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Financial Statements |
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for the Year Ended 25th December 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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2021 | 2020 |
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 Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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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 2021 |
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1. | STATUTORY INFORMATION |
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Marlborough Knightsbridge Management Limited is a
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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 Statement of Income and Retained Earnings, 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 2021 |
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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 |
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FAIR VALUE |
At 26th December 2020 |
and 25th December 2021 |
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NET BOOK VALUE |
At 25th December 2021 |
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At 25th December 2020 |
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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 2021 is represented by: |
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Valuation in 2020 | 1,405,012 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
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 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
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Accrued expenses |
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7. | RESERVES |
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Other reserves include a loan of £80,996 (2019 - £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 £378 due from the property service fund (2020 - £12,637 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. |