REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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AUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED |
REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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AUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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FOR |
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MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED |
MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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Page |
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Company Information | 1 |
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Directors' Report | 2 |
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Directors' Responsibilities Statement | 3 |
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Independent Auditors' Report | 4 |
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Income statement | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Notes to the Financial Statements | 9 |
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Reconciliation of Equity | 12 |
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Reconciliation of Profit | 14 |
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MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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INDEPENDENT AUDITORS : |
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Statutory Auditor, Chartered Accountants |
St Nicholas House |
Park Row |
Nottingham |
NG1 6FQ |
MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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DIRECTORS' REPORT |
FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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The directors present their report with the financial statements of the company for the period 1 August 2015 to 30 June 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of commercial property |
investment. |
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DIVIDENDS |
The directors do not recommend the payment of a dividend (2015: £nil). |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2015 to |
the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 |
of the Companies Act 2006) of which the company's auditors are unaware, and each director has |
taken all the steps that he ought to have taken as a director in order to make himself aware of any |
relevant audit information and to establish that the company's auditors are aware of that |
information. |
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ON BEHALF OF THE BOARD: |
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MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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DIRECTORS' RESPONSIBILITIES STATEMENT |
FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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The directors are responsible for preparing the Directors' Report and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under |
that law they have elected to prepare the financial statements in accordance with applicable law |
and Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of |
Ireland (UK Generally Accepted Accounting Practice applicable to Smaller Entities. |
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Under company law the directors must not approve the financial statements unless they are |
satisfied that they give a true and fair view of the state of affairs of the company and of the profit or |
loss of the company for that period. In preparing these financial statements, the directors are |
required to: |
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- select suitable accounting policies and then apply them consistently; |
- make judgements and estimates that are reasonable and prudent Paragraph 13 of Part II of |
Schedule 1 to the Companies Act 2006 The Small Companies and Groups (Accounts and Reports) |
Regulations 2008 (SI 2008 No. 409) require that the amount of any item "must be determined on a |
prudent basis". ; and |
- prepare the financial statements on the going concern basis unless it is inappropriate to presume |
that the company will continue in business. Included where no separate statement on going |
concern is made by the directors. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show |
and explain the company's transactions and disclose with reasonable accuracy at any time the |
financial position of the company and enable them to ensure that the financial statements comply |
with the Companies Act 2006. They have general responsibility for taking such steps as are |
reasonably open to them to safeguard the assets of the company and to prevent and detect fraud |
and other irregularities. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED |
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We have audited the financial statements of Marlborough Property (Water Court) Limited for the |
period ended 30 June 2016 set out on pages six to fourteen. The financial reporting framework |
that has been applied in their preparation is applicable law and Section 1A of FRS 102 The |
Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted |
Accounting Practice applicable to Smaller Entities). |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of |
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to |
the company's members those matters we are required to state to them in an auditor's report and |
for no other purpose. To the fullest extent permitted by law, we do not accept or assume |
responsibility to anyone other than the company and the company's members, as a body, for our |
audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditor |
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As explained more fully in the Directors' Responsibilities Statement set out on page three, the |
directors are responsible for the preparation of the financial statements and for being satisfied that |
they give a true and fair view. Our responsibility is to audit, and express an opinion on, the |
financial statements in accordance with applicable law and International Standards on Auditing (UK |
and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical |
Standards for Auditors. |
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Scope of the audit of the financial statements |
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A description of the scope of an audit of financial statements is provided on the Financial Reporting |
Council's website at www.frc.org.uk/auditscopeukprivate. |
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Opinion on financial statements |
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In our opinion the financial statements: |
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- give a true and fair view of the state of the company's affairs as at 30 June 2016 and of its loss |
for the period then ended; |
- have been properly prepared in accordance with UK Generally Accepted Accounting Practice |
applicable to Smaller Entities; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matters prescribed by the Companies Act 2006 |
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Based solely on the work required to be undertaken in the course of the audit of the financial |
statements and from reading the Directors' report: |
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- we have not identified material misstatements in that report; and. |
- in our opinion, that report has been prepared in accordance with the Companies Act 2006. |
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Matters on which we are required to report by exception |
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We have nothing to report in respect of the following matters where the Companies Act 2006 |
requires us to report to you if, in our opinion: |
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- adequate accounting records have not been kept, or returns adequate for our audit have not |
been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made; or |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED |
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- we have not received all the information and explanations we require for our audit; or |
- the directors were not entitled to prepare the financial statements in accordance with the small |
companies regime, take advantages of the small companies exemption in preparing the directors' |
report and take advantage of the small companies exemption from the requirement to prepare a |
strategic report. |
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for and on behalf of
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Statutory Auditor, Chartered Accountants |
St Nicholas House |
Park Row |
Nottingham |
NG1 6FQ |
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MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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INCOME STATEMENT |
FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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Period |
1/8/15 |
to | Year Ended |
30/6/16 | 31/7/15 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Administrative expenses | ( |
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(85,447 | ) | 189,942 |
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Other operating income | 3 |
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OPERATING (LOSS)/PROFIT | ( |
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Interest receivable and similar
income |
4 |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | ( |
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(LOSS)/PROFIT FOR THE
FINANCIAL PERIOD |
( |
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MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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BALANCE SHEET |
30 JUNE 2016 |
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30/6/16 | 31/7/15 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 6 |
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CURRENT ASSETS |
Debtors: amounts falling due within
one year |
7 |
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Cash at bank |
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CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR |
8 |
( |
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( |
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NET CURRENT LIABILITIES | ( |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 August 2014 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 July 2015 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 30 June 2016 |
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MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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1. | STATUTORY INFORMATION |
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Marlborough Property (Water Court) Limited is a
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registered in 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 |
These financial statements were prepared in accordance with applicable United Kingdom |
accounting standards, including Financial Reporting Standard 102 The Financial Reporting |
Standard applicable in the UK and Republic of Ireland ("FRS 102") as issued in August |
2014, and with the Companies Act 2006 (as applicable to companies subject to the small |
companies' regime). The changes to FRS 102 issued in September 2015 effective for |
periods beginning on or after 1 January 2016 have been early adopted and therefore, as a |
small company the financial statements have been prepared under section 1A the small |
entities regime of FRS 102. |
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The financial statements have been prepared on the going concern basis, notwithstanding |
net current liabilities of £2,601,714 (2015: £859,210). The Company is a wholly owned |
subsidiary of WA Capital Limited who has given an undertaking to provide the necessary |
financial support for the Company to enable it to meet its liabilities as they fall due for the |
next twelve months and for the foreseeable future. As such the directors believe it is |
appropriate to prepare the financial statements on a going concern basis. |
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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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Investment property |
A revaluation in Investment property has not been recognised in the period, and remains to |
be held at cost. The directors believe this currently represents a fair value for the Investment |
property held. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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3. | OTHER OPERATING INCOME |
Period |
1/8/15 |
to | Year Ended |
30/6/16 | 31/7/15 |
£ | £ |
Lease premium payment |
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MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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4. | INTEREST RECEIVABLE AND SIMILAR INCOME |
Period |
1/8/15 |
to | Year Ended |
30/6/16 | 31/7/15 |
£ | £ |
Bank Interest Received |
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5. | AUDITORS' REMUNERATION |
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Auditor's remuneration has been recognised by the company's parent and sole shareholder |
Marlborough Property Co Limited. The costs recognised were for Marlborough Property Co |
Limited and its subsidiaries at the time. |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2015 |
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Additions |
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At 30 June 2016 |
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NET BOOK VALUE |
At 30 June 2016 |
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At 31 July 2015 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/16 | 31/7/15 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/16 | 31/7/15 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Other creditors |
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MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2015 TO 30 JUNE 2016 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
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The company has loans from its parent, Marlborough Property Co Limited which are |
repayable on demand. |
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9. | RELATED PARTY DISCLOSURES |
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The company was under the control of Marlborough Property Co Limited, a 100% subsidiary |
of WA Capital Limited, through the current period. Mr W L Adderley is the managing director |
and majority shareholder of WA Capital Limited. |
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As the company is a wholly owned subsidiary of WA Capital Limited, the company has taken |
advantage of the exemption contained within Financial Reporting Standard 8 and has not |
disclosed transactions or balances with entities that form part of the group. |
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10. | FIRST YEAR ADOPTION |
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Transitional relief |
On transition to FRS 102, the Company has taken advantage of the following transitional |
relief: |
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- to measure fair value of investment properties at date of transition to FRS 102. |
MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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RECONCILIATION OF EQUITY |
1 AUGUST 2014 |
(DATE OF TRANSITION TO FRS 102) |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 1,053,891 |
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1,053,891 |
CURRENT ASSETS |
Cash at bank | 20,047 |
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20,047 |
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR |
1 |
(80,509 |
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( |
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(970,509 |
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NET CURRENT LIABILITIES | (60,462 | ) | ( |
) | (950,462 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
993,429 |
( |
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103,429 |
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CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR |
1 |
(890,000 |
) |
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- |
NET ASSETS | 103,429 |
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103,429 |
CAPITAL AND RESERVES |
Called up share capital | 100 |
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100 |
Retained earnings | 103,329 |
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103,329 |
SHAREHOLDERS' FUNDS | 103,429 |
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103,429 |
MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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RECONCILIATION OF EQUITY - continued |
31 JULY 2015 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 1,115,929 |
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1,115,929 |
CURRENT ASSETS |
Debtors | 3,645 |
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3,645 |
Cash at bank | 26,868 |
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26,868 |
30,513 |
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30,513 |
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR |
1 |
(89,723 |
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( |
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(889,723 |
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NET CURRENT LIABILITIES | (59,210 | ) | ( |
) | (859,210 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
1,056,719 |
( |
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256,719 |
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CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR |
1 |
(800,000 |
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- |
NET ASSETS | 256,719 |
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256,719 |
CAPITAL AND RESERVES |
Called up share capital | 100 |
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100 |
Retained earnings | 256,619 |
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256,619 |
SHAREHOLDERS' FUNDS | 256,719 |
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256,719 |
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Notes to the reconciliation of equity |
1. Reclassification of intercompany creditor balances which were repayable on demand. |
MARLBOROUGH PROPERTY (WATER COURT) |
LIMITED (REGISTERED NUMBER: 08715325) |
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RECONCILIATION OF PROFIT |
FOR THE YEAR ENDED 31 JULY 2015 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
TURNOVER | 204,920 |
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204,920 |
Cost of sales | (3,362 | ) |
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(3,362 | ) |
GROSS PROFIT | 201,558 |
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201,558 |
Administrative expenses | (11,616 | ) |
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(11,616 | ) |
OPERATING PROFIT | 189,942 |
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189,942 |
and |
PROFIT BEFORE TAXATION | 189,942 |
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189,942 |
Tax on profit | (36,652 | ) |
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(36,652 | ) |
PROFIT FOR THE FINANCIAL
PERIOD |
153,290 |
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153,290 |