Maplezone (Leicester) Limited Filleted accounts for Companies House (small and micro)

MAPLEZONE (LEICESTER) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04084449

MAPLEZONE (LEICESTER) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 October 2020

MAPLEZONE (LEICESTER) LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	1,200,000	1,350,000

Current assets

Debtors	6	226,067	147,753

Creditors: amounts falling due within one year	7	55,228	54,265
		----------	----------
Net current assets		170,839	93,488
		-------------	-------------
Total assets less current liabilities		1,370,839	1,443,488

Provisions	28,523	28,079
	-------------	-------------
Net assets	1,342,316	1,415,409
	-------------	-------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	1,342,315	1,415,408
	-------------	-------------
Shareholders funds	1,342,316	1,415,409
	-------------	-------------

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 income and retained earnings has not been delivered.

For the year ending 31 October 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 .

MAPLEZONE (LEICESTER) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2020

These financial statements were approved by the board of directors and authorised for issue on 5 March 2021 , and are signed on behalf of the board by:

J T Aram

Director

Company registration number: 04084449

MAPLEZONE (LEICESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Windsor House, A1 Business Park at, Long Bennington, Notts, NG23 5JR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Going concern

The UK is currently experiencing a pandemic of the coronavirus and the potential effects to the company and its future prospects cannot be fully quantified. The directors remain committed to the protection of the business, a position which is being regularly reviewed. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The only significant judgement and estimate made by the Directors is in relation to investment properties which have been valued by professional valuers on a fair value basis.

Revenue recognition

Turnover comprises rents receivable from tenants under operating leases, recognised on an accruals basis. Rents are recognised on a straight line basis over the term of the lease, excluding VAT. Income arising from rent reviews is recognised when agreement of new terms is reasonably certain. The cost of any incentives given to lessees to enter into leases is spread on a straight line basis over the period of the lease. Lease incentives are usually in the form of rent-free periods.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Investment property is initially recognised on acquisition at cost, including related acquisition costs, and is revalued annually by Chartered Surveyors to reflect fair value. Fair value is derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit or loss account. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

4. Employee numbers

The average number of persons employed by the company, including directors, during the year amounted to 3 (2019: 3).

5. Tangible assets

	Investment property
	£
Cost or valuation
At 1 November 2019	1,350,000
Revaluations	( 150,000)
	-------------
At 31 October 2020	1,200,000
	-------------
Depreciation
At 1 November 2019 and 31 October 2020	–
	-------------
Carrying amount
At 31 October 2020	1,200,000
	-------------
At 31 October 2019	1,350,000
	-------------

Tangible assets held at valuation

The investment property was valued by Fisher Hargreaves Proctor, Chartered Surveyors, on an open market value basis at 31 October 2020. The historic cost of the investment property is £917,921 (2019: £917,921)

6. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	226,067	147,753
	----------	----------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	794	200
Amounts owed to group undertakings and undertakings in which the company has a participating interest	14,571	14,571
Corporation tax	17,596	15,827
Social security and other taxes	4,905	6,305
Other creditors	17,362	17,362
	---------	---------
	55,228	54,265
	---------	---------

8. Reserves

Profit and loss account

The profit and loss account includes non-distributable reserves of £282,079 (2019: £432,079).

9. Related party transactions

At the year end a balance of £ 226,067 (2019: £147,753) was due from the parent company, Maplezone Property Investment Limited and a balance of £ 14,571 (2019: £14,571) was due to Maplezone (Northampton) Limited , a company under common control and ownership.

10. Controlling party

The company is ultimately controlled by Maplezone Property Investment Limited , a company incorporated and registered in England and Wales. The registered office and principal place of business of Maplezone Property Investment Limited is: 87 Main Street East Bridgford Nottinghamshire NG13 8NH