Macniven Quays Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05268419 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

MACNIVEN QUAYS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A J Hunt

REGISTERED OFFICE:

Calpe House

7a St Thomas Street

Winchester

SO23 9HE

REGISTERED NUMBER:

05268419 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Tangible assets

4

3,299

3,443

Investment property

5

367,135

-

370,434

3,443

CURRENT ASSETS

Stocks

1,628,720

1,628,720

Debtors

6

533,558

843,130

Cash at bank

100,950

74,675

2,263,228

2,546,525

CREDITORS

Amounts falling due within one year

7

349,576

295,366

NET CURRENT ASSETS

1,913,652

2,251,159

TOTAL ASSETS LESS CURRENT LIABILITIES

2,284,086

2,254,602

CREDITORS

Amounts falling due after more than one year

8

451,426

456,399

NET ASSETS

1,832,660

1,798,203

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

1,831,660

1,797,203

SHAREHOLDERS' FUNDS

1,832,660

1,798,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 April 2020 and were signed by:

A J Hunt - Director

1.	STATUTORY INFORMATION

Macniven Quays 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 the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

The financial statements are prepared on a going concern basis and are presented in Sterling (£) which is the

functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the

amounts reported for turnover and expenses during the year. However, the nature of estimation means that

actual outcomes could differ from those estimates. The following judgements (apart from those involving

estimates) have had the most significant effect on amounts recognised in the financial statements:

Revaluation of investment property:

The company carries its investment property at fair value. Any fair value gains arising are not realised profits

and therefore are transferred to a separately designated non-distributable fair value reserve. The method and

significant assumptions used to determine the fair value of investment property are further explained in Note

6.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax adjusted for accrued and deferred

income where applicable.

Turnover also includes rents receivable from the letting of units together with management charge income and

recharges.

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 cost

Computer equipment

-

50% on cost

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low

value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the

profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of

acquisition.

Investment property

Investment property represents the company's investment in a commercial property. It is initially recognised

at cost, which includes purchase cost and any directly attributable expenditure.

Investment property is measured at fair value at each reporting date. Any fair value gains arising are not

realised profits and therefore are transferred to a separately designated non distributable fair value reserve.

Any loss arising from revaluation is also recognised in the fair value reserve unless it represents a loss below

original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it

is recognised in profit or loss for the year.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure, including interest until completed, but no overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Debtors are shown at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past

event that will probably result in the transfer of funds to a third party and the amount due to settle the

obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their

settlement amount after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

9,447

Additions

4,662

At 31 December 2019

14,109

DEPRECIATION

At 1 January 2019

6,004

Charge for year

4,806

At 31 December 2019

10,810

NET BOOK VALUE

At 31 December 2019

3,299

At 31 December 2018

3,443

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

367,135

At 31 December 2019

367,135

NET BOOK VALUE

At 31 December 2019

367,135

Investment property represents the company's investment in a commercial property. Its fair value (open

market basis) was assessed by the director at 31 December 2019. The location and class of investment

property held by the company were among the factors that were taken into consideration when determining

fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

301,568

225,407

Amounts owed by group undertakings

61,450

361,999

Other debtors

170,540

255,724

533,558

843,130

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

43,808

26,128

Amounts owed to group undertakings

2,194

2,194

Taxation and social security

65,259

42,367

Other creditors

238,315

224,677

349,576

295,366

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Amounts owed to group undertakings

451,426

456,399

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE PARENT COMPANY

The ultimate parent company is Quay Developments (Southern) Limited.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Hunt.