Midland Homes Estate Agents and Lettings Limited Filleted accounts for Companies House (small and micro)

MIDLAND HOMES ESTATE AGENTS AND LETTINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03783800

Midland Homes Estate Agents and Lettings Limited

Filleted Unaudited Financial Statements

30 June 2019

Midland Homes Estate Agents and Lettings Limited

Statement of Financial Position

30 June 2019

	2019	2018
Note	£	£

Fixed assets

Intangible assets	5	1,231	2,463
Tangible assets	6	214	252
		---------	---------
		1,445	2,715

Current assets

Debtors	7	10,327	10,327
Cash at bank and in hand		191	83
		---------	---------
		10,518	10,410

Creditors: amounts falling due within one year	8	58,068	57,096
		---------	---------
Net current liabilities		47,550	46,686
		---------	---------
Total assets less current liabilities		( 46,105)	( 43,971)

Creditors: amounts falling due after more than one year	9	20,000	20,000
		---------	---------
Net liabilities		( 66,105)	( 63,971)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 66,205)	( 64,071)
	---------	---------
Shareholders deficit	( 66,105)	( 63,971)
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Midland Homes Estate Agents and Lettings Limited

Statement of Financial Position (continued)

30 June 2019

These financial statements were approved by the board of directors and authorised for issue on 26 February 2020 , and are signed on behalf of the board by:

K Kaur
Director

Company registration number: 03783800

Midland Homes Estate Agents and Lettings Limited

Notes to the Financial Statements

Year ended 30 June 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 11B Well Street, Birmingham, West Midlands, B19 3BG.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date .

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and Fittings	-	15% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2018: 2 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2018 and 30 June 2019	24,639
	---------
Amortisation
At 1 July 2018	22,176
Charge for the year	1,232
	---------
At 30 June 2019	23,408
	---------
Carrying amount
At 30 June 2019	1,231
	---------
At 30 June 2018	2,463
	---------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 July 2018 and 30 June 2019	2,570	1,616	4,186
	---------	---------	---------
Depreciation
At 1 July 2018	2,405	1,529	3,934
Charge for the year	25	13	38
	---------	---------	---------
At 30 June 2019	2,430	1,542	3,972
	---------	---------	---------
Carrying amount
At 30 June 2019	140	74	214
	---------	---------	---------
At 30 June 2018	165	87	252
	---------	---------	---------

7. Debtors

	2019	2018
	£	£
Other debtors	10,327	10,327
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Other creditors	58,068	57,096
	---------	---------

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

	2019	2018
	£	£
Other creditors	20,000	20,000
	---------	---------

10. Director's advances, credits and guarantees

During the year there were no advances, credits or guarantees to the director. Amounts due to the director at the year end amounted to £53,937 (2018: £54,037) The company was under the control of Mrs K Kaur throughout the current and previous year.

11. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 section 1A .