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REGISTERED NUMBER: SC193288 (Scotland)

















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Maratea Investments Limited

Maratea Investments Limited (Registered number: SC193288)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Maratea Investments Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: G Crolla
Mrs I F Crolla
D Pia
Mrs M Pia



SECRETARY: Mrs M Pia



REGISTERED OFFICE: 22 Margaret Rose Crescent
Edinburgh
EH10 7EZ



REGISTERED NUMBER: SC193288 (Scotland)



ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW



BANKERS: The Royal Bank of Scotland
12 Bridge Street
Musselburgh
EH21 6AH

Maratea Investments Limited (Registered number: SC193288)

Statement of Financial Position
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,745,090 2,225,000

CURRENT ASSETS
Debtors 5 35,184 11,152
Cash at bank 54,520 412,839
89,704 423,991
CREDITORS
Amounts falling due within one year 6 379,410 250,400
NET CURRENT (LIABILITIES)/ASSETS (289,706 ) 173,591
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,455,384

2,398,591

CREDITORS
Amounts falling due after more than one
year

7

650,217

716,078
NET ASSETS 1,805,167 1,682,513

CAPITAL AND RESERVES
Called up share capital 16,000 16,000
Retained earnings 9 1,789,167 1,666,513
SHAREHOLDERS' FUNDS 1,805,167 1,682,513

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





G Crolla - Director


Maratea Investments Limited (Registered number: SC193288)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Maratea Investments Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of property rental.

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 whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the Income Statement in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 statement of financial position date.


Maratea Investments Limited (Registered number: SC193288)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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 NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 2,225,000
Additions 520,090
At 29 February 2024 2,745,090
NET BOOK VALUE
At 29 February 2024 2,745,090
At 28 February 2023 2,225,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2013 212,405
Valuation in 2017 209,943
Valuation in 2021 94,151
Cost 2,228,591
2,745,090

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,229,192 1,708,502

Investment property was valued on a fair value basis on 28 February 2021 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 34,350 10,318
Other debtors 834 834
35,184 11,152

Maratea Investments Limited (Registered number: SC193288)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 65,555 65,250
Taxation and social security 47,294 43,690
Other creditors 266,561 141,460
379,410 250,400

Other creditors includes a Director loan balance of £237,435 (2023 £117,435).

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 650,217 716,078

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 387,996 455,078

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 715,772 781,328

The Royal Bank of Scotland hold standard securities over 1A & 3A Alva Street Edinburgh, 109 Hanover Street Edinburgh, 103 Hanover Street Edinburgh and 143/6 Lochend Road Edinburgh. They also hold a bond and floating charge over all company assets.

9. RESERVES

Retained earnings are analysed as follows:

29.02.2428.02.23
££
Distributable1,272,6681,150,014
Non-Distributable516,499516,499
Total1,789,1671,666,513