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Financial Statements |
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for the Year Ended 25th December 2019 |
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for |
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MARLBOROUGH KNIGHTSBRIDGE MANAGEMENT |
LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 25th December 2019 |
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for |
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MARLBOROUGH KNIGHTSBRIDGE MANAGEMENT |
LIMITED |
MARLBOROUGH KNIGHTSBRIDGE MANAGEMENT |
LIMITED (REGISTERED NUMBER: 02668432) |
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Contents of the Financial Statements |
for the year ended 25th December 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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MARLBOROUGH KNIGHTSBRIDGE MANAGEMENT |
LIMITED |
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Company Information |
for the year ended 25th December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
Suffolk House |
George Street |
Croydon |
Surrey |
CR0 0YN |
MARLBOROUGH KNIGHTSBRIDGE MANAGEMENT |
LIMITED (REGISTERED NUMBER: 02668432) |
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Statement of Financial Position |
25th December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 7 |
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Other reserves | 7 |
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Retained earnings | 7 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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MARLBOROUGH KNIGHTSBRIDGE MANAGEMENT |
LIMITED (REGISTERED NUMBER: 02668432) |
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Notes to the Financial Statements |
for the year ended 25th December 2019 |
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1. | STATUTORY INFORMATION |
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Marlborough Knightsbridge Management Limited is a
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England and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Turnover comprises ground rent and other rent receivable in respect of the property owned by the company. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes |
in fair value is recognised in profit or loss. |
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Investment property is carried at fair value determined annually by the directors and derived from the current |
market values, adjusted if necessary for any difference in the nature, location or condition of the specific asset. |
No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. |
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Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and |
liabilities like trade and other debtors and creditors. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in the Statement of Comprehensive Income. |
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Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position |
when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a |
net basis or to realise the asset and settle the liability simultaneously. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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MARLBOROUGH KNIGHTSBRIDGE MANAGEMENT |
LIMITED (REGISTERED NUMBER: 02668432) |
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Notes to the Financial Statements - continued |
for the year ended 25th December 2019 |
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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. |
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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. |
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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. |
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Sale of lease extension |
The company recognises the income on the sale of lease extensions at completion. Net proceeds in excess of |
the resulting reduction in the carrying value of the property is included in Other Operating Income. A transfer |
is made from the revaluation reserve to the profit and loss account in the reserve note for the difference |
between the carrying value of the leases and the historic cost. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 26th December 2018 |
and 25th December 2019 |
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NET BOOK VALUE |
At 25th December 2019 |
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At 25th December 2018 |
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The 2019 valuations were made by the directors at the balance sheet date, on a fair value basis. |
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Fair value at 25th December 2019 is represented by: |
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£ |
Valuation in 2019 | 1,405,012 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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MARLBOROUGH KNIGHTSBRIDGE MANAGEMENT |
LIMITED (REGISTERED NUMBER: 02668432) |
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Notes to the Financial Statements - continued |
for the year ended 25th December 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
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Accruals and deferred income |
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7. | RESERVES |
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Other reserves include a loan of £80,996 (2018 - £80,996) repayable at the discretion of the company, made by |
the tenants to finance the purchase of the common areas of the building. The remainder of the balance |
represents the fair value movement on the investment property under FRS 102, net of the associated deferred |
tax. |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | RELATED PARTY DISCLOSURES |
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Included in other creditors at the date of the Statement of Financial Position is £7,235 due to the property |
service fund (2018 - £21,618 included within other debtors due from the property service fund), which is |
related by virtue of the company's shareholders' interest in the service charge fund. |