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REGISTERED NUMBER:
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MARSEILLES COMPANY LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 MAY 2017 |
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REGISTERED NUMBER:
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MARSEILLES COMPANY LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 MAY 2017 |
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MARSEILLES COMPANY LIMITED (REGISTERED NUMBER: SC021574) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 MAY 2017 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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MARSEILLES COMPANY LIMITED (REGISTERED NUMBER: SC021574) |
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BALANCE SHEET |
28 MAY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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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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Other reserves |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges her responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MARSEILLES COMPANY LIMITED (REGISTERED NUMBER: SC021574) |
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BALANCE SHEET - continued |
28 MAY 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director on
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MARSEILLES COMPANY LIMITED (REGISTERED NUMBER: SC021574) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 MAY 2017 |
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1. | STATUTORY INFORMATION |
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Marseilles Company Limited is a private company, limited by shares, registered in Scotland. The registered |
office is Caledonia House, 89 Seaward Street, Glasgow, Lanarkshire, G41 1HJ. |
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The financial statements are presented in Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic |
of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial |
statements have been prepared under the historical cost convention as modified by the revaluation of certain |
assets. |
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Turnover |
Turnover represents property letting income, excluding value added tax. The company's policy is to recognise |
rental income in accordance with the terms of the lease agreements. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are included at cost less depreciation and impairment. |
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Investment property |
All of the company's properties are held for long term investment. Investment properties are accounted for as |
follows: |
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(i) Investment properties are initially recorded at cost which includes purchase cost and any directly |
attributable expenditure. |
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(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be |
measured reliably. |
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(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss |
account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless |
the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non- |
distributable reserve (fair value reserve) in the balance sheet. |
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(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold. |
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Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic |
financial instruments are initially recognised at transaction value and subsequently measured at their settlement |
value. |
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MARSEILLES COMPANY LIMITED (REGISTERED NUMBER: SC021574) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is |
calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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The charge for taxation takes into account taxation deferred as a result of timing differences between the |
treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that |
there will be suitable taxable profits from which the future reversal of the underlying timing differences can be |
deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply |
when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the |
balance sheet date. |
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With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the |
transaction that resulted in the tax expense. |
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Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2016 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 29 May 2016 |
and 28 May 2017 |
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DEPRECIATION |
At 29 May 2016 |
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Charge for year |
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At 28 May 2017 |
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NET BOOK VALUE |
At 28 May 2017 |
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At 28 May 2016 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 29 May 2016 |
and 28 May 2017 |
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NET BOOK VALUE |
At 28 May 2017 |
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At 28 May 2016 |
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MARSEILLES COMPANY LIMITED (REGISTERED NUMBER: SC021574) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2017 |
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5. | INVESTMENT PROPERTY - continued |
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The fair value of the investment property at 28 May 2017, has been arrived at on the basis of a valuation carried |
out at that date by the company's director, who is not a professionally qualified valuer. The valuation, which |
does not differ from the valuation at the end of the previous reporting period, was arrived at by reference to |
market evidence of transaction prices for similar properties in their location and takes into account the current |
state of the rental market in the area where the property is situated. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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9. | RELATED PARTY DISCLOSURES |
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Included in other creditors is a loan of £35,190 (2016 - £35,190) from the director. The loan is interest free, |
unsecured and no repayment terms have been set. |
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10. | FIRST YEAR ADOPTION |
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As required in Section 35 of FRS 102, the balances previously reported under the old UK GAAP at the date of |
transition, 29 May 2015, and the prior year end, 28 May 2016 need to be restated for the changes which have |
occurred on transition to FRS 102. |
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In accordance with FRS102, investment property is included at fair value. Gains are recognised in the profit and |
loss account and deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
As a result of these policy changes, the balance of the investment revaluation reserve has been reallocated to |
profit and loss reserves. As this balance remains undistributable, it has been reclassified as a fair value reserve to |
differentiate from the profit and loss reserves available for distribution. |
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Deferred tax of £18,100 relating to investment property, has been incorporated on transition and the provision |
has been reduced by £500 in the comparative year ended 28 May 2016. The above transitional adjustments have |
resulted in Capital and Reserves at 28 May 2016, previously stated at £313,787, being restated to £296,187. |
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No further restatement of the Profit and Loss Account or Balance Sheet and no further changes to accounting |
policies have been required on transition. |