Company Registration No. 06453698 (England and Wales)
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
200,135
201,874
Current assets
Debtors
4
2,800
5,251
Cash at bank and in hand
94,131
88,046
96,931
93,297
Creditors: amounts falling due within one year
5
(107,263)
(102,617)
Net current liabilities
(10,332)
(9,320)
Total assets less current liabilities
189,803
192,554
Creditors: amounts falling due after more than one year
6
(139,143)
(146,340)
Net assets
50,660
46,214
Capital and reserves
Called up share capital
7
22
22
Profit and loss reserves
50,638
46,192
Total equity
50,660
46,214
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 May 2019 and are signed on its behalf by:
S Khaitan
Director
Company Registration No. 06453698
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
51/55 Marlborough Hill Freehold Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Flat 7, 53 Marlborough Hill, London, England, NW8 0NG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for ground rents from the leaseholders of 51/55 Marlborough Hill, London, NW8.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
50 years
Fixtures, fittings & equipment
5-10% straight line
No depreciation is provided on freehold land. Depreciation on buildings is provided over 50 years.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 3).
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2018 and 31 December 2018
206,977
12,288
219,265
Depreciation and impairment
At 1 January 2018
17,391
-
17,391
Depreciation charged in the year
1,739
-
1,739
At 31 December 2018
19,130
-
19,130
Carrying amount
At 31 December 2018
187,847
12,288
200,135
At 31 December 2017
189,586
12,288
201,874
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
2,800
5,251
5
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
2,114
2,368
Other borrowings
24,442
24,442
Corporation tax
1,451
1,467
Other creditors
71,096
64,740
Accruals and deferred income
8,160
9,600
107,263
102,617
The bank loan is secured by a 1st legal charge over the freehold property and its associated assets and a debenture over the company.
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
40,167
47,364
Other creditors
98,976
98,976
139,143
146,340
The bank loan is secured by a 1st legal charge over the freehold property and its associated assets and a debenture over the company.
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
31,711
37,892
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
22 Ordinary of £1 each
22
22
22
22
8
Related party transactions
Transactions with related parties
A sum of £1,500 (2017: £1,500) has been provided for in the accounts in respect of management services provided by Integrated Developments Limited (IDL), a company in which one of the directors has an interest.