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REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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FINANCIAL STATEMENTS FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017 |
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FOR
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED
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REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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FINANCIAL STATEMENTS FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017 |
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FOR
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED (REGISTERED NUMBER: 10228550)
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CONTENTS OF THE FINANCIAL STATEMENTS
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FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017
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Page
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Company Information
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1
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Directors' Report
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2
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Directors' Responsibilities Statement
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3
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Independent Auditors' Report
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4
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Profit and Loss Account
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6
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Balance Sheet
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7
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Statement of Changes in Equity
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8
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Notes to the Financial Statements
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9
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED
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COMPANY INFORMATION
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FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017
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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
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St Nicholas House
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Park Row
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Nottingham
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NG1 6FQ
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED (REGISTERED NUMBER: 10228550)
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DIRECTORS' REPORT
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FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017
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The directors present their report with the financial statements of the company for the period 13 June 2016 to 30 June 2017.
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INCORPORATION
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The company was incorporated on
13 June 2016
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PRINCIPAL ACTIVITY
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The principal activity of the company in the period under review was that of commercial property |
investment. |
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DIVIDENDS
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The directors do not recommend the payment of a dividend (2016: £nil).
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DIRECTORS
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The directors who have held office during the period from 13 June 2016 to the date of this report
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are as follows:
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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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 (PUTNEY ONE) LIMITED (REGISTERED NUMBER: 10228550)
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DIRECTORS' RESPONSIBILITIES STATEMENT
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FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017
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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; and |
- assess the company's ability to continue as a going concern, disclosing, as applicable, matters |
related to going concern; and |
- use the going concern basis of accounting unless they either intend to liquidate the company or |
to cease operations, or have no realistic alternative but to do so. |
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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 are responsible for such internal control as they determine is |
necessary to enable the preparation of financial statements that are free from material |
misstatement, whether due to fraud or error, and 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. |
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED
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Opinion
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We have audited the financial statements of Marlborough Property (Putney One) Limited ("the
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company") for the period ended 30 June 2017, which comprise the profit and loss account, balance
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sheet, statement of changes in equity and related notes, including the accounting policies in note
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1.
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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 2017 and of its profit
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for the period then ended;
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- have been properly prepared in accordance with UK accounting standards applicable to smaller
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entities, including Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK
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and Republic of Ireland; and
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- have been prepared in accordance with the requirements of the Companies Act 2006.
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Basis for opinion
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We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)")
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and applicable law. Our responsibilities are described below. We have fulfilled our ethical
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responsibilities under, and are independent of the company in accordance with, UK ethical
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requirements including the FRC Ethical Standard. We believe that the audit evidence we have
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obtained is a sufficient and appropriate basis for our opinion.
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Going concern
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We are required to report to you if we have concluded that the use of the going concern basis of
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accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant
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doubt over the use of that basis for a period of at least twelve months from the date of approval of
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the financial statements. We have nothing to report in these respects.
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Directors' report
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The directors are responsible for the directors' report. Our opinion on the financial statements
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does not cover that report and we do not express an audit opinion thereon.
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Our responsibility is to read the directors' report and, in doing so, consider whether, based on our
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financial statements audit work, the information therein is materially misstated or inconsistent with
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the financial statements or our audit knowledge. Based solely on that work:
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-we have not identified material misstatements in the directors' report;
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-in our opinion the information given in that report for the financial year is consistent with the
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financial statements; and
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-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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Under the Companies Act 2006 we are required 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
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received from branches not visited by us; or
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-the financial statements are not in agreement with the accounting records and returns; or
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-certain disclosures of directors' remuneration specified by law are not made; or
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-we have not received all the information and explanations we require for our audit; or
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-the directors were not entitled to prepare the financial statements in accordance with the small
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companies regime and take advantage of the small companies exemption from the requirement to
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prepare a strategic report.
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We have nothing to report in these respects.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED
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Directors' responsibilities
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As explained more fully in their statement set out on page 3, the directors are responsible for: the
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preparation of the financial statements and for being satisfied that they give a true and fair view;
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such internal control as they determine is necessary to enable the preparation of financial
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statements that are free from material misstatement, whether due to fraud or error; assessing the
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company's ability to continue as a going concern, disclosing, as applicable, matters related to
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going concern; and using the going concern basis of accounting unless they either intend to
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liquidate the company or to cease operations, or have no realistic alternative but to do so.
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Auditor's responsibilities
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Our objectives are to obtain reasonable assurance about whether the financial statements as a
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whole are free from material misstatement, whether due to fraud or error, and to issue our opinion
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in an auditor's report. Reasonable assurance is a high level of assurance, but does not guarantee
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that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement
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when it exists. Misstatements can arise from fraud or error and are considered material if,
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individually or in aggregate, they could reasonably be expected to influence the economic
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decisions of users taken on the basis of the financial statements.
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A fuller description of our responsibilities is provided on the FRC's website at
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www.frc.org.uk/auditorsresponsibilities.
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The purpose of our audit work and to whom we owe our responsibilities
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of
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Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
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the company's members those matters we are required to state to them in an auditor's report and
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for no other purpose. To the fullest extent permitted by law, we do not accept or assume
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responsibility to anyone other than the company and the company's members, as a body, for our
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audit work, for this report, or for the opinions we have formed.
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for and on behalf of
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Statutory Auditor, Chartered Accountants
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St Nicholas House
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Park Row
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Nottingham
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NG1 6FQ
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED (REGISTERED NUMBER: 10228550)
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PROFIT AND LOSS ACCOUNT
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FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017
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Notes
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£
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TURNOVER
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Cost of sales
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(
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GROSS PROFIT
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Administrative expenses
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(
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OPERATING PROFIT and
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PROFIT BEFORE TAXATION
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Tax on profit
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3
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(
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PROFIT FOR THE FINANCIAL
PERIOD
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED (REGISTERED NUMBER: 10228550)
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BALANCE SHEET
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30 JUNE 2017
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Notes
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£
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FIXED ASSETS
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Investment property
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5
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CURRENT ASSETS
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Debtors
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6
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Cash at bank
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CREDITORS
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Amounts falling due within one year
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7
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(
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NET CURRENT LIABILITIES
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(
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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CAPITAL AND RESERVES
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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 (PUTNEY ONE) LIMITED (REGISTERED NUMBER: 10228550)
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STATEMENT OF CHANGES IN EQUITY
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FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017
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Called up
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share
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Retained
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Total
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capital
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earnings
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equity
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£
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£
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£
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Changes in equity
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Issue of share capital
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-
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Total comprehensive income
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-
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Balance at 30 June 2017
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED (REGISTERED NUMBER: 10228550)
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NOTES TO THE FINANCIAL STATEMENTS
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FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017
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1.
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STATUTORY INFORMATION
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Marlborough Property (Putney One) Ltd is a
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in England and Wales. The company's registered number and registered office address can
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be found on the Company Information page.
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2.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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These financial statements were prepared in accordance with applicable United Kingdom
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accounting standards, including Financial Reporting Standard 102 The Financial Reporting
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Standard applicable in the UK and Republic of Ireland ("FRS 102") as issued in August
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2014, and with the Companies Act 2006 (as applicable to companies subject to the small
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companies' regime). The changes to FRS 102 issued in September 2015 effective for
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periods beginning on or after 1 January 2016 have been adopted and therefore, as a small
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company the financial statements have been prepared under section 1A the small entities
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regime of FRS 102.
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The financial statements have been prepared on the going concern basis, notwithstanding
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net current liabilities of £7,407,795. The directors are of the opinion that the company has
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adequate resources to continue in operational existence for the foreseeable future. The
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Directors confirm that the loans due to the parent company will not become repayable until
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the investment property is sold or other funding becomes available to the company. On this
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basis they continue to adopt the going concern basis of accounting in preparing the annual
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financial statements.
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Related party exemption
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The company was under the control of Marlborough Property Co Limited, a 100% subsidiary
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of WA Capital Limited, through the current period. Mr W L Adderley is the managing director
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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
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advantage of the exemption contained within FRS 102 and has not disclosed transactions or
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balances with entities that form part of the group.
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Turnover
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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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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED (REGISTERED NUMBER: 10228550)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017
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2.
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ACCOUNTING POLICIES - continued
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Investment property
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Investment properties are properties which are held either to earn rental income or for capital
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appreciation or for both. Investment properties are recognised initially at cost.
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Subsequent to initial recognition
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i. investment properties whose fair value can be measured reliably without undue cost or
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effort are held at fair value. Any gains or losses arising from changes in the fair value are
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recognised in profit or loss in the period that they arise; and
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ii. no depreciation is provided in respect of investment properties applying the fair value
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model.
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If a reliable measure is not available without undue cost or effort for an item of investment
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property, this item is thereafter accounted for as tangible fixed assets in accordance with
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section 17 until a reliable measure of fair value becomes available.
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Revaluation gains and losses are recognised in the income statement.
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Financial instruments
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Basic financial instruments are recognised at amortised cost, except for investments in |
non-convertible preference and non-puttable ordinary shares which are measured at fair |
value, with changes recognised in profit or loss. Derivative financial instruments are initially |
recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
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Taxation
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Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit |
and Loss Account, 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 balance sheet date. |
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Deferred tax
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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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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 period 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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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED (REGISTERED NUMBER: 10228550)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017
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3.
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TAXATION
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Analysis of the tax charge
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The tax charge on the profit for the period was as follows:
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£
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Current tax:
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UK corporation tax
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Tax on profit
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UK corporation tax has been charged at
19.75
% .
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Reductions in the UK corporation tax rate to 19% (effective from 1 April 2017) was |
substantively enacted on 26 October 2016. The additional rate reduction in the UK tax rate |
to 17% (effective from 1 April 2020) was announced in the Budget on 16 March 2017 and |
substantively enacted on 26 September 2016. This will reduce the company's future tax |
charge accordingly. |
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4.
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AUDITORS' REMUNERATION
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Auditor's remuneration has been recognised by the company's parent and sole shareholder
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Marlborough Property Co Limited. The costs recognised were for Marlborough Property Co
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Limited and its subsidiaries at the time.
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5.
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INVESTMENT PROPERTY
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Total
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£
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FAIR VALUE
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At 13 June 2016
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-
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Additions
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At 30 June 2017
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NET BOOK VALUE
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At 30 June 2017
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In the period a formal revaluation in investment property has not been carried out given the investment properties held were purchased in the year which the Directors still believe reflects fair value. On this basis the investment properties have been held at cost.
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6.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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£
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Trade debtors
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MARLBOROUGH PROPERTY (PUTNEY ONE) LIMITED (REGISTERED NUMBER: 10228550)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE PERIOD 13 JUNE 2016 TO 30 JUNE 2017
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7.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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£
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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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Accruals and deferred income
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The company has loans from its parent, Marlborough Property Co Limited which are
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repayable on demand.
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