Company registration number 10046445 (England and Wales)
MARINA PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
MARINA PROPERTIES LIMITED
CONTENTS
Page
Company information
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
MARINA PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
572,000
490,000
Current assets
Cash at bank and in hand
11,675
10,268
Creditors: amounts falling due within one year
5
(453,477)
(454,376)
Net current liabilities
(441,802)
(444,108)
Total assets less current liabilities
130,198
45,892
Provisions for liabilities
(16,358)
(778)
Net assets
113,840
45,114
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
7
113,640
44,914
Total equity
113,840
45,114

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
Mr. I Currie
Director
Company Registration No. 10046445
The notes on pages 3 to 6 form part of these financial statements
MARINA PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
200
55,947
56,147
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
6,961
6,961
Dividends
-
(17,994)
(17,994)
Balance at 31 March 2023
200
44,914
45,114
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
74,724
74,724
Dividends
-
(5,998)
(5,998)
Balance at 31 March 2024
200
113,640
113,840
MARINA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Marina Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 72 Hill Road, Portchester, Fareham, Hampshire, PO16 8JY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable.

 

 

1.3
Tangible fixed assets

Investment properties are included at 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.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Basic financial instruments are recognised at amortised cost.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MARINA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Investment Property
£
Cost
At 1 April 2023
490,000
Revaluation
82,000
At 31 March 2024
572,000
Depreciation and impairment
At 1 April 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
572,000
At 31 March 2023
490,000
MARINA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Loans
448,829
450,743
Corporation tax
1,948
1,633
Accruals and deferred income
2,700
2,000
453,477
454,376
6
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
98
98
Ordinary B shares of £1 each
98
98
Ordinary C shares of £1 each
2
2
Ordinary D shares of £1 each
2
2
200
200
7
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
44,914
55,947
Profit for the year
74,724
6,961
Dividends declared and paid in the year
(5,998)
(17,994)
At the end of the year
113,640
44,914
MARINA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Profit and loss reserves
(Continued)
- 6 -

Included within profit and loss reserves are non-distributable profits, as set out below:

2024
2023
£
£
Non-distributable profits included above
At the beginning of the year
3,313
3,313
Non distributable profits in the year (Revaluation of investment properties net of deferred tax)
66,420
-
At the end of the year
69,733
3,313
Distributable profits
43,907
41,601
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