REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
MARSDEN AND LATHOM PROPERTY COMPANY LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
MARSDEN AND LATHOM PROPERTY COMPANY LTD |
MARSDEN AND LATHOM PROPERTY COMPANY LTD (REGISTERED NUMBER: 04708721) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
MARSDEN AND LATHOM PROPERTY COMPANY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
8A Manor Close |
Cheadle Hulme |
CHEADLE |
Cheshire |
SK8 7DJ |
BANKERS: |
2-6 Market Street |
WIGAN |
WN1 1JN |
MARSDEN AND LATHOM PROPERTY COMPANY LTD (REGISTERED NUMBER: 04708721) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
MARSDEN AND LATHOM PROPERTY COMPANY LTD (REGISTERED NUMBER: 04708721) |
STATEMENT OF FINANCIAL POSITION - continued |
31ST MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MARSDEN AND LATHOM PROPERTY COMPANY LTD (REGISTERED NUMBER: 04708721) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Marsden and Lathom Property Company Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of rents received. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. |
Subsequently investment properties are measured at fair value. Investment property valuations are based on open market value. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MARSDEN AND LATHOM PROPERTY COMPANY LTD (REGISTERED NUMBER: 04708721) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1st April 2023 |
Disposals | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Eliminated on disposal | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2023 |
Disposals | ( |
) |
Fair value revaluation | 110,045 |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Fair value at 31st March 2024 is represented by: |
£ |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
MARSDEN AND LATHOM PROPERTY COMPANY LTD (REGISTERED NUMBER: 04708721) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Mortgages | - | 216,020 |
The company's mortgage is secured against the investment property. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st April 2023 | ( |
) |
Fair value adjustment | 115,045 |
At 31st March 2024 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the financial year end the directors' current accounts were £21,425 (2022-£18,622) in credit. These are repayable on demand. |
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities. |
12. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £4,000 (2023 - £4,000) were paid to the directors . |
During the year each of the directors charged the company £260 (2023 - £260) for the use of his home as an office. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties of the company are Mr G W Wilson and Mr R A Chambers who are the sole directors and are shareholders in the company. |