Methuen & Gicquel Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08596537 (England and Wales)

METHUEN & GICQUEL LTD

Unaudited Financial Statements

for the Year Ended 31 July 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T J Gicquel

P M Methuen

REGISTERED OFFICE:

11 New Street

Pontnewydd

Cwmbran

NP44 1EE

REGISTERED NUMBER:

08596537 (England and Wales)

ACCOUNTANTS:

Griffiths Green Arnold

11 New Street

Pontnewydd

Cwmbran

NP44 1EE

FIXED ASSETS

Tangible assets

4

19,684

23,157

Investment property

5

292,031

292,031

311,715

315,188

CURRENT ASSETS

Debtors

6

11,525

119

Cash at bank

6,579

2,155

18,104

2,274

CREDITORS

Amounts falling due within one year

7

163,486

167,425

NET CURRENT LIABILITIES

(145,382

)

(165,151

)

TOTAL ASSETS LESS CURRENT LIABILITIES

166,333

150,037

CREDITORS

Amounts falling due after more than one year

8

86,706

95,800

NET ASSETS

79,627

54,237

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

79,625

54,235

79,627

54,237

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 3 May 2021 and were signed on its behalf by:

T J Gicquel - Director

1.	STATUTORY INFORMATION

Methuen & Gicquel Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

Fixtures and fittings

-

15% 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 NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 August 2019

and 31 July 2020

43,025

DEPRECIATION

At 1 August 2019

19,868

Charge for year

3,473

At 31 July 2020

23,341

NET BOOK VALUE

At 31 July 2020

19,684

At 31 July 2019

23,157

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2019

and 31 July 2020

292,031

NET BOOK VALUE

At 31 July 2020

292,031

At 31 July 2019

292,031

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

11,379

-

Other debtors

146

119

11,525

119

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans and overdrafts

8,100

8,100

Trade creditors

1,920

2,840

Taxation and social security

6,770

5,611

Other creditors

146,696

150,874

163,486

167,425

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans

86,706

95,800

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.20

31.7.19

£

£

Bank loans

94,806

103,900

The bank loan is secured on the property of the company.