REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MARINE TOWERS MANAGEMENT COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MARINE TOWERS MANAGEMENT COMPANY LIMITED |
MARINE TOWERS MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 04620425) |
ABRIDGED BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
MARINE TOWERS MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 04620425) |
ABRIDGED BALANCE SHEET - continued |
31 December 2023 |
The financial statements were approved by the director and authorised for issue on |
MARINE TOWERS MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 04620425) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Marine Towers Management Company Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is 30a Elm Hill, Norwich, Norfolk, NR3 1HG. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the ground rents received on the freehold interest of the investment properties held by the company. |
Investment property |
Investment properties are included in the balance sheet at their open market value in accordance with General Accounting Principles and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
The company took legal title of the freehold of 31 flats in 2007 for £nil consideration due to the then possible obligation to replace all the windows in the properties. The limitation period for replacement has now elapsed and therefore the properties are deemed to have a value. |
The freehold of the flats has been valued, on an open market value, at the balance sheet date at £55,000 by P Hazell, director of the company, but a member of the Royal Institution of Chartered Surveyors. |
MARINE TOWERS MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 04620425) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2023 | 55,000 |
Cost | 10,495 |
65,495 |