Company Registration No. 10046445 (England and Wales)
MARINA PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
United Kingdom
PO6 3TH
MARINA PROPERTIES LIMITED
CONTENTS
Page
Company information
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
MARINA PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
3
490,000
790,000
Current assets
Cash at bank and in hand
30,414
4,882
Creditors: amounts falling due within one year
4
(463,489)
(731,235)
Net current liabilities
(433,075)
(726,353)
Total assets less current liabilities
56,925
63,647
Provisions for liabilities
(778)
(9,696)
Net assets
56,147
53,951
Capital and reserves
Called up share capital
5
200
200
Profit and loss reserves
55,947
53,751
Total equity
56,147
53,951
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 September 2022 and are signed on its behalf by:
Mr. I Currie
Director
Company Registration No. 10046445
The notes on pages 3 to 5 form part of these financial statements
MARINA PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2020
200
58,248
58,448
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
(499)
(499)
Dividends
-
(3,998)
(3,998)
Balance at 31 March 2021
200
53,751
53,951
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
18,191
18,191
Dividends
-
(15,995)
(15,995)
Balance at 31 March 2022
200
55,947
56,147
MARINA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Marina Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 72 Hill Road, Portchester, Fareham, Hampshire, PO16 8JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable.
1.3
Tangible fixed assets
Investment properties are included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial instruments are recognised at amortised cost.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
MARINA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
3
Tangible fixed assets
Investment Property
£
Cost
At 1 April 2021
790,000
Disposals
(300,000)
At 31 March 2022
490,000
Depreciation and impairment
At 1 April 2021 and 31 March 2022
Carrying amount
At 31 March 2022
490,000
At 31 March 2021
790,000
4
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Loans
451,823
728,983
Corporation tax
9,327
122
Accruals and deferred income
2,339
2,130
463,489
731,235
5
Called up share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
98
98
Ordinary B shares of £1 each
98
98
Ordinary C shares of £1 each
2
2
Ordinary D shares of £1 each
2
2
200
200
MARINA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
6
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
42,354
42,354
Transfer of non-distributable profits
(39,041)
-
At the end of the year
3,313
42,354