ACCOUNTS - Final Accounts

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MONCRIEFF LIMITED - Company Information

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Registered number: 09026587

MONCRIEFF LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

MONCRIEFF LIMITED

REGISTERED NUMBER: 09026587

BALANCE SHEET

AS AT 30 JUNE 2018

		2018		2017
Note		£		£


Fixed assets
Tangible assets	4		307		-
Investments	5		1		1
Investment property	6		207,910		-
			208,218		1
Current assets
Debtors: amounts falling due within one year	7	1,100		990
Cash at bank and in hand	8	12,413		19,551
		13,513		20,541
Creditors: amounts falling due within one year	9	(90,203)		(20,091)
Net current (liabilities)/assets			(76,690)		450
Total assets less current liabilities			131,528		451

Creditors: amounts falling due after more than one year	10		(126,750)		-


Net assets			4,778		451

Capital and reserves
Called up share capital	2	2
Profit and loss account	4,776	449
	4,778	451

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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MONCRIEFF LIMITED

REGISTERED NUMBER: 09026587

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2018

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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MONCRIEFF LIMITED

REGISTERED NUMBER: 09026587

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2018

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2019.

Mr Graham M Wallace

Director

The notes on pages 4 to 8 form part of these financial statements.

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MONCRIEFF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental income
The Company's only source of revenue is rental income from investment properties let to third
parties. Revenue is recognised in the accounting period in which the services are rendered.
Revenue represents the amount receivable for services rendered, net of returns, discounts and
rebates allowed by the Company and value added taxes.

1.3

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery

33.3%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

1.4

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

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MONCRIEFF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

1.Accounting policies (continued)

1.5

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

1.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

1.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.10

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

1.12

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

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MONCRIEFF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

1.Accounting policies (continued)

1.13

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

2.	General information

Moncrieff Limited (the "Company") is a private company limited by shares, incorporated in England and Wales. Its registration number is 09026587. The registered office is Leytonstone House, London E11 1GA.
The principal activity of the company, which remained unchanged from the previous year, was that of the holding of investments.

Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

4.	Tangible fixed assets

		Plant & machinery
		£
	Cost or valuation
	Additions	357
	At 30 June 2018	357
	Depreciation
	Charge for the year on owned assets	50
	At 30 June 2018	50
	Net book value
	At 30 June 2018	307
	At 30 June 2017	-

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MONCRIEFF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

5.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 July 2017	1
	At 30 June 2018	1

	Net book value
	At 30 June 2018	1
	At 30 June 2017	1

6.	Investment property

		Long term leasehold investment property
		£
	Valuation
	Additions at cost	207,910
	At 30 June 2018	207,910

Debtors

					2018	2017
					£	£


Prepayments and accrued income	1,100	990

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MONCRIEFF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

8.	Cash and cash equivalents
		2018	2017
		£	£

	Cash at bank and in hand	12,413	19,551

9.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Other creditors	89,845	20,091
Accruals and deferred income	358	-
	90,203	20,091

10.	Creditors: Amounts falling due after more than one year
		2018	2017
		£	£

	Bank loans	126,750	-

Bank loans are secured by a fixed and floating charge over the assets of the company.




Amounts falling due after more than 5 years
Bank loans	126,750	-

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