Mount Skip Properties Limited - Period Ending 2019-03-31
Mount Skip Properties Limited - Period Ending 2019-03-31
Registration number:
Mount Skip Properties Limited
(A company limited by guarantee)
for the Year Ended 31 March 2019
Formally Hebden Bridge Golf Club Limited
Mount Skip Properties Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Mount Skip Properties Limited
Company Information
Directors |
Mrs F H Tighe Mr R Pickles Mr C G Hoyle |
Company secretary |
Mrs F H Tighe |
Registered office |
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Accountants |
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Page 1 |
Mount Skip Properties Limited
(Registration number: 00980225)
Statement of financial position as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Page 2 |
Mount Skip Properties Limited
(Registration number: 00980225)
Statement of financial position as at 31 March 2019
Approved and authorised by the
.........................................
Director
Page 3 |
Mount Skip Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The presentation currency of the financial statements is the Pound Sterling (£).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 4 |
Mount Skip Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Page 5 |
Mount Skip Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Depreciation |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Included within the net book value of land and buildings above is £1,490,000 (2018 - £1,490,000) in respect of freehold land and buildings.
Revaluation
The company's land and buildings were revalued on 22 November 2016 by an independent valuer, for insurance purposes. Directors confirm that the valuation remains correct. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £220,867 (2018 £220,867).
Debtors |
2019 |
2018 |
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Other debtors |
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Page 6 |
Mount Skip Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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In order to raise working capital, members were offered bonds on 2 April 2013. Members' bonds are non transferable and are redeemable upon the fifth anniversary of their issue, or upon the date of any winding up of the company. Interest of 4% per annum is payable to bond holders. Members' bonds are considered to be repayable on demand and a security deposit of £2,000 is payable by way of compensation in addition to repaying the original bond should the company be wound up within the five year period. Members' bonds were reinvested on 1 April 2018 for a further five year term, at the original interest rate.
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Members' bond holdings |
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Page 7 |
Mount Skip Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Lease and hire purchase obligations |
Total of future minimum lease payments under non-cancellable operating leases:
Note |
2019 |
2018 |
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No later than one year |
2,462 |
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Later than one year and not later than five years |
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5,148 |
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2,462 |
5,148 |
Page 8 |