| Marnox Properties Limited |
| Registered number: |
SC038392 |
| Balance Sheet |
| as at 31 March 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Investments |
4 |
|
|
3,885,000 |
|
|
3,885,000 |
|
| Current assets |
| Debtors |
5 |
|
36,362 |
|
|
34,391 |
| Cash at bank and in hand |
|
|
1,540,433 |
|
|
1,399,859 |
|
|
|
1,576,795 |
|
|
1,434,250 |
|
| Creditors: amounts falling due within one year |
6 |
|
(62,474) |
|
|
(70,279) |
|
| Net current assets |
|
|
|
1,514,321 |
|
|
1,363,971 |
|
| Net assets |
|
|
|
5,399,321 |
|
|
5,248,971 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
35,600 |
|
|
35,600 |
| Fair Value Reserve |
7 |
|
|
3,455,985 |
|
|
3,455,985 |
| Profit and loss account |
|
|
|
1,907,736 |
|
|
1,757,386 |
|
| Shareholders' funds |
|
|
|
5,399,321 |
|
|
5,248,971 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| John Logan |
| Director |
| Approved by the board on 25 October 2025 |
|
| Marnox Properties Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the rental income due for the period. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures and fittings, in rented properties |
100% |
|
Office Equipment |
15% on WDV |
|
|
Debtors |
|
Short term debtors are measured at the transaction price (which is the rental due), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2024 |
748,196 |
|
1,180 |
|
749,376 |
|
Additions |
17,694 |
|
- |
|
17,694 |
|
At 31 March 2025 |
765,890 |
|
1,180 |
|
767,070 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
748,196 |
|
1,180 |
|
749,376 |
|
Charge for the year |
17,694 |
|
- |
|
17,694 |
|
At 31 March 2025 |
765,890 |
|
1,180 |
|
767,070 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
- |
|
- |
|
- |
|
|
| 4 |
Investments |
|
| Other |
| investments |
| £ |
|
Fair Value |
|
At 1 April 2024 |
3,885,000 |
|
|
At 31 March 2025 |
3,885,000 |
|
|
Freehold land and buildings are made up wholly of investment properties. These properties were last valued on 6th June 2022 at a valuation of £3,885,000,. The valuation was carried out by Atholls Chartered Surveyors of Aberdeen. |
|
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
8,714 |
|
6,626 |
|
Prepayments |
|
|
|
|
5,533 |
|
4,765 |
|
Other debtors |
22,115 |
|
23,000 |
|
|
|
|
|
|
36,362 |
|
34,391 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
21,915 |
|
22,629 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
(15,775) |
|
7,874 |
|
Deferred income |
|
|
|
|
4,685 |
|
1,220 |
|
Taxation and social security costs |
50,117 |
|
37,432 |
|
Other creditors |
1,532 |
|
1,124 |
|
|
|
|
|
|
62,474 |
|
70,279 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Fair Value Reserve |
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 April 2024 |
3,455,985 |
|
3,455,985 |
|
|
At 31 March 2025 |
3,455,985 |
|
3,455,985 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
The company's payroll for staff and the director was operated by Marnox Properties Ltd. Marnox Properties Ltd pays all property related and running expenses both for itself and W Lockhart Marshall Ltd. The total costs paid by both companies are then apportioned between the two companies according to their respective turnovers. In addition, Marnox Properties Ltd rents a property from W Lockhart Marshall Ltd. Rent of £6,000 was paid during the year. |
|
|
| 9 |
Controlling party |
|
|
The company is under the control of the director John Logan by virture of his 100% holding of the ordinary share capital. |
|
|
| 10 |
Other information |
|
|
Marnox Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
144 Crown Street |
|
Aberdeen |
|
AB11 6HS |