Market Court Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06421399 (England and Wales)

Unaudited Financial Statements For The Year Ended 30th June 2019

for

Market Court Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Dr A Grimley

Mrs J M Grimley

M F Smith

Mrs G M Smith

SECRETARY:

M F Smith

REGISTERED OFFICE:

7 Market Place

Brigg

North Lincolnshire

DN20 8ES

REGISTERED NUMBER:

06421399 (England and Wales)

ACCOUNTANTS:

Aston Shaw Limited

11 King Street

King's Lynn

Norfolk

PE30 1ET

FIXED ASSETS

Tangible assets

4

924

1,232

Investment property

5

496,353

496,353

497,277

497,585

CURRENT ASSETS

Debtors

6

318,171

312,156

Cash at bank

3,003

10,819

321,174

322,975

CREDITORS

Amounts falling due within one year

7

692,310

702,517

NET CURRENT LIABILITIES

(371,136

)

(379,542

)

TOTAL ASSETS LESS CURRENT LIABILITIES

126,141

118,043

CREDITORS

Amounts falling due after more than one year

8

15,258

15,258

NET ASSETS

110,883

102,785

CAPITAL AND RESERVES

Called up share capital

9

400

400

Retained earnings

10

110,483

102,385

SHAREHOLDERS' FUNDS

110,883

102,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29th January 2020 and were signed on its behalf by:

Mrs J M Grimley - Director

1.	STATUTORY INFORMATION

Market Court Developments Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for

goods and services provided in the normal course of business net of value added tax.

Where the outcome of a construction contract can be estimated reliably and it is probable that the contract will be

profitable, revenue and cost are recognised over the period of the contract. Where it is probable that total contract costs will

exceed total contract revenue, the expected loss is recognised immediately.

The company uses the 'percentage of completion method' to determine the appropriate amount to recognise in a given

period. The stage of completion is measured by reference to the contract costs incurred up to the balance sheet date as a

percentage of the total estimated costs for each contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in market value is

transferred to a revaluation reserve. The directors are of the opinion that the cost price of the property remains similar to

current market value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Going concern.

These financial statements have been prepared on the going concern basis. The directors consider this basis to be

appropriate but have not assessed a period in excess of 12 months from the date of approving the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st July 2018

and 30th June 2019

1,471

DEPRECIATION

At 1st July 2018

239

Charge for year

308

At 30th June 2019

547

NET BOOK VALUE

At 30th June 2019

924

At 30th June 2018

1,232

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st July 2018

and 30th June 2019

496,353

NET BOOK VALUE

At 30th June 2019

496,353

At 30th June 2018

496,353

The directors, using their knowledge of property prices in the local area, believe that the cost value shown in the accounts

is a reasonable estimation for the fair value of the property.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/19

30/6/18

£

£

Work done not billed

315,480

310,046

VAT

2,691

2,110

318,171

312,156

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/19

30/6/18

£

£

Trade creditors

-

144

Directors' current accounts

690,399

700,386

Accruals and deferred income

1,911

1,987

692,310

702,517

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/6/19

30/6/18

£

£

Trade creditors

15,258

15,258

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/6/19

30/6/18

value:

£

£

400

Ordinary

£1

400

400

10.

RESERVES

Retained

earnings

£

At 1st July 2018

102,385

Profit for the year

8,098

At 30th June 2019

110,483

11.	CONTINGENT ASSETS

£27,000 was awarded to the company by a Court Ruling following a legal case against Mr Woolins. Payment of the amount

owed has not been forthcoming. Subsequently, a charge has been raised against Mr Woolins' private residence. The funds

are owed to the company once Mr Woolins sells the property. It is believed that Mr Woolins has no intention to sell the

property. It is impracticable to calculate the net present value of the amount due as the receipt date is unknown and

impossible to predict.

12.	RELATED PARTY DISCLOSURES

Control

The directors each own 25% of the share capital and therefore control the company.

Related Party Disclosures

At the year end the directors current accounts stood at £690,399 (2018 - £700,386) owed to the directors.