Manxguard Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01491793 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

FOR

MANXGUARD LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D I Smith

Mr B J Smith

SECRETARY:

Mr D I Smith

REGISTERED OFFICE:

23 Yarm Road

Stockton on Tees

TS18 3NJ

REGISTERED NUMBER:

01491793 (England and Wales)

ACCOUNTANTS:

Lyons & Co Ltd

23 Yarm Road

Stockton on Tees

TS18 3NJ

FIXED ASSETS

Tangible assets

4

55,146

61,391

Investment property

5

4,211,106

4,161,882

4,266,252

4,223,273

CURRENT ASSETS

Stocks

-

294,574

Debtors

87,087

10,152

Cash at bank and in hand

112,719

147,384

199,806

452,110

CREDITORS

Amounts falling due within one year

228,971

484,121

NET CURRENT LIABILITIES

(29,165

)

(32,011

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,237,087

4,191,262

CREDITORS

Amounts falling due after more than one year

(893,027

)

(994,111

)

PROVISIONS FOR LIABILITIES

7

(216,740

)

(220,613

)

NET ASSETS

3,127,320

2,976,538

CAPITAL AND RESERVES

Called up share capital

200

200

Other reserve

8

876,636

890,780

Retained earnings

2,250,484

2,085,558

SHAREHOLDERS' FUNDS

3,127,320

2,976,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2021 and were signed on its behalf by:

Mr B J Smith - Director

Mr D I Smith - Director

1.	STATUTORY INFORMATION

Manxguard 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment properties are valued by the directors and included at open market value. Any excess on cost is taken to other reserves and any permanent reduction in value over cost is charged to the profit and loss account.

Stocks

Stocks are building material stocks and land and development work in progress. Both are valued at the lower of cost and net realisable value.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2019

155,789

Additions

29,162

Disposals

(38,478

)

At 30 June 2020

146,473

DEPRECIATION

At 1 July 2019

94,398

Charge for year

15,257

Eliminated on disposal

(18,328

)

At 30 June 2020

91,327

NET BOOK VALUE

At 30 June 2020

55,146

At 30 June 2019

61,391

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2019

4,161,882

Additions

357,274

Disposals

(308,050

)

At 30 June 2020

4,211,106

NET BOOK VALUE

At 30 June 2020

4,211,106

At 30 June 2019

4,161,882

Investment properties have an original cost of £2,828,247 (2019: £3,062,153)

6.	SECURED DEBTS

The following secured debts are included within creditors:

30/6/20

30/6/19

£

£

Bank loans

1,000,740

1,087,859

All bank loans are secured by a legal charge over several assets of the business. The loans are repayable on a monthly basis on normal commercial terms.

7.	PROVISIONS FOR LIABILITIES

30/6/20

30/6/19

£

£

Deferred tax

216,740

220,613

Deferred

tax

£

Balance at 1 July 2019

220,613

Provided during year

(3,873

)

Balance at 30 June 2020

216,740

8.

RESERVES

Other

reserve

£

At 1 July 2019

890,780

Property revaluation movement

(14,144

)

At 30 June 2020

876,636

9.	RELATED PARTY DISCLOSURES

During the year the following transactions with the directors occurred:

A motor vehicle was sold in the year from the company to BJ Smith for £18,000 which was at open market value.

10.	ULTIMATE CONTROLLING PARTY

During the year the company was controlled by Mr DI Smith.