Matsim Properties Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03118421 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED

30 SEPTEMBER 2014

FOR

MATSIM PROPERTIES LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

A Lambor

C R Ritchie

SECRETARY:

Mrs S Lambor

REGISTERED OFFICE:

Maria House

35 Millers Road

Brighton

East Sussex

BN1 5NP

REGISTERED NUMBER:

03118421 (England and Wales)

ACCOUNTANTS:

Chisnall Comer Ismail & Co

Chartered Accountants

Maria House

35 Millers Road

Brighton

East Sussex

BN1 5NP

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages three to eight) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Matsim Properties Limited for the year ended 30 September 2014 which comprise

the Profit and Loss Account, the Balance Sheet, the Statement of Total Recognised Gains and Losses and

the related notes from the company's accounting records and from information and explanations you have

given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we

are subject to its ethical and other professional requirements which are detailed at

icaew.com/membershandbook.

This report is made solely to the Board of Directors of Matsim Properties Limited, as a body, in accordance

with our terms of engagement. Our work has been undertaken solely to prepare for your approval the

financial statements of Matsim Properties Limited and state those matters that we have agreed to state to the

Board of Directors of Matsim Properties Limited, as a body, in this report in accordance with AAF 2/10 as

detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this

report.

It is your duty to ensure that Matsim Properties Limited has kept adequate accounting records and to prepare

statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit

of Matsim Properties Limited. You consider that Matsim Properties Limited is exempt from the statutory audit

requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Matsim Properties

Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or

information and explanations you have given to us and we do not, therefore, express any opinion on the

statutory financial statements.

Chisnall Comer Ismail & Co

Chartered Accountants

Maria House

35 Millers Road

Brighton

East Sussex

BN1 5NP

27 March 2015

FIXED ASSETS

Tangible assets

2

190,280

227,201

Investments

3

74,000

194,276

Investment property

4

18,804,295

17,980,000

19,068,575

18,401,477

CURRENT ASSETS

Debtors

188,088

340,176

Cash at bank and in hand

106,264

471,851

294,352

812,027

CREDITORS

Amounts falling due within one year

5

1,544,107

2,849,698

NET CURRENT LIABILITIES

(1,249,755

)

(2,037,671

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,818,820

16,363,806

CREDITORS

Amounts falling due after more than one year

5

7,345,620

6,504,816

NET ASSETS

10,473,200

9,858,990

CAPITAL AND RESERVES

Called up share capital

6

2

2

Revaluation reserve

9,756,148

9,788,266

Profit and loss account

717,050

70,722

SHAREHOLDERS' FUNDS

10,473,200

9,858,990

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 26 March 2015 and were signed on its behalf by:

A Lambor - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective April 2008).

Turnover

Turnover comprises rent receivable from investment properties together with revenue recognised by

the company in respect of goods and services supplied, exclusive of value added tax.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on reducing balance

Investment property

Investment properties are stated at open market value. The valuations are carried out annually by the

company's directors in accordance with the Financial Reporting Standards for Smaller Entities

(effective April 2008). Surpluses or deficits arising on the revaluations are dealt with through the

revaluation reserve.

In accordance with the FRSSE 2008 no depreciation or amortisation is provided in respect of the

investment properties. This treatment is a departure from the requirement of the Companies Act 2006

that depreciation is charged to write off the value of the investment properties, less any residual value,

systematically over their useful economic lives. However these properties are not held for

consumption but for investment and the directors consider that systematic annual depreciation would

be inappropriate. The accounting policy is therefore necessary for the accounts to give a true and fair

view.

Deferred tax

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

the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Investments

Investments in associated undertakings are valued at cost less provision for impairment.

Going concern

The company's balance sheet at the year end showed net current liabilities of £1,249,755.

The company's short term borrowings exceed current assets, however there are significant investment

properties held, and there is a expectation that debts will be paid as they fall due and the company will

trade comfortable for the foreseeable future. For this reason the directors feel that it is appropriate to

continue to adopt the going concern basis of accounting.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

713,886

Additions

26,235

At 30 September 2014

740,121

DEPRECIATION

At 1 October 2013

486,685

Charge for year

63,156

At 30 September 2014

549,841

NET BOOK VALUE

At 30 September 2014

190,280

At 30 September 2013

227,201

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 October 2013

and 30 September 2014

74,000

NET BOOK VALUE

At 30 September 2014

74,000

At 30 September 2013

74,000

The company's investments at the balance sheet date in the share capital of companies include the

following:

Joint venture

The company has a 60% share in a joint venture with Mr Verschoyle and Ms Coull. For the year ended

31 March 2014, this joint venture made a profit of £177,176 of which £106,306 related to Matsim

Properties Limited.

Associated company

Greenleaf Properties Sussex Limited

Nature of business: Property investment

%

Class of shares:

holding

Ordinary B

100.00

31.8.14

31.8.13

£

£

Aggregate capital and reserves

1,003,501

799,778

Profit for the year

42,513

18,925

Loans

£

At 1 October 2013

120,276

Additions

178,806

Disposals

(299,082

)

At 30 September 2014

-

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 October 2013

17,980,000

Additions

856,413

Revaluations

(32,118

)

At 30 September 2014

18,804,295

NET BOOK VALUE

At 30 September 2014

18,804,295

At 30 September 2013

17,980,000

5.

CREDITORS

Creditors include an amount of £ 7,840,414 (2013 - £ 8,178,948 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

302,950

3,036,352

The company's bank loans and overdraft amounting to £6,115,879 are secured by fixed and floating

charges against the assets of the company.

Other creditors falling due after one year include a loan of £1,500,000 which is secured over the

company's development stock.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary

£1

2

2