Munster Limited Company accounts

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COMPANY REGISTRATION NUMBER: 03541553

Munster Limited

Unaudited Financial Statements

31 December 2018

Munster Limited

Financial Statements

Year ended 31 December 2018

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

Munster Limited

Directors' Report

Year ended 31 December 2018

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2018 .

Directors

The directors who served the company during the year were as follows:

Mr M Patel
Mr H Shah

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 15 July 2019 and signed on behalf of the board by:

Mr M Patel

Company Secretary

Registered office:

9A The Broadway

Stanmore

Middlesex

HA7 4DA

Munster Limited

Statement of Income and Retained Earnings

Year ended 31 December 2018

	2018	2017
Note	£	£
Rent receivable	237,920	236,406

Property expenses	64,307	75,486
	---------	---------
Gross profit	173,613	160,920

Administrative expenses	61,494	60,405
	---------	---------
Operating profit	112,119	100,515

Gain/(loss) on financial assets at fair value		–	578,985
Interest payable and similar expenses		106,342	94,851
		---------	---------
Profit before taxation	5	5,777	584,649

Tax on profit	1,235	95,680
	-------	---------
Profit for the financial year and total comprehensive income	4,542	488,969
	-------	---------

Retained earnings at the start of the year	2,058,433	1,569,464
	------------	------------
Retained earnings at the end of the year	2,062,975	2,058,433
	------------	------------

All the activities of the company are from continuing operations.

Munster Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6	–	722
Investments	7	5,485,000	5,485,000
		------------	------------
		5,485,000	5,485,722

Current assets

Debtors	8	133,490	19,403
Cash at bank and in hand		8,139	126,383
		---------	---------
		141,629	145,786

Creditors: amounts falling due within one year	9	375,600		274,210
		---------		---------
Net current liabilities			233,971	128,424
			------------	------------
Total assets less current liabilities			5,251,029	5,357,298

Creditors: amounts falling due after more than one year	10		2,764,786	2,875,597

Provisions

Taxation including deferred tax	11	423,266	423,266
		------------	------------
Net assets		2,062,977	2,058,435
		------------	------------

Capital and reserves

Called up share capital		2	2
Profit and loss account	13	2,062,975	2,058,433
		------------	------------
Shareholders funds		2,062,977	2,058,435
		------------	------------

These financial statements have been prepared 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'.

For the year ending 31 December 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 .

Munster Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 15 July 2019 , and are signed on behalf of the board by:

Mr M Patel
Director

Company registration number: 03541553

Munster Limited

Notes to the Financial Statements

Year ended 31 December 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 9A The Broadway, Stanmore, Middlesex, HA7 4DA, UK.

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

The turnover shown in the profit and loss account represents rent receivable and other trading during the year, exclusive of Value Added Tax.

Deferred tax

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.

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:

	Fixture & Fittings	-	Straight line over three years

Investments

Investment properties are revalued annually to their fair value and any surplus or deficit is dealt with through profit and loss.

No depreciation or amortisation is provided in respect of investment properties.

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. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	722	1,744
	----	-------

6. Tangible assets

	Fixtures and fittings
	£
Cost
At 1 January 2018 and 31 December 2018	68,499
	--------
Depreciation
At 1 January 2018	67,777
Charge for the year	722
	--------
At 31 December 2018	68,499
	--------
Carrying amount
At 31 December 2018	–
	--------
At 31 December 2017	722
	--------

7. Investments

	Investment properties
	£
Cost
At 1 January 2018 and 31 December 2018	5,485,000
	------------
Impairment
At 1 January 2018 and 31 December 2018	–
	------------

Carrying amount
At 31 December 2018	5,485,000
	------------
At 31 December 2017	5,485,000
	------------

The valuation of investment properties was carried out as at the balance sheet date by the directors on an open market basis. No depreciation or amortisation is provided in respect of these properties.

On a historical cost basis the investment properties would have been included at a cost of £3,330,671 (2017:£3,299,656)

8. Debtors

	2018	2017
	£	£
Other debtors	133,490	19,403
	---------	--------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	354,805	13,967
Trade creditors	6,080	2,278
Corporation tax	–	1,426
Social security and other taxes	2,752	953
Other creditors	11,963	255,586
	---------	---------
	375,600	274,210
	---------	---------

The bank loans of £354,805 are secured by a first legal charge over the company's assets.

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

	2018	2017
	£	£
Bank loans and overdrafts	2,764,786	2,875,597
	------------	------------

The aggregate amount of creditors which are secured by a first legal charge over the company's investment properties amounted to £2,764,786 (2017:£2,875,597) The above amount is due after 5 years.

11. Provisions

	Deferred tax (note 12)
	£
At 1 January 2018 and 31 December 2018	423,266
	---------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions (note 11)	423,266	423,266
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Fair value adjustment of investment property	409,323	409,323
Deferred tax on rolled over chargeable gains	13,943	13,943
	---------	---------
	423,266	423,266
	---------	---------

13. Profit and loss account

	2018	2017
	£	£
Distributable reserves	317,968	313,426
Fair value gains on investment properties	1,745,007	1,745,007
	------------	------------
	2,062,975	2,058,433
	------------	------------