MOP (Portsmouth) Limited - Period Ending 2019-04-30
MOP (Portsmouth) Limited - Period Ending 2019-04-30
Registration number:
MOP (Portsmouth) Limited
for the Period from 13 April 2018 to 30 April 2019
MOP (Portsmouth) Limited
Contents
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Balance Sheet |
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Notes to the Financial Statements |
MOP (Portsmouth) Limited
(Registration number: 11308719)
Balance Sheet as at 30 April 2019
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2019 |
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Fixed assets |
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Investment property |
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Current assets |
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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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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
MOP (Portsmouth) Limited
(Registration number: 11308719)
Balance Sheet as at 30 April 2019
For the financial period ending 30 April 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 Profit and Loss Account has been taken.
Approved and authorised by the
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Director
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Page 2 |
MOP (Portsmouth) Limited
Notes to the Financial Statements for the Period from 13 April 2018 to 30 April 2019
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
UK
These financial statements were authorised for issue by the
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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.
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.
Investment property
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Page 3 |
MOP (Portsmouth) Limited
Notes to the Financial Statements for the Period from 13 April 2018 to 30 April 2019
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 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 Profit and Loss Account 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Page 4 |
MOP (Portsmouth) Limited
Notes to the Financial Statements for the Period from 13 April 2018 to 30 April 2019
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Investment properties |
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2019 |
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Additions |
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At 30 April |
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There has been no valuation of investment property by an independent valuer.
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Creditors |
Creditors: amounts falling due within one year
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Note |
2019 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
5,490 |
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Corporation tax |
11,784 |
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Creditors: amounts falling due after more than one year
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Note |
2019 |
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Due after one year |
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Loans and borrowings |
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2019 |
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Due after more than five years |
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After more than five years not by instalments |
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The loans and borrowings are secured on investment property with a fair value of £1,989,709.
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Page 5 |
MOP (Portsmouth) Limited
Notes to the Financial Statements for the Period from 13 April 2018 to 30 April 2019
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Loans and borrowings |
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2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
The amount of the bank borrowings not due by instalments after five years is £1,259,950.
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Related party transactions |
Summary of transactions with other related parties
(A company in which RT Morris and JEB Oliver are directors and JEB Oliver is a person of significant control)
During the year OMPD Limited received a loan from the company. No interest is being charged on this loan. At the balance sheet date the amount due from OMPD Limited was £24,177, however this balance has been written off as at 30 April 2019.
MOP
(Partnership operated by RT Morris and JEB Oliver (directors of the company))
The business of MOP (Portsmouth) Limited formerly operated as the MOP partnership and was transferred to the company on 12 October 2018. The consideration for the net assets acquired was £1,057,108. At the balance sheet date the amount due to MOP was £nil.
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