THE MARK STREET DEPOSITORY LTD - Filleted accounts

THE MARK STREET DEPOSITORY LTD - Filleted accounts

MARK STREET DEPOSITORY LIMITED(THE) - Company Information

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THE MARK STREET DEPOSITORY LTD
Registered number: 01383494
Balance Sheet
as at 30 September 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 8,470,000 8,470,000
Current assets
Debtors 4 2,777,309 2,520,000
Cash at bank and in hand 248,087 3,324,011
3,025,396 5,844,011
Creditors: amounts falling due within one year 5 (75,196) (1,016,553)
Net current assets 2,950,200 4,827,458
Total assets less current liabilities 11,420,200 13,297,458
Creditors: amounts falling due after more than one year 6 (2,000,000) (2,000,000)
Provisions for liabilities 8 (1,565,700) (1,565,700)
Net assets 7,854,500 9,731,758
Capital and reserves
Called up share capital 80 80
Capital redemption reserve 20 20
Revaluation reserve 6,367,150 6,367,150
Profit and loss account 1,487,250 3,364,508
Shareholders' funds 7,854,500 9,731,758
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A.J.Amos
Director
Approved by the board on 4 April 2018
THE MARK STREET DEPOSITORY LTD
Notes to the Accounts
for the year ended 30 September 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the total amounts receivable in respect of the Company's principal activity.
Revenue recognition
Rental income is recognised in accordance with the terms of the tenants leases.
Investment properties
Investment Properties for which fair value can be measured reliably without undue cost or effort
are measured at fair value at each reporting date with changes in fair value recognised in
revaluation reserve, being part of shareholders funds.
The investment property fair value was determined by the directors by reference to reports
procured from an independent, qualified valuer who uses current market prices for comparable
property, adjusted for any differences in nature, location and condition.
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.The deferred tax balance has not been discounted. Provision is made for deferred tax on gains recognised on revaluing property to its market value.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment properties
£
Cost
At 1 October 2016 8,470,000
At 30 September 2017 8,470,000
Depreciation
At 30 September 2017 -
Net book value
At 30 September 2017 8,470,000
At 30 September 2016 8,470,000
Freehold land and buildings: 2017 2016
£ £
Historical cost 439,661 439,661
Cumulative depreciation based on historical cost - -
439,661 439,661
The Company's Freehold Investment Properties were valued at Market Value on 31st August 2016 by Colin Yates BSc. (Hons). FRICS, MCIArb, RCIS Registered Valuer of Thompson Yates in the sum of £8,470,000. The potential Corporation Tax liability at a rate of 20% (2016 20%) on the surplus arising on the Company's Freehold Investment Properties is £1,565,700 (2016 £1,565,700).
4 Debtors 2017 2016
£ £
Other debtors 2,777,309 2,520,000
Amounts due after more than one year included above 2,676,000 2,500,000
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 33,718 33,719
Taxation and social security costs 24,665 966,334
Other creditors 16,813 16,500
75,196 1,016,553
6 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 1,900,000 1,900,000
Other creditors 100,000 100,000
2,000,000 2,000,000
7 Loans 2017 2016
£ £
Creditors include:
Secured bank loans 1,900,000 1,900,000
The Bank Loan is secured by a charge over the Company's Freehold Investment Properties.
8 Provision for liabilities 2017 2016
£ £
Deferred Taxation 1,565,700 1,565,700
1,565,700 1,565,700
9 Profit and loss account 2017
£
At 1 October 2016 3,364,508
Profit for the year 22,742
Dividends (1,900,000)
At 30 September 2017 1,487,250
10 Other information
THE MARK STREET DEPOSITORY LTD is a private company limited by shares and incorporated in England. Its registered office is:
The Clergy House
Mark Street
London
EC2A 4ER
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