Michael Sharp & Co Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00640396 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2018

for

Michael Sharp & Co Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Sharp

Miss E Sharp

REGISTERED OFFICE:

Eastfield Cottage

Church Lane

North Kelsey

Market Rasen

Lincolnshire

LN7 6EX

REGISTERED NUMBER:

00640396 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,051

1,316

Investment property

5

800,000

800,000

801,051

801,316

CURRENT ASSETS

Debtors

6

764

6,993

Cash at bank

5,563

20,553

6,327

27,546

CREDITORS

Amounts falling due within one year

7

13,639

25,609

NET CURRENT (LIABILITIES)/ASSETS

(7,312

)

1,937

TOTAL ASSETS LESS CURRENT LIABILITIES

793,739

803,253

PROVISIONS FOR LIABILITIES

80

250

NET ASSETS

793,659

803,003

CAPITAL AND RESERVES

Called up share capital

8

5,040

5,040

Revaluation reserve

686,316

686,316

Retained earnings

102,303

111,647

SHAREHOLDERS' FUNDS

793,659

803,003

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 26 June 2019 and were signed on its behalf by:

Mr A Sharp - Director

1.	STATUTORY INFORMATION

Michael Sharp & Co Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates and other sales taxes.

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

-

20% on reducing balance

Computer equipment

-

20% 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.

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 balance sheet date.

Deferred tax

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

the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 November 2017

and 31 October 2018

4,782

3,790

8,572

DEPRECIATION

At 1 November 2017

4,142

3,114

7,256

Charge for year

129

136

265

At 31 October 2018

4,271

3,250

7,521

NET BOOK VALUE

At 31 October 2018

511

540

1,051

At 31 October 2017

640

676

1,316

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2017

and 31 October 2018

800,000

NET BOOK VALUE

At 31 October 2018

800,000

At 31 October 2017

800,000

The valuation of properties at the accounting date were made by the directors on the basis of open

market values.

If the land and buildings had not been included at valuation they would have been included under the

historical cost convention as follows:

31.10.18

31.10.17

£

£

Cost

221,881

221,881

Accumulated depreciation

-

-

Net book value

221,881

221,881

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Trade debtors

-

5,974

Other debtors

764

1,019

764

6,993

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Taxation and social security

-

4,034

Other creditors

13,639

21,575

13,639

25,609

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.18

31.10.17

value:

£

£

90

Ordinary

1

90

90

4,950

Non-voting A Ordinary shares

1

4,950

4,950

5,040

5,040

9.	ULTIMATE CONTROLLING PARTY

The directors control the company by virtue of owning directly or indirectly 100% of the issued share

capital of the company.