MW Amusements Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03161961 (England and Wales)

MW AMUSEMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M W Woolls

SECRETARY:

Mr M W Woolls

REGISTERED OFFICE:

424 Margate Road

Westwood

Ramsgate

Kent

CT12 6SR

REGISTERED NUMBER:

03161961 (England and Wales)

ACCOUNTANTS:

Spurling Cannon

Chartered Certified Accountants

424 Margate Road

Westwood

Ramsgate

Kent

CT12 6SJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,205,166

2,078,305

Investment property

6

2,341,500

1,636,895

4,546,666

3,715,200

CURRENT ASSETS

Debtors

7

98,360

97,759

Cash at bank and in hand

181,124

308,233

279,484

405,992

CREDITORS

Amounts falling due within one year

8

49,882

128,510

NET CURRENT ASSETS

229,602

277,482

TOTAL ASSETS LESS CURRENT LIABILITIES

4,776,268

3,992,682

PROVISIONS FOR LIABILITIES

222,420

109,673

NET ASSETS

4,553,848

3,883,009

CAPITAL AND RESERVES

Called up share capital

225,000

225,000

Retained earnings

4,328,848

3,658,009

SHAREHOLDERS' FUNDS

4,553,848

3,883,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

The financial statements were approved by the director and authorised for issue on 4 November 2020 and were signed by:

Mr M W Woolls - Director

1.	STATUTORY INFORMATION

MW Amusements 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 represents income from trading activities net of Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1996, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Short leasehold

-

in accordance with the property

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

60,601

AMORTISATION

At 1 April 2019

and 31 March 2020

60,601

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Long

Plant and

property

leasehold

leasehold

machinery

£

£

£

£

COST

At 1 April 2019

1,611,853

71,186

244,256

1,009,044

Additions

58,214

-

-

165,594

At 31 March 2020

1,670,067

71,186

244,256

1,174,638

DEPRECIATION

At 1 April 2019

-

44,637

-

814,357

Charge for year

-

6,636

-

90,071

At 31 March 2020

-

51,273

-

904,428

NET BOOK VALUE

At 31 March 2020

1,670,067

19,913

244,256

270,210

At 31 March 2019

1,611,853

26,549

244,256

194,687

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2019

16,710

9,106

333

2,962,488

Additions

-

-

-

223,808

At 31 March 2020

16,710

9,106

333

3,186,296

DEPRECIATION

At 1 April 2019

15,955

9,006

228

884,183

Charge for year

189

25

26

96,947

At 31 March 2020

16,144

9,031

254

981,130

NET BOOK VALUE

At 31 March 2020

566

75

79

2,205,166

At 31 March 2019

755

100

105

2,078,305

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

1,636,895

Revaluations

704,605

At 31 March 2020

2,341,500

NET BOOK VALUE

At 31 March 2020

2,341,500

At 31 March 2019

1,636,895

Fair value at 31 March 2020 is represented by:

£

Valuation in 2018

645,133

Valuation in 2020

704,605

Cost

991,762

2,341,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

98,360

97,759

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

21,136

Trade creditors

17,713

11,096

Taxation and social security

3,097

38,775

Other creditors

29,072

57,503

49,882

128,510

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

-

21,136

Fixed and Floating Charge over all assets, goodwill, undertaking and uncalled capital, both present and future of MW Amusements Ltd.

First Legal Mortgage over the freehold property of MW Amusements Ltd known as 1-6 Park Parade, High Street, Dymchurch, Kent.

First Legal Mortgage over the freehold property of MW Amusements Ltd known as Amusement Park Dymchurch, Dymchurch, Kent.

Debenture comprising fixed and floating charges over all the assets and undertaking of MW Amusements Ltd including all present and future freehold and leasehold property, book and other debts, chattels and goodwill and uncalled capital, both present and future.