Company Registration No. SC711050 (Scotland)
Marcellus Property Limited
Unaudited accounts
for the year ended 31 October 2023
Marcellus Property Limited
Unaudited accounts
Contents
Marcellus Property Limited
Company Information
for the year ended 31 October 2023
Directors
Mark Farrelly
Michelle Farrelly
Company Number
SC711050 (Scotland)
Registered Office
584 Maryhill Road
Glasgow
G20 7ED
Marcellus Property Limited
Statement of financial position
as at 31 October 2023
Investment property
162,127
162,127
Cash at bank and in hand
173
343
Creditors: amounts falling due within one year
(60,644)
(55,044)
Net current liabilities
(59,232)
(53,777)
Total assets less current liabilities
102,895
108,350
Creditors: amounts falling due after more than one year
(106,389)
(110,582)
Net liabilities
(3,494)
(2,232)
Called up share capital
12
12
Profit and loss account
(3,506)
(2,244)
Shareholders' funds
(3,494)
(2,232)
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by
Mark Farrelly
Director
Company Registration No. SC711050
Marcellus Property Limited
Notes to the Accounts
for the year ended 31 October 2023
Marcellus Property Limited is a private company, limited by shares, registered in Scotland, registration number SC711050. The registered office is 584 Maryhill Road, Glasgow, G20 7ED.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover in the accounts relates to rental income. Rental income is recognised to the extent that it is probable that the economic benefits will flow to the Company and income can be reliably measured over the period of the lease. Income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised in the period in which the rental service is provided, when the income and the associated costs can be measured reliably and it is probable that the consideration will be received in respect of the rental service provided.
Investment property is included at market 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.
Fair value at 1 November 2022
162,127
At 31 October 2023
162,127
Amounts falling due within one year
Accrued income and prepayments
1,239
924
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
4,056
4,056
Loans from directors
56,588
50,988
Marcellus Property Limited
Notes to the Accounts
for the year ended 31 October 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
106,389
110,582
Charter Court Financial Services Limited trading as Precise Mortgages holds a standard security over a business property.
8
Transactions with related parties
During the year to 31 October 2023, the director, Mark Farrelly, has provided cash to the company in the sum of £5,600. As at 31 October 2023, the company owes Mark £56,588 (2022: £51,000). There are no fixed terms of repayment.
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).