MAPLESTAR PROPERTIES LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04371930 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

MAPLESTAR PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

Directors:

P Underhill

M Underhill

Registered office:

129 North Hill

Plymouth

Devon

PL4 8JY

Business address:

West Park

Horn Lane

West Street

Liskeard

Cornwall

PL14 4BP

Registered number:

04371930 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Fixed assets

Tangible assets

4

1,218

664

Current assets

Stocks

446,474

222,723

Prepayments and accrued income

1,187

1,793

Cash at bank

595

5,590

448,256

230,106

Creditors

Amounts falling due within one year

5

546,772

302,427

Net current liabilities

(98,516

)

(72,321

)

Total assets less current liabilities

(97,298

)

(71,657

)

Capital and reserves

Called up share capital

6

2

2

Retained earnings

(97,300

)

(71,659

)

Shareholders' funds

(97,298

)

(71,657

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 10 May 2019 and were signed on its behalf by:

M Underhill - Director

1.	STATUTORY INFORMATION

Maplestar Properties Limited is a private company, limited by shares, registered in England

and Wales. The company's registered number, business address 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.

These financial statements have been prepared on a going concern basis. The company is

dependant on the support of the directors' loan accounts £540,857 included in creditors due

within one year. The going concern basis is therefore believed to be appropriate.

Tangible fixed assets

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

Tools and equipment

-

20% on reducing balance

Computer equipment

-

50% on reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete

and sell. Cost is determined using the first in first out method. The carrying amount of stock

sold is recognised as an expense in the period in which the related revenue is recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit &

Loss Account, 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.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price),

less any impairment losses for bad and doubtful debts. Loans and other financial assets are

initially recognised at transaction price including any transaction costs and subsequently

measured at amortised cost determined using the effective interest method, less any

impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price).

Loans and other financial liabilities are initially recognised at transaction price net of any

transaction costs and subsequently measured at amortised cost determined using the

effective interest method.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Tools and

Computer

equipment

equipment

Totals

£

£

£

Cost

At 1 April 2017

5,493

180

5,673

Additions

802

150

952

At 31 March 2018

6,295

330

6,625

Depreciation

At 1 April 2017

4,973

36

5,009

Charge for year

251

147

398

At 31 March 2018

5,224

183

5,407

Net book value

At 31 March 2018

1,071

147

1,218

At 31 March 2017

520

144

664

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Social security and other taxes

1,810

989

Directors' current accounts

540,857

298,266

Accrued expenses

4,105

3,172

546,772

302,427

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

200

Ordinary

£0.01

2

2

7.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £5,918 (2017

- NIL).

8.	RELATED PARTY DISCLOSURES

At the balance sheet date the following amounts were owed to related parties:-

Mr P Underhill (director and shareholder) was owed £259,437.

Mrs J Underhill (shareholder and wife of Mr P Underhill) was owed £259,437.

Mr M Underhill (director and shareholder) was owed £21,983.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.