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Registration number: 12965126

Marlin Mansion Limited

Annual Report and Financial Statements

for the year ended 30 November 2023

 

Marlin Mansion Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 10

 

Marlin Mansion Limited

Company Information

Director

A Stewart-Clark

Registered office

Sinclaire Cottage
Portsmouth Road
Ripley
Woking
Surrey
GU23 6EW

Auditors

Hodson and Co
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL

 

Marlin Mansion Limited

(Registration number: 12965126)
Statement of Financial Position
30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,367,620

1,367,620

Current assets

 

Debtors

5

14,833

3,900

Cash at bank and in hand

 

135

355

 

14,968

4,255

Creditors: Amounts falling due within one year

6

(1,683)

(2,486)

Net current assets

 

13,285

1,769

Total assets less current liabilities

 

1,380,905

1,369,389

Creditors: Amounts falling due after more than one year

6

(1,360,770)

(1,365,307)

Net assets

 

20,135

4,082

Capital and reserves

 

Called up share capital

100

100

Retained earnings

20,035

3,982

Shareholders' funds

 

20,135

4,082

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 August 2024
 

.........................................
A Stewart-Clark
Director

 

Marlin Mansion Limited

Notes to the Financial Statements
for the year ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Sinclaire Cottage
Portsmouth Road
Ripley
Woking
Surrey
GU23 6EW

These financial statements were authorised for issue by the director on 21 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis as the director believes that no material uncertainties exist. The director has considered the level of reserves held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the company to be able to continue as a going concern.

 

Marlin Mansion Limited

Notes to the Financial Statements
for the year ended 30 November 2023

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 21 August 2024 was Matthew Hodson BSc FCA, who signed for and on behalf of Hodson and Co.

.........................................

Judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

Management is required to make key decisions and judgements in the process of applying the Company's accounting policies. The most significant areas where such judgements have been necessary is the valuation of investment properties. Where judgement has been applied, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Marlin Mansion Limited

Notes to the Financial Statements
for the year ended 30 November 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is recognised at fair value according to the fair value model, which reflects market conditions at end of the reporting period. Gains or losses resulting from a change in the fair value of investment property are recognised in the income statement in the year they arise.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Marlin Mansion Limited

Notes to the Financial Statements
for the year ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Investment properties

2023
£

At 1 December

1,367,620

At 30 November

1,367,620

The 2022 valuation was undertaken by the director, at open market value and the director is satisfied that the current open market value is not materially different from the value included within the financial statements.

The historical cost is £1,367,620 (2022: £1,367,620)

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

4,450

3,900

Amounts owed by related parties

8

10,195

-

Other debtors

 

188

-

   

14,833

3,900

 

Marlin Mansion Limited

Notes to the Financial Statements
for the year ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

318

Taxation and social security

1,148

1,168

Accruals and deferred income

535

1,000

1,683

2,486

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

888,125

888,125

Other non-current financial liabilities

 

472,645

477,182

 

1,360,770

1,365,307

2023
£

2022
£

Due after more than five years

After more than five years not by instalments

888,125

888,125

-

-

Creditors include bank loans which are secured of £888,125 (2022 - £888,125).

 

Marlin Mansion Limited

Notes to the Financial Statements
for the year ended 30 November 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

888,125

888,125

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

The bank loan is an interest only mortgage. The loan start date was June 2021 with the remaining loan term being 219 months from this date. Interest is charged at 3.49%. At 30 November 2023 the balance on the loan is £888,125. Early repayment charges of 3% of the account balance are in place until June 2026.

There is a mortgage over the company property.

 

Marlin Mansion Limited

Notes to the Financial Statements
for the year ended 30 November 2023

8

Related party transactions

Summary of transactions with other related parties

Loans from group companies
 

Loans to related parties

2023

Group companies
£

Total
£

Advanced

10,963

10,963

Repaid

(768)

(768)

At end of period

10,195

10,195

Loans from related parties

2023

Group companies
£

Total
£

At start of period

477,182

477,182

Advanced

500

500

Repaid

(5,037)

(5,037)

At end of period

472,645

472,645

2022

Group companies
£

Total
£

At start of period

490,584

490,584

Advanced

189,142

189,142

Repaid

(202,544)

(202,544)

At end of period

477,182

477,182

 

Marlin Mansion Limited

Notes to the Financial Statements
for the year ended 30 November 2023

9

Parent and ultimate parent undertaking

The ultimate controlling party by virtue of owning 100% shares in Providence Place Ltd is Alex Stewart-Clark.

 The company's immediate parent is Providence Place Ltd, incorporated in England & Wales.

 

The parent of the smallest (and largest) group in which these financial statements are consolidated is Providence Place Ltd, incorporated in England & Wales. The address of Providence Place Ltd is Sinclaire Cottage, Portsmouth Road, Ripley, Woking, Surrey, GU23 6EW.