Monopoly Partners Limited - Period Ending 2018-12-31

Monopoly Partners Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2018

Registration number: 08229369

Monopoly Partners Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Monopoly Partners Limited

Company Information

Directors

A J Newing M M Newing

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Page 1

Monopoly Partners Limited

Balance Sheet

31 December 2018

	Note	2018 £	(As restated) 2017 £
Fixed assets
Tangible assets	4	120,652	136,217
Current assets
Debtors	5	25,100	17,588
Cash at bank and in hand		58,361	87,298
		83,461	104,886
Creditors: Amounts falling due within one year	6	(243,907)	(272,804)
Net current liabilities		(160,446)	(167,918)
Total assets less current liabilities		(39,794)	(31,701)
Provisions for liabilities		-	4,300
Net liabilities		(39,794)	(27,401)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(39,894)	(27,501)
Total equity		(39,794)	(27,401)

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Monopoly Partners Limited

Balance Sheet

31 December 2018

For the financial 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 September 2019 and signed on its behalf by:
 

......................................... A J Newing Director

Company Registration Number: 08229369

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Monopoly Partners Limited

Notes to the Financial Statements

Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Galmpton Touring Park
Greenway Road
Galmpton
TQ5 0EP

These financial statements were authorised for issue by the Board on 1 September 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors.

Prior period errors

In the prior period, insurance costs were incorrectly included in administrative expenses and commission costs of £1,699 were not included. The adjustment has increased the loss by £1,699 and reduced trade debtors by £1,699.

Revenue recognition

Turnover comprises the fair value of the rental income and services received or receivable for the provision of holiday lettings in the ordinary course of the company’s activities.

Page 4

Monopoly Partners Limited

Notes to the Financial Statements

Year Ended 31 December 2018

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% straight line
Freehold property	5% straight line
Fixtures, fittings and equipment	25% straight line

Hire purchase

Hire purchase payments area apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 5

Monopoly Partners Limited

Notes to the Financial Statements

Year Ended 31 December 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term and other debtors and creditors;
• Loans and hire purchase lease agreements;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

There were no persons employed by the company during the current or prior year.

Page 6

Monopoly Partners Limited

Notes to the Financial Statements

Year Ended 31 December 2018

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2018	133,872	3,047	38,917	175,836
At 31 December 2018	133,872	3,047	38,917	175,836
Depreciation
At 1 January 2018	7,810	1,000	30,809	39,619
Charge for the year	6,694	763	8,108	15,565
At 31 December 2018	14,504	1,763	38,917	55,184
Carrying amount
At 31 December 2018	119,368	1,284	-	120,652
At 31 December 2017	126,062	2,047	8,108	136,217

5

Debtors

	2018 £	(As restated) 2017 £
Trade debtors	12,396	6,561
Other debtors	11,868	10,417
Prepayments	836	610
	25,100	17,588

Page 7

Monopoly Partners Limited

Notes to the Financial Statements

Year Ended 31 December 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings		200,000	216,545
Other creditors		42,707	55,059
Accrued expenses and deferred income		1,200	1,200
		243,907	272,804

Included in loans and borrowings at the year end is £200,000 (2017 - £200,000) on which the following security has been provided:

A charge against the assets of the company.

Included in loans and borrowings is the amount of hire purchase obligations of £Nil (2017 - £16,545) on which the following security has been provided:

Secured on the individual assets financed.

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Related party transactions

Summary of transactions with key management

The directors provided the company with finance, this amount is interest free and payable on demand. Of the amounts loaned, M M Newing loaned the company £200,000 which is secured upon the assets of the company.
 

2018	£
Amounts payable to related party	242,707

2017	£
Amounts payable to related party	255,059

Page 8