Registered number
SC035102
W Lockhart Marshall Limited
Filleted Accounts
31 March 2024
W Lockhart Marshall Limited
Registered number: SC035102
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 4 901,505 760,265
Current assets
Debtors 5 10,524 9,989
Cash at bank and in hand 24,883 69,026
35,407 79,015
Creditors: amounts falling due within one year 6 (52,220) (17,934)
Net current (liabilities)/assets (16,813) 61,081
Net assets 884,692 821,346
Capital and reserves
Called up share capital 57,500 57,500
Share premium 17,500 17,500
Fair Value Reserve 7 400,984 400,984
Profit and loss account 408,708 345,362
Shareholder's funds 884,692 821,346
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
John Logan
Director
Approved by the board on 8 August 2024
W Lockhart Marshall Limited
Notes to the Accounts
for the year ended 31 March 2024
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 rental income due for this period.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment 15% on reducing balance
Fixtures and Fittings on Let Properties 100%
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 95,589
At 31 March 2024 95,589
Depreciation
At 1 April 2023 95,589
At 31 March 2024 95,589
Net book value
At 31 March 2024 -
4 Investments
Investment
Properties
£
Fair Value
At 1 April 2023 760,265
Additions 141,240
At 31 March 2024 901,505
The investment properties have been valued at open market value as at February 2013. Subsequent additions have been included at cost
5 Debtors 2024 2023
£ £
Trade debtors 2,650 2,250
Amounts owed by group undertakings and undertakings in which the company has a participating interest 7,874 7,739
10,524 9,989
6 Creditors: amounts falling due within one year 2024 2023
£ £
Deferred income 420 420
Trade creditors - 900
Taxation and social security costs 20,288 15,411
Other creditors 31,512 1,203
52,220 17,934
7 Fair Value Reseve 2024 2023
£ £
At 1 April 2023 400,984 400,984
At 31 March 2024 400,984 400,984
8 Related party transactions
The company operated payroll for staff and directors until January 2024 on behalf of Marnox Ltd, a company controlled by John Logan. Marnox Ltd pays all property related and running expenses both for itself and W Lockhart Marshall Ltd. The total costs paid by both companies are then apportioned between the two companies according to their respective turnover. In addition, Marnox Ltd rents a property from W Lockhart Marshall Ltd. Rent was £6,000 during the year.
9 Controlling party
The company is under the control of the director John Logan by virture of his 100% holding of the ordinary share capital.
# Other information
W Lockhart Marshall Limited is a private company limited by shares and incorporated in England. Its registered office is:
144 Crown Street
Aberdeen
AB11 6HS
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