Marvic Properties Limited - Accounts to registrar - small 17.2
Marvic Properties Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
| FOR |
| MARVIC PROPERTIES LIMITED |
| MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MARVIC PROPERTIES LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 March 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 54 Sun Street |
| Waltham Abbey |
| Essex | EN9 1EJ |
| MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035) |
| BALANCE SHEET |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Investment Revaluation Reserve | 6 |
| Retained earnings | 6 |
| 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. |
| MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035) |
| BALANCE SHEET - continued |
| 31 March 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Marvic Properties Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling (£) which is also the functional currency for the company and |
| rounded to the nearest £. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. Revenue from the provision of services is recognised when the service |
| has been performed and legal title has passed. |
| The company's turnover derives from rental income and property investment. |
| Investment properties |
| The company's investment properties have been valued at their open market value. The valuation of the |
| investment properties is undertaken annually by the company directors with periodic external open market |
| valuations. Any change in the value of the properties is reflected within the profit and loss account for the |
| period. |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
| current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
| rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
| statements of current and previous periods. It is recognised in respect of all timing differences, with certain |
| exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated |
| in the financial statements that arise from the inclusion of income and expense in tax assessments in periods |
| different from those in which they are recognised in the financial statements. Unrelieved tax losses and other |
| 'deferred tax' assets are recognised only to the extent that it is probable that they will be recovered against the |
| reversal of deferred tax liabilities or other future taxable profits. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the |
| balance sheet date that are expected to apply to the reversal of timing differences. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and any short term deposits. |
| MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2017 |
| 3. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2016 |
| and 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Cost or valuation at 31 March 2017 is represented by: |
| £ |
| Valuation in 2011 | 34,973 |
| Cost | 797,682 |
| 832,655 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 6. | RESERVES |
| (Non-distrib) |
| Investment property revaluation reserve | Retained earnings | Total |
| £ | £ | £ |
| At 1st April 2016 as restated per note 9. | 27,978 | 195,068 | 223,046 |
| Net result for the year | - | 15,178 | 15,178 |
| At 31 March 2017 | 27,978 | 210,246 | 238,224 |
| MARVIC PROPERTIES LIMITED (REGISTERED NUMBER: 05779035) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2017 |
| 7. | RELATED PARTY DISCLOSURES |
| As at 31st March 2017, the company owed £300,025 (2016: £346,599) to S & L United Storage Systems |
| Limited, a company in which Mr V Smith, company director, holds a material share interest. |
| The company has previously acquired an investment property financed wholly by a director loan from a company |
| director, Mr V Smith. The loan is shown as repayable by the company in within one year. The loan is unsecured, |
| non-interest bearing and repayable on demand. |
| In addition during the year, the company received rental income and incurred letting expenses in respect of |
| properties owned by Mr V Smith and his connected persons. The income and expenses have been duly |
| reclassified as that of the property owners. |
| The above transactions were conducted on an arms length, commercial basis. |
| 8. | DEFERRED TAXATION |
| £ |
| Provision on revaluation of investments property held on transition | 6,995 |
| Deferred taxation provision at 31st March 2017 | 6,995 |
| 9. | TRANSITIONAL ADJUSTMENTS UNDER FRS |
| (A) RESTATED RESULT FOR PRIOR YEAR |
| There were no adjustments to the net result for the prior year as reported. |
| (B) RESTATED RESERVES |
| (Non-distrib) |
| Investment property revaluation reserve |
Retained earnings |
Total |
| £ | £ | £ |
| At 1st April 2015 as reported | 34,973 | 183,990 | 218,963 |
| Deferred taxation on revaluation | (6,995 | ) | - | (6,995 | ) |
| Net result in the year | - | 11,078 | 11,078 |
| At 31st March 2016 as restated | 27,978 | 195,068 | 223,046 |