REGISTERED NUMBER: |
Marvel Properties Limited |
Unaudited Financial Statements for the Year Ended 31st May 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Additions |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
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 |
Other debtors |
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 |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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: | £ | £ |
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. |