reserve

830,933

Profit and loss account

729,420

726,485

SHAREHOLDERS' FUNDS

1,561,353

1,558,418

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 1 July 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 1 July 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 30 March 2017 and were signed on its behalf by:

Mrs J A Minty - Director

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

106,406

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 £ 251,555 (2015 - £ 251,555 )

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary £1 shares

£1

1,000

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 also accounted for via a personal benefit in kind, with no fixed terms

of repayment. The total outstanding at the end of the year under review amounted to £206,219 (2015 £206,219)