Mariners Lettings Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04134750 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2014

for

Mariners Lettings Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mrs C Sellars

REGISTERED OFFICE:

Slipway

Rock

Near Wadebridge

Cornwall

PL27 6LD

REGISTERED NUMBER:

04134750 (England and Wales)

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

2,125,832

2,205,106

2,125,832

2,205,106

CURRENT ASSETS

Debtors

108,304

99,344

Cash at bank and in hand

19,082

32,336

127,386

131,680

CREDITORS

Amounts falling due within one year

2,473,831

2,514,655

NET CURRENT LIABILITIES

(2,346,445

)

(2,382,975

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(220,613

)

(177,869

)

CAPITAL AND RESERVES

Called up share capital

4

617,918

617,918

Profit and loss account

(838,531

)

(795,787

)

SHAREHOLDERS' FUNDS

(220,613

)

(177,869

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director on 12 December 2014 and were signed by:

Mrs C Sellars - Director

1.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The company is dependent upon the support of loans from another company in which the director is involved

together with a loan from the spouse of the director who have provided loans to meet the company's working

capital requirements. The company has continued to incur losses and therefore remains dependent upon the their

continued support. The director has indicated that the company will continue to receive support for the

foreseeable future. The director therefore considers that it is appropriate to prepare the financial statements on

the going concern basis and the financial statements do not therefore include any adjustment that would result if

this basis of preparation was no longer applicable.

ACCOUNTING CONVENTION

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

TURNOVER

Turnover represents net invoiced sales of goods, excluding value added tax.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of ten years.

TANGIBLE FIXED ASSETS

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

Freehold property

-

2% on cost

Improvements to property

-

2% on cost

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

DEFERRED TAX

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

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

21,000

AMORTISATION

At 1 April 2013

and 31 March 2014

21,000

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

3,002,930

Additions

917

At 31 March 2014

3,003,847

DEPRECIATION

At 1 April 2013

797,824

Charge for year

80,191

At 31 March 2014

878,015

NET BOOK VALUE

At 31 March 2014

2,125,832

At 31 March 2013

2,205,106

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

£

617,918

Ordinary

£1

617,918

617,918

5.	RELATED PARTY DISCLOSURES

Mariners Rock Limited

A company in which Mrs C. Sellars is a director

Loans received

31.3.14

31.3.13

£

£

Amount due to related party at the balance sheet date

1,016,656

1,074,023

Mr I C Sellars

Controlling party of Mariners Lettings Limited

Loans received

31.3.14

31.3.13

£

£

Amount due to related party at the balance sheet date

1,379,991

1,382,790

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr I. C. Sellars.