Maidenhead Properties Limited Filleted accounts for Companies House (small and micro)

MAIDENHEAD PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10723437

Maidenhead Properties Limited

Filleted Unaudited Financial Statements

25 March 2019

Maidenhead Properties Limited

Statement of Financial Position

25 March 2019

	2019	2018
Note	£	£

Fixed assets

Investment Property	5	1,750,000	1,750,000

Current assets

Debtors	6	19,424	4,373
Cash at bank and in hand		5,480	7,071
		--------	--------
		24,904	11,444

Creditors: amounts falling due within one year	7	643,483	634,050
		---------	---------
Net current liabilities		618,579	622,606
		------------	------------
Total assets less current liabilities		1,131,421	1,127,394

Creditors: amounts falling due after more than one year	8	800,000	800,000

Provisions	55,700	62,253
	------------	------------
Net assets	275,721	265,141
	------------	------------

Capital and reserves

Called up share capital		1	1
Profit and loss account	10	275,720	265,140
		---------	---------
Shareholders funds		275,721	265,141
		---------	---------

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.

For the year ending 25 March 2019 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 .

Maidenhead Properties Limited

Statement of Financial Position (continued)

25 March 2019

These financial statements were approved by the board of directors and authorised for issue on 18 December 2019 , and are signed on behalf of the board by:

S G Graham

Director

Company registration number: 10723437

Maidenhead Properties Limited

Notes to the Financial Statements

Year ended 25 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hurst House, High Street, Ripley, Surrey, GU23 6AY.

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.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Revenue recognition

Turnover represents the total amount receivable by the company in the ordinary course of business from the rental of property. Rental income is accrued on a time basis, by reference to the agreements entered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

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 as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average numbers of persons employed by the company during the year amounted to 0 (2018: 0)

5. Investment property

	Investment property
	£
Cost
At 26 March 2018 and 25 March 2019	1,750,000
	------------
Impairment
At 26 March 2018 and 25 March 2019	–
	------------

Carrying amount
At 25 March 2019	1,750,000
	------------
At 25 March 2018	1,750,000
	------------

Cost or valuation at 25th March 2019 is represented by:

		2019
		£
	Cost	1,422,351
	Revaluations	327,649
		------------
	Valuation	1,750,000
		------------

Investment property was valued on an open market basis on 25 March 2019 by the directors.

The historical cost of the investment properties, included above at a valuation of £1,750,000 was £1,422,351 (2018: £1,422,351).

6. Debtors

	2019	2018
	£	£
Trade debtors	3,268	2,075
Amounts owed by group undertakings and undertakings in which the company has a participating interest	4,000	–
Other debtors	12,156	2,298
	--------	-------
	19,424	4,373
	--------	-------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	634,731	629,229
Corporation tax	848	–
Other creditors	7,904	4,821
	---------	---------
	643,483	634,050
	---------	---------

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

	2019	2018
	£	£
Bank loans and overdrafts	800,000	800,000
	---------	---------

Amounts falling due in more than five years

	2019	2018
	£	£
Bank Loans due in more than 5 years	800,000	800,000

9. Secured debts

The following secured debts are included within creditors.

	2019	2018
	£	£
Bank loans	800,000	800,000

The bank loan is secured over all monies due to the company and charged over leasehold investment properties.

The loan is for a period of 10 years and matures on March 2028. There is a 5 year fixed rate of interest on this loan of 3.69%. The carrying value at the balance sheet date is £800,000 (2018: £800,000).

10. Reserves

	Distributable Reserves	Fair Value Reserve	Deferred Tax	Total P&L Reserve
	£	£	£	£
Opening Balance 26 March 2018	(256)	327,649	(62,253)	265,140
Movements	4,027	–	6,553	10,580
	---------	---------	--------	---------
Closing Balance 25 March 2019	3,771	327,649	(55,700)	275,720
	---------	---------	--------	---------

The total amount of distributable reserves as at 25 March 2019 was £3,771.

11. Directors' advances, credits and guarantees

During the year the company advanced £12,156 (2018: £Nil) to the Directors. The loan is interest free and repayable on demand. At the balance sheet date the directors owed the company £12,156 (2018: £nil).