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REGISTERED NUMBER: 07032151 (England and Wales)


















Marvel Properties Limited

Unaudited Financial Statements for the Year Ended 31st May 2024






Marvel Properties Limited (Registered number: 07032151)






Contents of the Financial Statements
for the year ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Marvel Properties Limited

Company Information
for the year ended 31st May 2024







DIRECTORS: L P Corrigan
P R Corrigan
Miss G V Corrigan





REGISTERED OFFICE: Suite One
1 Priory Court
Saxon Way, Priory Park West
Hessle
East Yorkshire
HU13 9PB





REGISTERED NUMBER: 07032151 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Marvel Properties Limited (Registered number: 07032151)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,323,531 3,295,452

CURRENT ASSETS
Debtors 5 33,580 6,659
Cash at bank 69,683 45,620
103,263 52,279
CREDITORS
Amounts falling due within one year 6 1,683,290 1,623,645
NET CURRENT LIABILITIES (1,580,027 ) (1,571,366 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,743,504

1,724,086

CREDITORS
Amounts falling due after more than one
year

7

(1,585,395

)

(1,642,647

)

PROVISIONS FOR LIABILITIES (267,982 ) (260,962 )
NET LIABILITIES (109,873 ) (179,523 )

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings (109,875 ) (179,525 )
SHAREHOLDERS' FUNDS (109,873 ) (179,523 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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.

Marvel Properties Limited (Registered number: 07032151)

Balance Sheet - continued
31st May 2024


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 25th February 2025 and were signed on its behalf by:





L P Corrigan - Director


Marvel Properties Limited (Registered number: 07032151)

Notes to the Financial Statements
for the year ended 31st May 2024

1. STATUTORY INFORMATION

Marvel Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements have been prepared on a going concern basis. The directors have taken note of the guidance issued by the Financial Reporting Council on Going Concern Assessments in determining that this is the appropriate basis of preparation of the financial statements and have considered a number of factors to ensure that the worst case scenario situation does not put the going concern concept at risk.

The significant accounting policies applied in the preparation of these financial statements are set out below.

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 measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Property development
Turnover from the sale of property developments is recognised when significant risks and rewards of ownership of the properties have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on exchange of contracts.

Property rental income
Income received from the rental of tenanted commercial property is recognised as it becomes due.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.

Investment property
Completed investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Investment properties are not depreciated.

Incomplete investment property
Incomplete investment properties are valued at cost. The directors are of the opinion that there will be no deficit on revaluation when such properties are completed.

Assets in the course of construction are not depreciated.

Marvel Properties Limited (Registered number: 07032151)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company mainly enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans.

Debt instruments with no stated interest rate that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Debt instruments such as loans, borrowings and other accounts receivable and payable over more than one year are initially measured at the transaction price including transaction cost. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2023 3,295,452
Additions 28,079
At 31st May 2024 3,323,531
NET BOOK VALUE
At 31st May 2024 3,323,531
At 31st May 2023 3,295,452

Investment properties were purchased during the year at open market value and fair value was assessed by the directors at 31st May 2024.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 33,578 4,349
Other debtors 2 2,310
33,580 6,659

Marvel Properties Limited (Registered number: 07032151)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 56,769 56,033
Trade creditors 56,745 16,738
Amounts owed to group undertakings 1,542,394 1,516,889
Taxation and social security 5,209 18,019
Other creditors 22,173 15,966
1,683,290 1,623,645

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,585,395 1,642,647

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,642,164 1,698,680

Bank loans are secured by a legal mortgage and debenture containing fixed and floating charges over freehold investment property.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned entities within the group.

Included within other creditors is a loan from the parent undertaking totalling £1,521,148. The loan is interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

Essential Estates Limited is the company's ultimate parent undertaking. The registered office of this company is Suite 1, Priory House, Saxon Way, Hessle, HU13 9PB. L P Corrigan is the ultimate controlling party by virtue of his 60% shareholding in Essential Estates Limited.