Missendon Limited - Period Ending 2019-11-30

Registration number: 03208751

Missendon Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2019

Missendon Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 5

Missendon Limited

(Registration number: 03208751)
Balance Sheet as at 30 November 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	325,000	325,000
Current assets
Debtors	5	9,116	12,035
Cash at bank and in hand		226,880	236,300
		235,996	248,335
Creditors: Amounts falling due within one year	6	(22,670)	(26,323)
Net current assets		213,326	222,012
Net assets		538,326	547,012
Capital and reserves
Called up share capital		2	2
Other reserves		229,947	229,947
Profit and loss account		308,377	317,063
Total equity		538,326	547,012

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 Board on 29 July 2020 and signed on its behalf by:
 

.........................................

A P Butcher
Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

Missendon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
54 Clarence Road
Windsor
Berkshire
SL4 5AU

2	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 gross rents invoiced to third parties in respect of investment properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 2

Missendon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019

Investment property

Properties held for investment are included in the financial statements at open market value as determined annually by the directors, who are professionally qualified valuers and any surplus or deficit arising is transferred to the investment revaluation reserve.

Acquisition and disposals of properties are recognised where binding contracts have been exchanged during the accounting period, provided completion takes place prior to approval of the accounts.

In accordance with Statement of Standard Accounting Practice No. 19, no depreciation is provided in respect of freehold properties or leasehold properties with over 20 years to expiry. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one amongst many factors reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the accounts giving a true and fair view.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

Page 3

Missendon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 December 2018	325,000	325,000
At 30 November 2019	325,000	325,000
Depreciation
Carrying amount
At 30 November 2019	325,000	325,000
At 30 November 2018	325,000	325,000

The directors revalued the leasehold investment property on 30 November 2002 on an existing use open market value basis.

5

Debtors

	2019 £	2018 £
Trade debtors	6,000	9,000
Prepayments	3,116	3,035
	9,116	12,035

Page 4

Missendon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	-	3,642
Taxation and social security	3,827	3,838
Other creditors	18,843	18,843
	22,670	26,323

7	Related party transactions

Other transactions with directors

A P Butcher (director) made a loan to the company. At the balance sheet date the amount due to A P Butcher was £3,102 (2018 - £3,102).

E J Mercer (director) made a loan to the company. At the balance sheet date the amount due to E J Mercer was £91 (2018 - £91).

Page 5