Messina Investments Limited 05/04/2020 iXBRL

Messina Investments Limited 05/04/2020 iXBRL

MESSINA INVESTMENTS LIMITED - Company Information

Print Friendly Version

05/04/2020 2020-04-05 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2019-04-06 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 04355525 2019-04-06 2020-04-05 04355525 2020-04-05 04355525 2018-04-06 2019-04-05 04355525 2019-04-05 04355525 2018-04-05 04355525 core:Subsidiary1 2019-04-06 2020-04-05 04355525 bus:RegisteredOffice 2019-04-06 2020-04-05 04355525 bus:Director1 2019-04-06 2020-04-05 04355525 bus:Director2 2019-04-06 2020-04-05 04355525 bus:Director3 2019-04-06 2020-04-05 04355525 bus:Director4 2019-04-06 2020-04-05 04355525 bus:CompanySecretary1 2019-04-06 2020-04-05 04355525 core:HedgingReserve 2018-04-06 2019-04-05 04355525 core:RetainedEarningsAccumulatedLosses 2018-04-06 2019-04-05 04355525 core:HedgingReserve 2019-04-06 2020-04-05 04355525 core:RetainedEarningsAccumulatedLosses 2019-04-06 2020-04-05 04355525 core:WithinOneYear 2020-04-05 04355525 core:WithinOneYear 2019-04-05 04355525 core:AfterOneYear 2020-04-05 04355525 core:AfterOneYear 2019-04-05 04355525 core:ShareCapital 2020-04-05 04355525 core:ShareCapital 2019-04-05 04355525 core:HedgingReserve 2020-04-05 04355525 core:HedgingReserve 2019-04-05 04355525 core:RetainedEarningsAccumulatedLosses 2020-04-05 04355525 core:RetainedEarningsAccumulatedLosses 2019-04-05 04355525 core:ShareCapital 2018-04-05 04355525 core:RetainedEarningsAccumulatedLosses 2018-04-05 04355525 1 core:HedgingReserve 2018-04-06 2019-04-05 04355525 1 2018-04-06 2019-04-05 04355525 1 core:HedgingReserve 2019-04-06 2020-04-05 04355525 1 2019-04-06 2020-04-05 04355525 core:CostValuation core:Non-currentFinancialInstruments 2019-04-05 04355525 core:CostValuation core:Non-currentFinancialInstruments 2020-04-05 04355525 core:Non-currentFinancialInstruments 2020-04-05 04355525 core:Non-currentFinancialInstruments 2019-04-05 04355525 bus:SmallEntities 2019-04-06 2020-04-05 04355525 bus:AuditExempt-NoAccountantsReport 2019-04-06 2020-04-05 04355525 bus:FullAccounts 2019-04-06 2020-04-05 04355525 bus:SmallCompaniesRegimeForAccounts 2019-04-06 2020-04-05 04355525 bus:PrivateLimitedCompanyLtd 2019-04-06 2020-04-05
Company registration number: 04355525
Messina Investments Limited
Unaudited filleted financial statements
05 April 2020
Messina Investments Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Messina Investments Limited
Directors and other information
Directors M R Hamilton
A S Hamilton
B E Hamilton
R L Hamilton
Secretary B E Hamilton
Company number 04355525
Registered office Hamilton House
14 The Drive
Hove
East Sussex
BN3 3JA
Messina Investments Limited
Statement of financial position
5 April 2020
2020 2019
Note £ £ £ £
Fixed assets
Investments 5 843,655 968,655
_______ _______
843,655 968,655
Current assets
Stocks 1,349,859 300,932
Cash at bank and in hand 128,340 369,771
_______ _______
1,478,199 670,703
Creditors: amounts falling due
within one year 6 ( 819) ( 806)
_______ _______
Net current assets 1,477,380 669,897
_______ _______
Total assets less current liabilities 2,321,035 1,638,552
Creditors: amounts falling due
after more than one year 7 ( 1,939,314) ( 1,217,639)
_______ _______
Net assets 381,721 420,913
_______ _______
Capital and reserves
Called up share capital 500,000 500,000
Fair value reserve ( 250,000) ( 125,000)
Profit and loss account 131,721 45,913
_______ _______
Shareholders funds 381,721 420,913
_______ _______
For the year ending 05 April 2020 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 December 2020 , and are signed on behalf of the board by:
M R Hamilton
Director
Company registration number: 04355525
Messina Investments Limited
Statement of changes in equity
Year ended 5 April 2020
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 6 April 2018 500,000 - ( 37,902) 462,098
Profit for the year 83,815 83,815
Other comprehensive income for the year:
Fair value movements on investment in subsidiaries ( 125,000) ( 125,000)
_______ _______ _______ _______
Total comprehensive income for the year - ( 125,000) 83,815 ( 41,185)
_______ _______ _______ _______
At 5 April 2019 and 6 April 2019 500,000 ( 125,000) 45,913 420,913
Profit for the year 85,808 85,808
Other comprehensive income for the year:
Fair value movements on investment in subsidiaries ( 125,000) ( 125,000)
_______ _______ _______ _______
Total comprehensive income for the year - ( 125,000) 85,808 ( 39,192)
_______ _______ _______ _______
At 5 April 2020 500,000 ( 250,000) 131,721 381,721
_______ _______ _______ _______
Messina Investments Limited
Notes to the financial statements
Year ended 5 April 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Messina Investments Limited, Hamilton House, 14 The Drive, Hove, East Sussex, BN3 3JA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Income
Income 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Investments
Unlisted investments Total
£ £
Cost
At 6 April 2019 968,655 968,655
Provision (125,000) (125,000)
_______ _______
At 5 April 2020 843,655 843,655
_______ _______
Impairment
At 6 April 2019 and 5 April 2020 - -
_______ _______
Carrying amount
At 5 April 2020 843,655 843,655
_______ _______
At 5 April 2019 968,655 968,655
_______ _______
Holdings of 20% or more
Registered office Class of share Percentage of shares held
Other significant holdings
Boo Capital Limited 14 The Drive Hove BN3 3JA Ordinary 99%
6. Creditors: amounts falling due within one year
2020 2019
£ £
Corporation tax 119 106
Accruals 700 700
_______ _______
819 806
_______ _______
7. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 1,939,314 1,217,639
_______ _______
8. Related party transactions
As at the balance sheet date the company owed £1,939,314 (2019 £1,217,639) to associated companies in which the Directors have beneficial interests.