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REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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FINANCIAL STATEMENTS FOR THE PERIOD 9 SEPTEMBER 2016 TO 30 JUNE 2017 |
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FOR
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MARLBOROUGH PROPERTY (WHETSTONE) LIMITED |
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REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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FINANCIAL STATEMENTS FOR THE PERIOD 9 SEPTEMBER 2016 TO 30 JUNE 2017 |
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FOR
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MARLBOROUGH PROPERTY (WHETSTONE) LIMITED |
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MARLBOROUGH PROPERTY (WHETSTONE) LIMITED (REGISTERED NUMBER: 10367868)
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CONTENTS OF THE FINANCIAL STATEMENTS
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FOR THE PERIOD 9 SEPTEMBER 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 (WHETSTONE) LIMITED
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COMPANY INFORMATION
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FOR THE PERIOD 9 SEPTEMBER 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 (WHETSTONE) LIMITED (REGISTERED NUMBER: 10367868)
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DIRECTORS' REPORT
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FOR THE PERIOD 9 SEPTEMBER 2016 TO 30 JUNE 2017
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The directors present their report with the financial statements of the company for the period 9 September 2016 to 30 June 2017.
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INCORPORATION
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The company was incorporated on
9 September 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 investment |
property. |
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DIVIDENDS
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The directors do not recommend the payment of a dividend.
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DIRECTORS
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The directors who have held office during the period from 9 September 2016 to the date of this
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report 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 (WHETSTONE) LIMITED (REGISTERED NUMBER: 10367868)
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DIRECTORS' RESPONSIBILITIES STATEMENT
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FOR THE PERIOD 9 SEPTEMBER 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 (WHETSTONE) LIMITED
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Opinion
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We have audited the financial statements of Marlborough Property (Whetstone) 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 (WHETSTONE) 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 (WHETSTONE) LIMITED (REGISTERED NUMBER: 10367868)
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PROFIT AND LOSS ACCOUNT
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FOR THE PERIOD 9 SEPTEMBER 2016 TO 30 JUNE 2017
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Notes
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£
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TURNOVER
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Administrative expenses
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(
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401,453
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Gain on revaluation of
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investment property
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1,069,393
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OPERATING PROFIT
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Interest payable and similar
expenses
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3
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(
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)
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PROFIT BEFORE TAXATION
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Tax on profit
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4
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(
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)
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PROFIT FOR THE FINANCIAL
PERIOD
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MARLBOROUGH PROPERTY (WHETSTONE) LIMITED (REGISTERED NUMBER: 10367868)
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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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6
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CURRENT ASSETS
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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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)
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NET CURRENT LIABILITIES
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(
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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PROVISIONS FOR LIABILITIES
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8
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(
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)
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NET ASSETS
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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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The financial statements were approved by the Board of Directors on
signed on its behalf by:
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MARLBOROUGH PROPERTY (WHETSTONE) LIMITED (REGISTERED NUMBER: 10367868)
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STATEMENT OF CHANGES IN EQUITY
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FOR THE PERIOD 9 SEPTEMBER 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 (WHETSTONE) LIMITED (REGISTERED NUMBER: 10367868)
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NOTES TO THE FINANCIAL STATEMENTS
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FOR THE PERIOD 9 SEPTEMBER 2016 TO 30 JUNE 2017
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1.
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STATUTORY INFORMATION
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Marlborough Property (Whetstone) Limited is a
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registered in England and Wales. The company's registered number and registered office
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address can 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 £14,367,122. 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 (WHETSTONE) LIMITED (REGISTERED NUMBER: 10367868)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE PERIOD 9 SEPTEMBER 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. |
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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 (WHETSTONE) LIMITED (REGISTERED NUMBER: 10367868)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE PERIOD 9 SEPTEMBER 2016 TO 30 JUNE 2017
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3.
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INTEREST PAYABLE AND SIMILAR EXPENSES
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£
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Bank loan interest
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Refinancing costs
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4.
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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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Deferred tax
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Tax on profit
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UK corporation tax has been charged at
19.69
% .
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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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5.
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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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6.
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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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Additions
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Revaluations
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1,069,393
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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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Fair value at 30 June 2017 is represented by:
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£
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Valuation in
2017
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15,690,000
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MARLBOROUGH PROPERTY (WHETSTONE) LIMITED (REGISTERED NUMBER: 10367868)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE PERIOD 9 SEPTEMBER 2016 TO 30 JUNE 2017
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6.
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INVESTMENT PROPERTY - continued
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If
the investment property
had not been revalued it would have been included at the following
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historical cost:
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£
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Cost
|
14,620,607
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The investment property
was valued on
a freehold market value
basis on
2 December 2016
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by
a independent firm of chartered surveyors
.
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7.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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£
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Amounts owed to group undertakings
|
|
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Tax
|
|
|
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VAT
|
31,396
|
|
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Accruals and deferred income
|
|
|
|
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The company has loans from its parent company, Marlborough Property Co Limited which |
are repayable on demand. |
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8.
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PROVISIONS FOR LIABILITIES
|
£
|
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Deferred tax
|
|
Accelerated capital allowances
|
|
|
|
|
Other timing differences
|
112,203
|
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|
116,241
|
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|
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Deferred
|
|
|
tax
|
|
£
|
|
|
Charge to Income Statement during period
|
|
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Balance at 30 June 2017
|
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|
|