Midland Properties (Loughborough) Limited 31/03/2019 iXBRL

Midland Properties (Loughborough) Limited 31/03/2019 iXBRL

MIDLAND PROPERTIES (LOUGHBOROUGH) LIMITED - Company Information

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Company registration number: 00417360
Midland Properties (Loughborough) Limited
Unaudited filleted financial statements
31 March 2019
Midland Properties (Loughborough) Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Midland Properties (Loughborough) Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 1,251,888 1,134,370
_______ _______
1,251,888 1,134,370
Current assets
Debtors 6 199,167 198,555
Cash at bank and in hand 16,968 47,535
_______ _______
216,135 246,090
Creditors: amounts falling due
within one year 7 ( 24,059) ( 15,245)
_______ _______
Net current assets 192,076 230,845
_______ _______
Total assets less current liabilities 1,443,964 1,365,215
Creditors: amounts falling due
after more than one year 8 ( 195,542) ( 306,059)
Provisions for liabilities ( 27,388) ( 15,598)
_______ _______
Net assets 1,221,034 1,043,558
_______ _______
Capital and reserves
Called up share capital 8,000 8,000
Fair value reserve 620,683 422,222
Profit and loss account 592,351 613,336
_______ _______
Shareholders funds 1,221,034 1,043,558
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 01 August 2019 , and are signed on behalf of the board by:
E F Smith
Director
Company registration number: 00417360
Midland Properties (Loughborough) Limited
Statement of changes in equity
Year ended 31 March 2019
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 April 2017 8,000 422,222 605,922 1,036,144
Profit for the year 27,414 27,414
_______ _______ _______ _______
Total comprehensive income for the year - - 27,414 27,414
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 20,000) ( 20,000)
_______ _______ _______ _______
At 31 March 2018 and 1 April 2018 8,000 422,222 613,336 1,043,558
Profit for the year 215,976 215,976
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 198,461 (198,461) -
_______ _______ _______ _______
Total comprehensive income for the year - 198,461 17,515 215,976
Dividends paid and payable ( 38,500) ( 38,500)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 38,500) ( 38,500)
_______ _______ _______ _______
At 31 March 2019 8,000 620,683 592,351 1,221,034
_______ _______ _______ _______
Midland Properties (Loughborough) Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Westgate House, Royland Road, Loughborough, Leicestershire, LE11 2EH.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2018: 4 ).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 April 2018 1,134,370 1,134,370
Additions 117,470 117,470
Disposals ( 198,413) ( 198,413)
Revaluation 198,461 198,461
_______ _______
At 31 March 2019 1,251,888 1,251,888
_______ _______
Depreciation
At 1 April 2018 and 31 March 2019 - -
_______ _______
Carrying amount
At 31 March 2019 1,251,888 1,251,888
_______ _______
At 31 March 2018 1,134,370 1,134,370
_______ _______
Investment property
The equivalent historical cost written down value of the property was £631,205. The property was valued by the directors at 31 March 2019 on an open market value basis.
6. Debtors
2019 2018
£ £
Trade debtors 6,200 3,372
Amounts owed by group undertakings and undertakings in which the company has a participating interest 183,494 183,816
Other debtors 9,473 11,367
_______ _______
199,167 198,555
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Corporation tax 4,244 6,111
Other creditors 19,815 9,134
_______ _______
24,059 15,245
_______ _______
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 195,542 306,059
_______ _______
The loans are secured on company properties.
Included within creditors: amounts falling due after more than one year is an amount of £ 195,542 (2018 £ 110,517 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The mortgage loans are repayable by monthly instalments and are currently arranged on an interest only basis.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
V F Smith 520 978 - 1,498
H J Smith 520 - - 520
D J Smith 122 75 - 197
_______ _______ _______ _______
1,162 1,053 - 2,215
_______ _______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
V F Smith 1,520 - ( 1,000) 520
H J Smith 1,120 - ( 600) 520
D J Smith 485 - ( 363) 122
_______ _______ _______ _______
3,125 - ( 1,963) 1,162
_______ _______ _______ _______
The advances to the directors were all interest-free.
10. Related party transactions
A loan has been provided to J Bampton, a shareholder, during the year. No interest has been charged and £3,652 remains outstanding at the year end.