Marine Prop. Investment (Btn) Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00358273 (England and Wales)

Financial Statements

for the Year Ended 30 September 2017

for

MARINE PROPERTY INVESTMENTS (BRIGHTON)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S Krick

SECRETARY:

T C Paddenburg

REGISTERED OFFICE:

100 Church Street

Brighton

East Sussex

BN1 1UJ

REGISTERED NUMBER:

00358273 (England and Wales)

ACCOUNTANTS:

Paddenburg & Co Limited

100 Church Street

Brighton

East Sussex

BN1 1UJ

FIXED ASSETS

Tangible assets

4

5,978

7,485

Investment property

5

2,440,000

2,010,000

2,445,978

2,017,485

CURRENT ASSETS

Debtors

6

(7,169

)

(9,006

)

Cash at bank

14,982

24,223

7,813

15,217

CREDITORS

Amounts falling due within one year

7

47,912

76,225

NET CURRENT LIABILITIES

(40,099

)

(61,008

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,405,879

1,956,477

CREDITORS

Amounts falling due after more than one year

8

(304,807

)

(304,807

)

PROVISIONS FOR LIABILITIES

10

(256,623

)

(184,129

)

NET ASSETS

1,844,449

1,467,541

CAPITAL AND RESERVES

Called up share capital

100

100

Undistributable reserve

11

1,350,647

920,647

Retained earnings

11

493,702

546,794

SHAREHOLDERS' FUNDS

1,844,449

1,467,541

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 29 January 2018 and were signed by:

S Krick - Director

1.	STATUTORY INFORMATION

Marine Property Investments (Brighton) Limited is a private company, limited by shares , registered in

England and Wales. The 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Changes in accounting policies

This is the first year in which the financial statements have been prepared under FRS 102. Note 15

gives an explanation of the effects of the transition.

Turnover

Turnover represents rent receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Investment properties

Investment properties are valued periodically on an open market basis. Any permanent deficit in the

value of any property is shown in the Profit & Loss account. All other changes in valuation are shown in

the Statement of Total Recognised Gains & Losses.

The non-depreciation of these properties is a departure from the Companies Act, however it is

necessary to give a true and fair view.

Amounts transferred to and from the revaluation reserve are not charged to Corporation Tax.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2016

and 30 September 2017

28,551

7,281

35,832

DEPRECIATION

At 1 October 2016

21,258

7,089

28,347

Charge for year

1,459

48

1,507

At 30 September 2017

22,717

7,137

29,854

NET BOOK VALUE

At 30 September 2017

5,834

144

5,978

At 30 September 2016

7,293

192

7,485

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2016

2,010,000

Revaluations

430,000

At 30 September 2017

2,440,000

NET BOOK VALUE

At 30 September 2017

2,440,000

At 30 September 2016

2,010,000

Fair value at 30 September 2017 is represented by:

£

Valuation in 2017

430,000

Valuation in 2015

(440,000

)

Valuation in 2013

(875,000

)

Valuation in 2012

897,900

Valuation in 2011

(21,524

)

Valuation in 2007

10,800

Valuation in 2006

65,744

Valuation in 2005

42,500

Valuation in 2004

1,165,863

Cost

1,163,717

2,440,000

If the investment properties had not been revalued they would have been included at the following

historical cost:

2017

2016

£

£

Cost

1,163,717

1,163,717

The main investment properties were valued on an open market basis on 5 November 2016 by a RICS registered valuer

.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Rent due from tenants

1,083

-

Prepayments

(8,252

)

(9,006

)

(7,169

)

(9,006

)

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

532

-

Corporation tax

7,681

45,693

Tenant deposits held

21,567

23,017

Directors' loan accounts

13,908

3

Accrued expenses

4,224

7,512

47,912

76,225

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

304,807

-

Bank loan over 5 years

-

304,807

304,807

304,807

Amounts falling due in more than five years:

Repayable by instalments

Bank loan over 5 years

-

304,807

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

304,807

304,807

The bank loan is secured with a mortgage over one of the company's freehold investment properties.

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

256,623

184,129

Deferred

tax

£

Balance at 1 October 2016

184,129

Provided during year

72,494

Balance at 30 September 2017

256,623

11.

RESERVES

Retained

Undistributable

earnings

reserve

Totals

£

£

£

At 1 October 2016

546,794

920,647

1,467,441

Profit for the year

389,581

389,581

Dividends

(12,673

)

(12,673

)

Revaluation of investment properties

-

430,000

430,000

Revaluation of investment properties

(430,000

)

-

(430,000

)

At 30 September 2017

493,702

1,350,647

1,844,349

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Krick.

13.	RECONCILIATIONS ON ADOPTION OF FRS 102

Profit and loss for the year ended 30 September 2016

No changes

Balance sheet at 30 September 2016 £

Equity under former UK GAAP 730,923

Reclassification of investment property revaluation

surplus on transition to FRS 102 920,647

Deferred tax on investment property revaluation

surplus (ignoring indexation) -184,129

_________

Restated equity under FRS 102 1,467,441

_________