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COMPANY REGISTRATION NUMBER: 12197600
Marston Property Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Marston Property Ltd
Financial Statements
Year ended 31 March 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Marston Property Ltd
Officers and Professional Advisers
DIRECTOR
R Critchley
REGISTERED OFFICE
Unit 2
Marston Business Park
Lower Hazeldines
Marston Moretaine
Bedfordshire
MK43 0XT
ACCOUNTANTS
Streets
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
National Westminster Bank Plc
81 High Street
Bedford
Bedfordshire
MK40 1YN
Marston Property Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investment property
4
495,000
352,820
Current assets
Debtors
5
23,560
26,822
Cash at bank and in hand
2,598
1,918
--------
--------
26,158
28,740
Creditors: amounts falling due within one year
6
13,986
11,192
--------
--------
Net current assets
12,172
17,548
---------
---------
Total assets less current liabilities
507,172
370,368
Creditors: amounts falling due after more than one year
7
164,729
172,532
Provisions
35,545
---------
---------
Net assets
306,898
197,836
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
306,896
197,834
---------
---------
Shareholders funds
306,898
197,836
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Marston Property Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
R Critchley
Director
Company registration number: 12197600
Marston Property Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Marston Business Park, Lower Hazeldines, Marston Moretaine, Bedfordshire, MK43 0XT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of rental income receivable, excluding value added tax, accounted for on an accruals basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment properties are initially recorded at cost, and subsequently measured at fair value with any gains or losses recognised through profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Investment property
Investment property
£
Cost
At 1 April 2023
352,820
Revaluations
142,180
---------
At 31 March 2024
495,000
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
495,000
---------
At 31 March 2023
352,820
---------
The director is satisfied that the fair value of the investment property is reasonably stated at the revalued price, based on a recent valuation of the commercial property.
5. Debtors
2024
2023
£
£
Other debtors
23,560
26,822
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7,987
7,831
Trade creditors
2,161
Social security and other taxes
1,938
1,761
Other creditors
1,900
1,600
--------
--------
13,986
11,192
--------
--------
The bank loan of £7,987 (2023: £7,831) is secured by way of a fixed charge held over the company's assets.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
164,729
172,532
---------
---------
The bank loan of £164,729 (2023: £172,532) is secured by way of a fixed charge held over the company's assets.
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
35,545
--------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Revaluation of tangible assets
35,545
--------
----
The deferred tax provision represents the theoretical tax charge that would be incurred on the disposal of the investment property, based on its valuation at the reporting date. This has been calculated at 25%.