Marlion (Preston) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02179275 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

MARLION (PRESTON) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M A Crook

Mrs V L Bauer

SECRETARY:

Mr M A Crook

REGISTERED OFFICE:

Nook Farm

Carrhouse Lane

Bretherton

Leyland

Lancashire

PR26 9AR

REGISTERED NUMBER:

02179275 (England and Wales)

ACCOUNTANTS:

James Todd & Co

Chartered Accountants

Greenbank House

141 Adelphi Street

Preston

Lancashire PR1 7BH

FIXED ASSETS

Tangible assets

4

5,325

500

Investment property

5

312,500

312,500

317,825

313,000

CURRENT ASSETS

Debtors

8,055

11,364

Cash at bank

3,427

3,806

11,482

15,170

CREDITORS

Amounts falling due within one year

31,681

31,614

NET CURRENT LIABILITIES

(20,199

)

(16,444

)

TOTAL ASSETS LESS CURRENT LIABILITIES

297,626

296,556

CREDITORS

Amounts falling due after more than one year

6

(184,480

)

(192,186

)

PROVISIONS FOR LIABILITIES

(1,012

)

-

NET ASSETS

112,134

104,370

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

8

70,663

70,663

Retained earnings

41,469

33,705

SHAREHOLDERS' FUNDS

112,134

104,370

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 3 July 2018 and were signed on its behalf by:

Mr M A Crook - Director

1.	STATUTORY INFORMATION

Marlion (Preston) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Investment property

The property held by the company is classed as investment property which is held to earn rentals and/or for

capital appreciation. Investment property is stated at open market value,at the most recent valuation. Gains or

losses arising from the changes in the fair values of investment properties are included in the Income Statement

for the period in which they arise. Deferred tax is provided on these movements where applicable.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, prepayments, trade

creditors accruals, cash at bank, bank loans and inter company loans. They are all measured at the amount of

consideration expected to be received or paid.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Revenue recognition

Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable

for goods and services supplied net of discounts.

Rents receivable are recognised when a liability arises on the tenant in accordance with the tenancy agreement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

3,100

Additions

6,600

At 31 October 2017

9,700

DEPRECIATION

At 1 November 2016

2,600

Charge for year

1,775

At 31 October 2017

4,375

NET BOOK VALUE

At 31 October 2017

5,325

At 31 October 2016

500

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

Additions

6,600

At 31 October 2017

6,600

DEPRECIATION

Charge for year

1,650

At 31 October 2017

1,650

NET BOOK VALUE

At 31 October 2017

4,950

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

and 31 October 2017

312,500

NET BOOK VALUE

At 31 October 2017

312,500

At 31 October 2016

312,500

Fair value at 31 October 2017 is represented by:

£

Valuation in 2007

33,612

Valuation in 2011

37,051

Cost

241,837

312,500

The directors consider that the market value of freehold property held for investment has remained unchanged

since its last valuation on 14th July 2011.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2017

2016

£

£

Repayable by instalments

Bank loans

117,165

128,501

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

196,771

208,107

Hire purchase contracts

4,949

-

201,720

208,107

The bank loan and overdraft facility are secured by a legal charge in favour of Royal Bank of Scotland PLC,

dated 23 February 2007, over the company's freehold property. The holding company, Winckley Estates

Limited, has given a debenture in favour of Royal Bank of Scotland PLC, in respect of the borrowing

requirements of Marlion (Preston) Limited. Hire purchase creditors are secured on the relevant assets.

8.

RESERVES

Revaluation

reserve

£

At 1 November 2016

and 31 October 2017

70,663

The revaluation reserve is considered to be a non-distributable reserve.

9.	ULTIMATE CONTROLLING PARTY

10.	GOING CONCERN

Although the company has substantial net assets at the balance sheet date, it has net current liabilities meaning

that it would be unable to pay its creditors as and when they fall due. The company continues to trade through

the support of its parent company, its bankers and its creditors.

11.	FINANCIAL REPORTING STANDARD 102 - FIRST YEAR ADOPTION

There are no adjustments to the accounts as a result of the transition to Financial Reporting Standard 102

(Section 1A).