MT Estates Limited Filleted accounts for Companies House (small and micro)

MT ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09165054

MT ESTATES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 August 2018

MT ESTATES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

MT ESTATES LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	T Clark
	M Sinclair

Registered office	Tower House
	Lucy Tower Street
	Lincoln
	Lincolnshire
	LN1 1XW

Accountants	Streets LLP
	Chartered accountant
	Tower House
	Lucy Tower Street
	Lincoln
	Lincolnshire
	LN1 1XW

MT ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		347,333	–

Current assets

Stocks		576,569	970,362
Debtors	5	2,748	479
Cash at bank and in hand		703	7,470
		-----------	-----------
		580,020	978,311

Creditors: amounts falling due within one year	6	668,049		541,456
		-----------		-----------
Net current (liabilities)/assets			( 88,029)	436,855
			-----------	-----------
Total assets less current liabilities			259,304	436,855

Creditors: amounts falling due after more than one year	7	223,429	423,826
		-----------	-----------
Net assets		35,875	13,029
		-----------	-----------

MT ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 August 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	400	400
Profit and loss account	35,475	12,629
	---------	---------
Shareholders funds	35,875	13,029
	---------	---------

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.

For the year ending 31 August 2018 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 were approved by the board of directors and authorised for issue on 30 May 2019 , and are signed on behalf of the board by:

T Clark	M Sinclair
Director	Director

Company registration number: 09165054

MT ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stock and work in progress

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 September 2017	–
Additions	347,333
	-----------
At 31 August 2018	347,333
	-----------
Depreciation
At 1 September 2017 and 31 August 2018	–
	-----------
Carrying amount
At 31 August 2018	347,333
	-----------
At 31 August 2017	–
	-----------

5. Debtors

	2018	2017
	£	£
Trade debtors	2,106	–
Other debtors	642	479
	--------	-----
	2,748	479
	--------	-----

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	16,567	14,200
Trade creditors	–	1,021
Corporation tax	5,008	3,511
Other creditors	646,474	522,724
	-----------	-----------
	668,049	541,456
	-----------	-----------

Creditors falling due within one year includes bank loans totalling £16,567 (2017 - £14,200), which are secured on the assets of the company.

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	223,429	423,826
	-----------	-----------

Creditors falling due after more than one year includes bank loans totalling £223,429 (2017 - £423,826), which are secured on the assets of the company.

Bank loans include aggregate amounts of £157,161 (2017 - £367,026) which fall due after five years and which are payable by instalments.

8. Employee numbers

The average number of people under employment contracts during the year, amounted to nil (2017-nil).

9. Related party transactions

The company was under the control of the directors throughout the current and previous period. During the period the company paid fees amounting to £2,917 (£2017: £3,476) to Cloud Lettings Ltd, a company in which T Clark and M Sinclair are directors. No amounts were owing to related parties at the period end (2017: nil). No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.