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REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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FOR
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MARLBOROUGH PROPERTY (DIGBETH) LIMITED |
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REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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FOR
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MARLBOROUGH PROPERTY (DIGBETH) LIMITED |
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MARLBOROUGH PROPERTY (DIGBETH) LIMITED (REGISTERED NUMBER: 09023469)
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CONTENTS OF THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 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 (DIGBETH) LIMITED
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COMPANY INFORMATION
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FOR THE YEAR ENDED 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 (DIGBETH) LIMITED (REGISTERED NUMBER: 09023469)
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DIRECTORS' REPORT
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FOR THE YEAR ENDED 30 JUNE 2017
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The directors present their report with the financial statements of the company for the year ended 30 June 2017.
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PRINCIPAL ACTIVITY
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The principal activity of the company in the year under review was that of commercial property |
investment. |
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DIVIDENDS
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A final dividend of £3,698 was paid during the period (2016: £2,090,000).
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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 2016 to the
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date of this report.
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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 (DIGBETH) LIMITED (REGISTERED NUMBER: 09023469)
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DIRECTORS' RESPONSIBILITIES STATEMENT
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FOR THE YEAR ENDED 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 (DIGBETH) LIMITED
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Opinion |
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We have audited the financial statements of Marlborough Property (Digbeth) Limited ("the |
company") for the year ended 30 June 2017, which comprise the profit and loss account, balance |
sheet, statement of changes in equity and related notes, including the accounting policies in note |
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 loss |
for the year then ended; |
- have been properly prepared in accordance with UK accounting standards applicable to smaller |
entities, including Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK |
and Republic of Ireland; and |
- 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 are described below. We have fulfilled our ethical |
responsibilities under, and are independent of the company in accordance with, UK ethical |
requirements including the FRC Ethical Standard. We believe that the audit evidence we have |
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 |
accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant |
doubt over the use of that basis for a period of at least twelve months from the date of approval of |
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 |
does not cover that report and we do not express an audit opinion thereon. |
Our responsibility is to read the directors' report and, in doing so, consider whether, based on our |
financial statements audit work, the information therein is materially misstated or inconsistent with |
the financial statements or our audit knowledge. Based solely on that work: |
-we have not identified material misstatements in the directors' report; |
-in our opinion the information given in that report for the financial year is consistent with the |
financial statements; and |
-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: |
-adequate accounting records have not been kept, or returns adequate for our audit have not been |
received from branches not visited by us; or |
-the financial statements are not in agreement with the accounting records and returns; or |
-certain disclosures of directors' remuneration specified by law are not made; or |
-we have not received all the information and explanations we require for our audit; or |
-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. |
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 (DIGBETH) 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 |
preparation of the financial statements and for being satisfied that they give a true and fair view; |
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; 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 they 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 |
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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 our opinion |
in an auditor's report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of the financial statements. |
A fuller description of our responsibilities is provided on the FRC's website at |
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 |
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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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 (DIGBETH) LIMITED (REGISTERED NUMBER: 09023469)
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PROFIT AND LOSS ACCOUNT
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FOR THE YEAR ENDED 30 JUNE 2017
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Period
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1/8/15
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Year Ended
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to
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30/6/17
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30/6/16
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Notes
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£
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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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(
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OPERATING (LOSS)/PROFIT
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(
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Profit on sale of investment
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property
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3
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(LOSS)/PROFIT BEFORE TAXATION
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(
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Tax on (loss)/profit
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4
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(
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(LOSS)/PROFIT FOR THE
FINANCIAL YEAR
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(
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MARLBOROUGH PROPERTY (DIGBETH) LIMITED (REGISTERED NUMBER: 09023469)
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BALANCE SHEET
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30 JUNE 2017
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30/6/17
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30/6/16
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Notes
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£
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£
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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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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 (DIGBETH) LIMITED (REGISTERED NUMBER: 09023469)
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STATEMENT OF CHANGES IN EQUITY
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FOR THE YEAR ENDED 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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Balance at 1 August 2015
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(
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(
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Changes in equity
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Dividends
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-
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(
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(
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Total comprehensive income
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-
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Balance at 30 June 2016
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Changes in equity
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Dividends
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-
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(
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(
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Total comprehensive income
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-
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(
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(
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Balance at 30 June 2017
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MARLBOROUGH PROPERTY (DIGBETH) LIMITED (REGISTERED NUMBER: 09023469)
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NOTES TO THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 30 JUNE 2017
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1.
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STATUTORY INFORMATION
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Marlborough Property (Digbeth) Limited 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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the current year loss of £25 before dividends. The directors are of the opinion that the
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company has adequate resources to continue in operational existence for the foreseeable
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future. The Directors confirm that the loans due to the parent company will not become
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repayable until the investment property is sold or other funding becomes available to the
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company. On this basis they continue to adopt the going concern basis of accounting in
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preparing the annual 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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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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MARLBOROUGH PROPERTY (DIGBETH) LIMITED (REGISTERED NUMBER: 09023469)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 30 JUNE 2017
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2.
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ACCOUNTING POLICIES - continued
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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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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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Period
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1/8/15
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Year Ended
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to
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30/6/17
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30/6/16
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£
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£
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Profit on sale of investment
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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 loss for the year was as follows:
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Period
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1/8/15
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Year Ended
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to
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30/6/17
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30/6/16
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£
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£
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Current tax:
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UK corporation tax
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Tax on (loss)/profit
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UK corporation tax has been charged at
19.75
% .
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MARLBOROUGH PROPERTY (DIGBETH) LIMITED (REGISTERED NUMBER: 09023469)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 30 JUNE 2017
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4.
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TAXATION - continued
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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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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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30/6/17
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30/6/16
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£
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£
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Amounts owed by group undertakings
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Tax
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