March Developments Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02862778

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

MARCH DEVELOPMENTS LTD.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

W K Old

J Old

REGISTERED OFFICE:

Unicorn House

151/157 High Street

Strood

Rochester

Kent

ME2 4TH

REGISTERED NUMBER:

02862778

ACCOUNTANTS:

McCabe Ford Williams

1A High Street

Lenham

Kent

ME17 2QD

FIXED ASSETS

Tangible assets

5

63

85

Investment property

6

1,401,750

1,401,750

1,401,813

1,401,835

CURRENT ASSETS

Debtors

7

17,190

14,170

Cash at bank

2,956

1,481

20,146

15,651

CREDITORS

Amounts falling due within one year

8

626,052

636,659

NET CURRENT LIABILITIES

(605,906

)

(621,008

)

TOTAL ASSETS LESS CURRENT LIABILITIES

795,907

780,827

CREDITORS

Amounts falling due after more than one year

9

(283,092

)

(301,928

)

PROVISIONS FOR LIABILITIES

(54,188

)

(74,946

)

NET ASSETS

458,627

403,953

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

11

373,069

342,331

Retained earnings

85,556

61,620

SHAREHOLDERS' FUNDS

458,627

403,953

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 July 2019 and were signed on its behalf by:

J Old - Director

1.	STATUTORY INFORMATION

March Developments Ltd. is a private company, limited by shares , registered in Not specified/Other. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates

and assumptions about the carrying value of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other factors that

are considered relevant. Actual results may differ from these estimates. The estimates and underlying

assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period

to which the estimate is revised if the revision affects only that period or in the period of the revision and future

periods if the revision affects both current and future periods. The key sources of estimation uncertainty that

have a significant effect on the amounts recognised in the financial statements are the depreciation charges that

are calculated with reference to the useful economic life of fixed assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and

loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for

bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future

payments and subsequently at amortised cost using the effective interest method. Debt instruments that are

payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted

amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term

instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business

terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at

market rate, the financial asset is measured, initially and subsequently, at the present value of the future

payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 November 2017

and 31 October 2018

1,679

DEPRECIATION

At 1 November 2017

1,594

Charge for year

22

At 31 October 2018

1,616

NET BOOK VALUE

At 31 October 2018

63

At 31 October 2017

85

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2017

and 31 October 2018

1,401,750

NET BOOK VALUE

At 31 October 2018

1,401,750

At 31 October 2017

1,401,750

Fair value at 31 October 2018 is represented by:

£

Valuation in 16

374,731

Valuation in 17

52,527

Cost

974,492

1,401,750

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Trade debtors

13,213

9,870

Other debtors

2,775

2,775

Prepayments

1,202

1,525

17,190

14,170

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Bank loans and overdrafts

16,923

27,500

Other taxes and PAYE taxes

7,961

2,337

Other creditors

12,580

13,001

Directors' Current Accounts

587,388

592,621

Accrued expenses

1,200

1,200

626,052

636,659

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.18

31.10.17

£

£

Bank loans - 2-5 years

283,092

301,928

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.18

31.10.17

£

£

Bank loans

300,015

329,428

Legal first charges over:

10 Copperfield, 1 Dombey Close, 262 & 264 Hither Green Lane, 168 Luton Road, 170 Luton Road, 164 Station

Road.

11.

RESERVES

Fair

value

reserve

£

At 1 November 2017

342,331

Revaluation in year

30,738

At 31 October 2018

373,069