| Maygrove Apartments Limited |
| Registered number: |
11027915 |
| Balance Sheet |
| as at 31 March 2018 |
|
| Notes |
|
|
2018 |
|
| £ |
|
| Current assets |
| Debtors |
2 |
|
3,613 |
| Cash at bank and in hand |
|
|
82,984 |
|
|
|
86,597 |
|
|
|
| Creditors: amounts falling due within one year |
3 |
|
(303,065) |
|
| Net current liabilities |
|
|
|
(216,468) |
|
|
| Net liabilities |
|
|
|
(216,468) |
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
| Profit and loss account |
|
|
|
(216,469) |
|
| Shareholders' funds |
|
|
|
(216,468) |
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| C Ogunmakin |
| Director |
| Approved by the board on 18 October 2019 |
|
| Maygrove Apartments Limited |
| Notes to the Accounts |
| for the period from 24 October 2017 to 31 March 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at fair value of rent received or receivable, net of discounts and value added tax. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
| 2 |
Debtors |
2018 |
|
| £ |
|
|
|
Trade debtors |
3,613 |
|
|
|
|
|
|
|
|
|
| 3 |
Creditors: amounts falling due within one year |
2018 |
|
| £ |
|
|
|
Trade creditors |
260,163 |
|
Other creditors |
42,902 |
|
|
|
|
|
|
303,065 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Other financial commitments |
2018 |
|
| £ |
|
|
|
Total future minimum payments under non-cancellable operating leases |
|
12,350,000 |
|
|
|
|
|
|
|
|
|
| 5 |
Controlling party |
|
|
The company considers Southdawn Management Limited, a company incorporated in British Virgin Islands, as its ultimate parent undertaking. |
|
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| 6 |
Other information |
|
|
Maygrove Apartments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
109 Gloucester Place |
|
London |
|
W1U 6JW |
|
|
|
Its trading address is: |
|
73 Maygrove Road |
|
London |
|
NW6 2EG |
|
|
| 7 |
Going concern |
|
|
The financial statements have been prepared on a going concern basis, notwithstanding the fact that as at 31 March 2018 total liabilities exceeded total assets by £216,468.
This basis is dependant upon the on-going support of the creditors of the company, none of whom have indicated their intention to withdraw their support. |
|
|
| 8 |
Charges held on company |
|
|
Interland Capital Limited, a company under common control, has borrowed funds from Secure Trust Bank PLC. Their borrowing is secured on the company’s assets and undertakings. |
