| Maygrove Apartments Limited |
| Registered number: |
11027915 |
| Balance Sheet |
| as at 31 March 2020 |
|
| Notes |
|
|
2020 |
|
|
2019 |
| £ |
£ |
| Current assets |
| Debtors |
3 |
|
6,217 |
|
|
1,714 |
| Cash at bank and in hand |
|
|
88,370 |
|
|
87,105 |
|
|
|
94,587 |
|
|
88,819 |
|
| Creditors: amounts falling due within one year |
4 |
|
(602,308) |
|
|
(507,065) |
|
| Net current liabilities |
|
|
|
(507,721) |
|
|
(418,246) |
|
| Net liabilities |
|
|
|
(507,721) |
|
|
(418,246) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
(507,722) |
|
|
(418,247) |
|
| Shareholders' funds |
|
|
|
(507,721) |
|
|
(418,246) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| C Ogunmakin |
| Director |
| Approved by the board on 11 November 2020 |
|
| Maygrove Apartments Limited |
| Notes to the Accounts |
| for the year ended 31 March 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade debtors |
- |
|
1,714 |
|
Other debtors |
6,217 |
|
- |
|
|
|
|
|
|
6,217 |
|
1,714 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade creditors |
550,525 |
|
453,763 |
|
Other creditors |
51,783 |
|
53,302 |
|
|
|
|
|
|
602,308 |
|
507,065 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Events after the reporting date |
|
|
After the year end the coronavirus pandemic (Covid19) disrupted all sectors of the economy. The directors do not believe that it has had any effect on the financial results of the company for the year ended 31 March 2020. It is inevitably having a serious impact on the company's business in 2020/21, the eventual consequences of which cannot yet be reliably estimated, but the directors are taking every step to preserve the company's ability to trade. |
|
|
| 6 |
Other information |
|
|
Maygrove Apartments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
109 Gloucester Place |
|
London |
|
W1U 6JW |
|
|
| 7 |
Going concern |
|
|
The financial statements have been prepared on a going concern basis, notwithstanding the fact that as at 31 March 2020 total liabilities exceeded total assets by £507,721.
This basis is dependant upon the on-going support of the creditors of the company, none of whom have indicated their intention to withdraw their support. |
