Manor Properties (Chigwell) Limited Filleted accounts for Companies House (small and micro)

MANOR PROPERTIES (CHIGWELL) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02964388

Manor Properties (Chigwell) Limited

Filleted Unaudited Financial Statements

30 September 2018

Manor Properties (Chigwell) Limited

Statement of Financial Position

30 September 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		870,168	870,168

Current assets

Debtors	5	–	501
Cash at bank and in hand		205,882	156,839
		---------	---------
		205,882	157,340

Creditors: amounts falling due within one year	6	25,881		14,466
		---------		---------
Net current assets			180,001	142,874
			------------	------------
Total assets less current liabilities			1,050,169	1,013,042
			------------	------------
Net assets			1,050,169	1,013,042
			------------	------------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	464,393	464,393
Profit and loss account	585,676	548,549
	------------	------------
Shareholders funds	1,050,169	1,013,042
	------------	------------

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 income and retained earnings has not been delivered.

For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Manor Properties (Chigwell) Limited

Statement of Financial Position (continued)

30 September 2018

These financial statements were approved by the board of directors and authorised for issue on 21 June 2019 , and are signed on behalf of the board by:

Mr D S Sumal
Director

Company registration number: 02964388

Manor Properties (Chigwell) Limited

Notes to the Financial Statements

Year ended 30 September 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 Unit 2. 32-34 Station Close, Potters BAr, Herts, EN6 1TL.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income from investment properties.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.

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.

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:

	Fixtures and fittings	-	25% reducing balance

Investment properties are not depreciated.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.

4. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 October 2017 and 30 September 2018	870,167	11,152	881,319
	---------	--------	---------
Depreciation
At 1 October 2017 and 30 September 2018	–	11,151	11,151
	---------	--------	---------
Carrying amount
At 30 September 2018	870,167	1	870,168
	---------	--------	---------
At 30 September 2017	870,167	1	870,168
	---------	--------	---------

Fixed Asset Investment properties are stated at open market valuation with an original historical cost of £405,773 (2017: £405,773). The open market valuation is based upon information received from external information and advice.

5. Debtors

	2018	2017
	£	£
Other debtors	–	501
	----	----

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	8,708	7,293
Other creditors	17,173	7,173
	--------	--------
	25,881	14,466
	--------	--------

7. Related party transactions

There were no related party transactions to disclose.

8. Controlling party

The company is not under the inflence or control of any one shareholder.