Mapesbury Homes Limited 31/12/2018 iXBRL

Mapesbury Homes Limited 31/12/2018 iXBRL

MAPESBURY HOMES LIMITED - Company Information

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Company registration number: 02561329
Mapesbury Homes Limited
Unaudited filleted financial statements
for the year ended 31 December 2018
Mapesbury Homes Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Mapesbury Homes Limited
Directors and other information
Director Mr Mark Smith
Company number 02561329
Registered office No 3 Hampstead West
224 Iverson Road
London
NW6 2HX
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Mapesbury Homes Limited
Statement of financial position
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 6,810,000 8,705,000
Investments 6 261,258 -
_______ _______
7,071,258 8,705,000
Current assets
Debtors 7 510,761 714,131
Cash at bank and in hand 17,344 12,590
_______ _______
528,105 726,721
Creditors: amounts falling due
within one year 8 ( 205,045) ( 220,457)
_______ _______
Net current assets 323,060 506,264
_______ _______
Total assets less current liabilities 7,394,318 9,211,264
Creditors: amounts falling due
after more than one year 9 ( 3,773,472) ( 3,775,472)
Provisions for liabilities ( 252,775) ( 528,555)
_______ _______
Net assets 3,368,071 4,907,237
_______ _______
Capital and reserves
Called up share capital 1 1
Revaluation reserve 4,432,183 4,432,183
Profit and loss account ( 1,064,113) 475,053
_______ _______
Shareholder funds 3,368,071 4,907,237
_______ _______
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.
Director's responsibilities:
- The member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2019 , and are signed on behalf of the board by:
Mr Mark Smith
Director
Company registration number: 02561329
Mapesbury Homes 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 UK. The address of the registered office is No 3 Hampstead West, 224 Iverson Road, London, NW6 2HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover represents the value of services provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration due.Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date, based on a proportion of the total expected consideration at completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 fixed assets consist entirely of properties acquired for investment purposes.Investment properties are stated at their Fair Value, as at the year end date.No depreciation or amortisation is provided in respect of the investment properties. The treatment of the company's investment properties is a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2017: Nil).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 January 2018 8,705,000 8,705,000
Additions 22,512 22,512
Revaluation ( 1,917,512) ( 1,917,512)
_______ _______
At 31 December 2018 6,810,000 6,810,000
_______ _______
Depreciation
At 1 January 2018 and 31 December 2018 - -
_______ _______
Carrying amount
At 31 December 2018 6,810,000 6,810,000
_______ _______
At 31 December 2017 8,705,000 8,705,000
_______ _______
In accordance with FRS 102, the investment properties were all restated at Fair Value at the year end date by the director, M. Smith. The director does not hold any professional property surveying qualifications, but relies on his vast business experience to value the properties.No depreciation is provided in respect of these properties.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2018 - -
Additions 261,258 261,258
_______ _______
At 31 December 2018 261,258 261,258
_______ _______
Impairment
At 1 January 2018 and 31 December 2018 - -
_______ _______
Carrying amount
At 31 December 2018 261,258 261,258
_______ _______
At 31 December 2017 - -
_______ _______
7. Debtors
2018 2017
£ £
Amounts owed by related parties 465,230 671,818
Other debtors 45,531 42,313
_______ _______
510,761 714,131
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 18,276 6,801
Amounts owed to related parties 123,601 123,757
Corporation tax 24,059 25,390
Social security and other taxes 527 32,142
Other creditors 38,582 32,367
_______ _______
205,045 220,457
_______ _______
Within Other creditors is an amount of £6,000 in relation to bank loans. These loans are secured against the properties owned by the company.
9. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 3,773,472 3,775,472
_______ _______
Loans advanced to the company are secured against the properties owned by the company.