Melton Brook Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01024659 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2018

FOR

MELTON BROOK PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A M R Sochovsky

R B L Sochovsky

Mrs J L Sochovsky

SECRETARY:

R B L Sochovsky

REGISTERED OFFICE:

Percy Westhead & Company

1 Booth Street

Manchester

Lancashire

M2 4AD

REGISTERED NUMBER:

01024659 (England and Wales)

ACCOUNTANTS:

Percy Westhead & Company

Chartered Accountants

Greg's Buildings

1 Booth Street

Manchester

M2 4AD

BANKERS:

The Royal Bank of Scotland plc

38 Mosley Street

Manchester

M60 2BE

FIXED ASSETS

Tangible assets

4

10,308,026

4,271,442

CURRENT ASSETS

Debtors

5

173,301

2,133

Cash at bank

-

28,993

173,301

31,126

CREDITORS

Amounts falling due within one year

6

804,076

620,979

NET CURRENT LIABILITIES

(630,775

)

(589,853

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,677,251

3,681,589

PROVISIONS FOR LIABILITIES

8

1,616,562

472,420

NET ASSETS

8,060,689

3,209,169

CAPITAL AND RESERVES

Called up share capital

500

500

Fair value reserve

9

4,382,775

242,667

Retained earnings

3,677,414

2,966,002

SHAREHOLDERS' FUNDS

8,060,689

3,209,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 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 1st June 2019 and were signed on its behalf by:

A M R Sochovsky - Director

1.	STATUTORY INFORMATION

Melton Brook Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover comprises rents and service charges invoiced by the company, exclusive of Value Added Tax and trade

discounts.

Tangible fixed assets

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

Equipment

-

15% on reducing balance

Fixtures and fittings

-

25% on cost and 10% on cost

Tangible fixed assets, with the exception of investment properties, are stated at cost less depreciation.

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.

Investment properties

Investment properties are included in the accounts at their fair value. Changes in fair value are recognised in the

profit and loss account. Fair value is estimated by using a valuation technique.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Investment

and

properties

Equipment

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1st December 2017

4,260,200

8,968

45,097

4,314,265

Revaluations

6,039,800

-

-

6,039,800

At 30th November 2018

10,300,000

8,968

45,097

10,354,065

DEPRECIATION

At 1st December 2017

-

6,075

36,748

42,823

Charge for year

-

433

2,783

3,216

At 30th November 2018

-

6,508

39,531

46,039

NET BOOK VALUE

At 30th November 2018

10,300,000

2,460

5,566

10,308,026

At 30th November 2017

4,260,200

2,893

8,349

4,271,442

Cost or valuation at 30th November 2018 is represented by:

Fixtures

Investment

and

properties

Equipment

fittings

Totals

£

£

£

£

Valuation in 2018

10,300,000

-

-

10,300,000

Cost

-

8,968

45,097

54,065

10,300,000

8,968

45,097

10,354,065

If the investment properties had not been revalued they would have been included at the following historical cost:

2018

2017

£

£

Cost

4,317,533

4,018,000

The company owns two investment properties, which were both revalued during the year as follows:

The first investment property was valued in November 2018 by W T Gunson, Chartered Surveyors, and in their

opinion the market value of the property subject to the current lease was £950,000.

The second investment property was valued in November 2018 by Lambert Smith Hampton, Chartered

Surveyors, and in their opinion the market value of the property for balance sheet purposes was £9,350,000.

5.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

19,581

2,068

Prepayments and accrued income

8,050

65

27,631

2,133

2018

2017

£

£

Amounts falling due after more than one year:

Prepayments and accrued income

145,670

-

Aggregate amounts

173,301

2,133

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

700,684

500,000

Trade creditors

2,220

1,629

Corporation tax

22,889

41,097

Social security and other taxes

4,454

7,088

Other creditors

3,750

-

Directors' loan accounts

31,308

50,471

Accruals and deferred income

38,771

20,694

804,076

620,979

The Royal Bank of Scotland plc bank loans totalling £700,000 are due for repayment on 30th March 2019. The

directors have agreed to enter into a new loan agreement with the bank for £700,000 on this date.

7.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

684

-

Bank loans

700,000

500,000

700,684

500,000

Interest is charged on the bank loan at 3% above The Royal Bank of Scotland plc's base rate.

The bank loan is secured by a first legal charge over some of the investment properties and a debenture over the

property and assets of the company dated 10th August 1998.

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Investment properties

1,599,692

455,102

Accelerated capital allowances

16,870

17,318

1,616,562

472,420

Deferred

tax

£

Balance at 1st December 2017

472,420

Provided during year

1,144,142

Balance at 30th November 2018

1,616,562

9.

RESERVES

Fair

value

reserve

£

At 1st December 2017

242,667

Surplus on revaluation of

freehold investment properties

4,140,108

At 30th November 2018

4,382,775

The fair value reserve represents the investment properties revaluation reserve less the associated deferred tax

provision relating to revalued investment properties.