REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED |
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REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED |
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED (REGISTERED NUMBER: 10367834)
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CONTENTS OF THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 30 JUNE 2020
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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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7
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Balance Sheet
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8
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Statement of Changes in Equity
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9
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Notes to the Financial Statements
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10
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED
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COMPANY INFORMATION
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FOR THE YEAR ENDED 30 JUNE 2020
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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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Suite A, 7th Floor,
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City Gate East
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Tollhouse Hill
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Nottingham
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NG1 5FS
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED (REGISTERED NUMBER: 10367834)
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DIRECTORS' REPORT
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FOR THE YEAR ENDED 30 JUNE 2020
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The directors present their report with the financial statements of the company for the year ended 30 June 2020.
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PRINCIPAL ACTIVITY
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The company has been dormant throughout the current year. |
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In the prior period the principal activity of the company was that of commercial property investment. |
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DIVIDENDS
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No dividends will be distributed for the year ended 30 June 2020 (2019: £1,039,030).
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DIRECTORS
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The directors shown below have held office during the whole of the period from 1 July 2019 to the
date of this report.
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QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
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The company has made qualifying third party indemnity provisions for the benefit of its directors
during the year. These provisions remain in force at the reporting date.
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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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The financial statements have been prepared under section 1A the small entities regime of FRS 102. |
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ON BEHALF OF THE BOARD:
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED (REGISTERED NUMBER: 10367834)
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DIRECTORS' RESPONSIBILITIES STATEMENT
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FOR THE YEAR ENDED 30 JUNE 2020
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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 |
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED
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Opinion
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We have audited the financial statements of Marlborough Property Company (Beckenham) Limited
(the 'company') for the year ended 30 June 2020 which comprise the profit and loss account, the
balance sheet, the statement of changes in equity and notes to the financial statements, including
a summary of significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including
FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United
Kingdom Generally Accepted Accounting Practice).
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In our opinion, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 30 June 2020; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; |
- 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))
and applicable law. Our responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial statements section of our report. We are
independent of the company in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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Conclusions relating to going concern
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We have nothing to report in respect of the following matters in relation to which the ISAs (UK)
require us to report to you where:
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- the directors' use of the going concern basis of accounting in the preparation of the financial
statements is not appropriate; or
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- the directors have not disclosed in the financial statements any identified material uncertainties
that may cast significant doubt about the company's ability to continue to adopt the going concern
basis of accounting for a period of at least twelve months from the date when the financial
statements are authorised for issue.
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Other information
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The other information comprises the information included in the annual report, other than the
financial statements and our auditor's report thereon. The directors are responsible for the other
information. Our opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form of
assurance conclusion thereon.
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In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement in the
financial statements or a material misstatement of the other information. If, based on the work we
have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact.
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We have nothing to report in this regard.
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Opinions on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED
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- the information given in the directors' report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
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- the directors' report has been prepared in accordance with applicable legal requirements.
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Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment obtained in
the course of the audit, we have not identified material misstatements in the directors' report.
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We have nothing to report in respect of the following matters in relation to which the Companies
Act 2006 requires us to report to you if, in our opinion:
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- adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us; or
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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
companies regime and take advantage of the small companies exemption from the requirement to
prepare a strategic report or in preparing the directors' report.
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Responsibilities of directors
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As explained more fully in the directors' responsibilities statement set out on page 3, the directors
are responsible for the preparation of the financial statements and for being satisfied that they give
a true and fair view, and for such internal control as the directors determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
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In preparing the financial statements, the directors are responsible for assessing the company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors either intend to liquidate the
company or to cease operations, or have no realistic alternative but to do so.
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Auditor's responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
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A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities This
description forms part of our auditor's report.
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Use of our report
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
the company's members those matters we are required to state to them in an auditor's report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company and the company's members as a body, for our
audit work, for this report, or for the opinions we have formed.
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for and on behalf of
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Suite A, 7th Floor,
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City Gate East
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Tollhouse Hill
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Nottingham
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NG1 5FS
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED (REGISTERED NUMBER: 10367834)
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PROFIT AND LOSS ACCOUNT
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FOR THE YEAR ENDED 30 JUNE 2020
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30/6/20
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30/6/19
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Notes
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£
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TURNOVER
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Administrative expenses
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OPERATING PROFIT
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Profit on sale of Investment Property
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3
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PROFIT BEFORE TAXATION
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Tax on profit
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4
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PROFIT FOR THE FINANCIAL YEAR
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED (REGISTERED NUMBER: 10367834)
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BALANCE SHEET
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30 JUNE 2020
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30/6/20
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30/6/19
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CURRENT ASSETS
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Cash in hand
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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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The financial statements were approved by the Board of Directors and authorised for issue on
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED (REGISTERED NUMBER: 10367834)
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STATEMENT OF CHANGES IN EQUITY
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FOR THE YEAR ENDED 30 JUNE 2020
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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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Balance at 1 July 2018
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Changes in equity
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Dividends
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-
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Total comprehensive income
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-
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Balance at 30 June 2019
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Changes in equity
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Balance at 30 June 2020
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED (REGISTERED NUMBER: 10367834)
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NOTES TO THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 30 JUNE 2020
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1.
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STATUTORY INFORMATION
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Marlborough Property (Beckenham) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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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
accounting standards, including Financial Reporting Standard 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland ("FRS 102") as issued in August
2014, and with the Companies Act 2006 (as applicable to companies subject to the small
companies' regime). The changes to FRS 102 issued in September 2015 effective for
periods beginning on or after 1 January 2016 have been adopted and therefore, as a small
company the financial statements have been prepared under section 1A the small entities
regime of FRS 102 and under the historical cost convention.
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Going concern
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The financial statements have been prepared on a going concern basis. The Directors are of
the opinion that the company will be in existence for at least a period of 12 months from the
date of sign off and have confirmed there are no immediate plans to strike off the company.
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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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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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Equity instruments |
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. |
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Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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Taxation
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Taxation for the year 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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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED (REGISTERED NUMBER: 10367834)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 30 JUNE 2020
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2.
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ACCOUNTING POLICIES - continued
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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 year 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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3.
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PROFIT ON SALE OF INVESTMENT PROPERTY
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30/6/20
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30/6/19
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£
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Profit on sale of Investment Property
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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 year was as follows:
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30/6/20
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30/6/19
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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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(
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Tax on profit
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UK corporation tax has been charged at
19
% (2019 -
19
%).
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A reduction in the UK corporation tax rate to 19% (effective from 1 April 2017) was substantively enacted on 26 October 2016. |
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An additional 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. However, on the 11th March 2020 it was announced that the rate would remain at 19% (effective 1 April 2020). This change was substantively enacted on 17th March 2020. |
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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
Marlborough Property Co Limited. The costs recognised were for Marlborough Property Co
Limited and its subsidiaries at the time.
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MARLBOROUGH PROPERTY (BECKENHAM) LIMITED (REGISTERED NUMBER: 10367834)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 30 JUNE 2020
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6.
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RELATED PARTY DISCLOSURES
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The immediate parent company is Marlborough Property Co Limited, a company
incorporated in England and Wales with registered address of Two Marlborough Court,
Watermead Business Park, Syston, Leicestershire LE7 1AD.
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The ultimate parent undertaking is WA Capital Limited, a company incorporated in England
and Wales with registered address of Two Marlborough Court, Watermead Business Park,
Syston, Leicestershire LE7 1AD. Transactions between the company and fellow wholly
owned subsidiaries or with the parent undertaking are exempt from disclosure.
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The smallest and largest group in which the results of the Company are consolidated, is that
headed by Marlborough Property Co Limited. The consolidated financial statements of
Marlborough Property Co Limited are available from its registered office, Two Marlborough
Court, Watermead Business Park, Syston, Leicestershire LE7 1AD.
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