Moor Park (1958) Limited 30/09/2018 iXBRL

Moor Park (1958) Limited 30/09/2018 iXBRL

MOOR PARK (1958) LIMITED - Company Information

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30/09/2018 2018-09-30 false false false false true false false false false false false false false true false false true false false false false false true true false No description of principal activities is disclosed 2017-10-01 Sage Accounts Production 18.30 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 00614377 2017-10-01 2018-09-30 00614377 2018-09-30 00614377 2017-09-30 00614377 2016-10-01 2017-09-30 00614377 2017-09-30 00614377 2016-09-30 00614377 bus:RegisteredOffice 2017-10-01 2018-09-30 00614377 bus:LeadAgentIfApplicable 2017-10-01 2018-09-30 00614377 bus:Director2 2017-10-01 2018-09-30 00614377 bus:Director3 2017-10-01 2018-09-30 00614377 bus:Director5 2017-10-01 2018-09-30 00614377 bus:Director6 2017-10-01 2018-09-30 00614377 bus:Director9 2017-10-01 2018-09-30 00614377 bus:Director10 2017-10-01 2018-09-30 00614377 bus:CompanySecretary1 2017-10-01 2018-09-30 00614377 bus:Director4 2017-10-01 2018-09-30 00614377 core:LandBuildings core:LongLeaseholdAssets 2017-09-30 00614377 core:LandBuildings core:ShortLeaseholdAssets 2017-09-30 00614377 core:FurnitureFittingsToolsEquipment 2017-09-30 00614377 core:MotorVehicles 2017-09-30 00614377 core:LandBuildings core:LongLeaseholdAssets 2018-09-30 00614377 core:LandBuildings core:ShortLeaseholdAssets 2018-09-30 00614377 core:FurnitureFittingsToolsEquipment 2018-09-30 00614377 core:MotorVehicles 2018-09-30 00614377 core:RetainedEarningsAccumulatedLosses 2016-10-01 2017-09-30 00614377 core:RetainedEarningsAccumulatedLosses 2017-10-01 2018-09-30 00614377 core:WithinOneYear 2018-09-30 00614377 core:WithinOneYear 2017-09-30 00614377 core:LandBuildings core:LongLeaseholdAssets 2017-10-01 2018-09-30 00614377 core:LandBuildings core:ShortLeaseholdAssets 2017-10-01 2018-09-30 00614377 core:FurnitureFittingsToolsEquipment 2017-10-01 2018-09-30 00614377 core:MotorVehicles 2017-10-01 2018-09-30 00614377 core:RetainedEarningsAccumulatedLosses 2018-09-30 00614377 core:RetainedEarningsAccumulatedLosses 2017-09-30 00614377 core:RetainedEarningsAccumulatedLosses 2016-09-30 00614377 core:LandBuildings core:LongLeaseholdAssets 2017-09-30 00614377 core:LandBuildings core:ShortLeaseholdAssets 2017-09-30 00614377 core:FurnitureFittingsToolsEquipment 2017-09-30 00614377 core:MotorVehicles 2017-09-30 00614377 bus:SmallEntities 2017-10-01 2018-09-30 00614377 bus:Audited 2017-10-01 2018-09-30 00614377 bus:FullAccounts 2017-10-01 2018-09-30 00614377 bus:SmallCompaniesRegimeForAccounts 2017-10-01 2018-09-30 00614377 bus:CompanyLimitedByGuarantee 2017-10-01 2018-09-30 00614377 core:PlantMachinery 2017-10-01 2018-09-30 00614377 core:FurtherSpecificReserve1ComponentTotalEquity 2018-09-30 00614377 core:FurtherSpecificReserve1ComponentTotalEquity 2017-09-30 00614377 core:FurtherSpecificReserve1ComponentTotalEquity 2016-09-30 00614377 core:FurtherSpecificReserve1ComponentTotalEquity 2016-10-01 2017-09-30 00614377 core:FurtherSpecificReserve1ComponentTotalEquity 2017-10-01 2018-09-30 00614377 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2017-10-01 2018-09-30 00614377 core:AllAssociates 2017-10-01 2018-09-30 00614377 1 2017-10-01 2018-09-30
Company registration number: 00614377
Moor Park (1958) Limited
Company limited by guarantee
Filleted financial statements
30 September 2018
Moor Park (1958) Limited
Company limited by guarantee
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Moor Park (1958) Limited
Company limited by guarantee
Directors and other information
Directors Mr Devender Arora
Mr Zahid Datoo Resigned 11 April 2018
Dr Saleem Goolamali
Mr Alan Jamieson
Dr Gordon Mizner
Mr Surinder Mongia
Mr Shafiq Parwaz
Mr Jay Soneji Appointed 17 October 2018
Mr Peter Scholl Resigned 18 October 2018
Mr Andrew Turner
Mr Ravinder Walia
Secretary Mr Jay Soneji
Company number 00614377
Registered office 2a Main Avenue
Northwood
Middlesex
HA6 2HJ
Auditor Leftley Rowe and Company
Second Floor
87 Kenton Road
Harrow
Middlesex
HA3 0AH
Moor Park (1958) Limited
Company limited by guarantee
Directors responsibilities statement
Year ended 30 September 2018
the directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting 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. 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 also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Moor Park (1958) Limited
Company limited by guarantee
Statement of financial position
30 September 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 151,970 155,820
_______ _______
151,970 155,820
Current assets
Debtors 6 91,091 43,619
Cash at bank and in hand 273,912 499,678
_______ _______
365,003 543,297
Creditors: amounts falling due
within one year 7 ( 139,839) ( 169,282)
_______ _______
Net current assets 225,164 374,015
_______ _______
Total assets less current liabilities 377,134 529,835
_______ _______
Net assets 377,134 529,835
_______ _______
Capital and reserves
Reserve fund 8 115,050 240,380
General fund 8 262,084 289,455
_______ _______
Members funds 377,134 529,835
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 February 2019 , and are signed on behalf of the board by:
Mr Devender Arora Mr Jay Soneji
Director Director/Secretary
Company registration number: 00614377
Moor Park (1958) Limited
Company limited by guarantee
Statement of changes in equity
Year ended 30 September 2018
Reserve fund General fund Total
£ £ £
At 1 October 2016 392,376 328,876 721,252
Loss for the year ( 191,417) ( 191,417)
_______ _______ _______
Total comprehensive income for the year - ( 191,417) ( 191,417)
Allocation of building deposits received and road renewal costs ( 151,996) 151,996 -
_______ _______ _______
Total investments by and distributions to owners ( 151,996) 151,996 -
_______ _______ _______
At 30 September 2017 and 1 October 2017 240,380 289,455 529,835
Loss for the year ( 152,701) ( 152,701)
_______ _______ _______
Total comprehensive income for the year - ( 152,701) ( 152,701)
Allocation of building deposits received and road renewal costs ( 125,330) 125,330 -
_______ _______ _______
Total investments by and distributions to owners ( 125,330) 125,330 -
_______ _______ _______
At 30 September 2018 115,050 262,084 377,134
_______ _______ _______
Moor Park (1958) Limited
Company limited by guarantee
Notes to the financial statements
Year ended 30 September 2018
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Moor Park (1958) Limited, 2a Main Avenue, Northwood, Middlesex, HA6 2HJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income
Income represents invoiced value of frontage and service charges levied during the year to meetbudgeted and projected expenditure.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Building - 20 years straight line p.a.
Fixtures, fittings & equipment - 5 years straight line p.a.
Roads (including lights) - 15 years straight line p.a.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Limited by guarantee
The Company being limited by guarantee has no share capital but each Member is liable for a sum not exceeding £5 in the event of liquidation.
5. Tangible assets
Building Roads (including lights) Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2017 97,493 523,269 106,703 6,390 733,855
Additions 8,156 - 28,082 7,400 43,638
Disposals - - - ( 6,390) ( 6,390)
_______ _______ _______ _______ _______
At 30 September 2018 105,649 523,269 134,785 7,400 771,103
_______ _______ _______ _______ _______
Depreciation
At 1 October 2017 81,821 393,472 102,076 666 578,035
Charge for the year 4,873 29,474 4,975 2,442 41,764
Disposals - - - ( 666) ( 666)
_______ _______ _______ _______ _______
At 30 September 2018 86,694 422,946 107,051 2,442 619,133
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2018 18,955 100,323 27,734 4,958 151,970
_______ _______ _______ _______ _______
At 30 September 2017 15,672 129,797 4,627 5,724 155,820
_______ _______ _______ _______ _______
In addition to the above the Company owns various pieces of land on the Moor Park Estate. The Company did not pay for this land; the land comprising the roads and verges were taken over in 1958 from Moor Park Limited. The other pieces of land are woodland or were transferred on the basis that they are maintained as open spaces and are subject to covenants with local council.
6. Debtors
2018 2017
£ £
Other debtors 91,091 43,619
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Corporation tax 1,110 370
Other creditors 138,729 168,912
_______ _______
139,839 169,282
_______ _______
8. Reserves
The purpose of the General fund is to maintain an adequate level of resources in the Company to sustain day-to-day operations. The purpose of the Reserve fund is to provide for larger investments to renew the Estate infrastructure, such as road resurfacing and major legal costs.The directors anticipate road renewal expenditure of approximately £184,000 (2017: £134,000) in the coming year.
9. Summary audit opinion
The auditor's report for the year dated 20 February 2019 was unqualified.
The senior statutory auditor was Christopher Andrews for and on behalf of Leftley Rowe and Company
10. Related party transactions
During the year, the directors or their families paid contributions to the Company at the standard commercial rate of £8.95 (2017: £7.95) per foot of frontage.There have been no other transactions with directors or related parties (2017: none).
11. Controlling party
The directors control the Company by acting in concert subject to certain powers reserved to members.
12. Legal settlement
The company received settlement monies (£5,000 in the current accounting year and £127,000 in the following accounting year) in relation to the long running legal dispute pertaining to parking issues.