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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 2018 |
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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 2018 |
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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 2018 |
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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 2018 |
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2018 | 2017 |
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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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 2018 |
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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 2018 |
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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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Improvements to property | - |
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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 2018 |
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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 (2017 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 29 May 2017 |
and 28 May 2018 |
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DEPRECIATION |
At 29 May 2017 |
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Charge for year |
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At 28 May 2018 |
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NET BOOK VALUE |
At 28 May 2018 |
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At 28 May 2017 |
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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 2018 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 29 May 2017 |
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Revaluations | 185,950 |
At 28 May 2018 |
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NET BOOK VALUE |
At 28 May 2018 |
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At 28 May 2017 |
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The fair value of the investment property at 28 May 2018, 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 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 |
2018 | 2017 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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9. | RELATED PARTY DISCLOSURES |
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Included in other creditors is a loan of £35,010 (2017 - £35,190) from the director. The loan is interest free, unsecured and |
no repayment terms have been set. |