Mallard Property (Exeter) Limited - Period Ending 2020-08-31

Mallard Property (Exeter) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Mallard Property (Exeter) Limited

Company Information

Director

Mr A Trump

Registered office

Vici House 2 Mallard Road Sowton Exeter Devon EX2 7LD

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Mallard Property (Exeter) Limited

Balance Sheet

31 August 2020

	Note	2020 £	2019 £
Fixed assets
Investment property	4	633,816	633,816
Current assets
Debtors	5	7,690	7,581
Cash at bank and in hand		16,767	7,448
		24,457	15,029
Creditors: Amounts falling due within one year	6	(281,969)	(277,214)
Net current liabilities		(257,512)	(262,185)
Total assets less current liabilities		376,304	371,631
Creditors: Amounts falling due after more than one year	6	(361,080)	(361,080)
Net assets		15,224	10,551
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		15,124	10,451
Total equity		15,224	10,551

Mallard Property (Exeter) Limited

Balance Sheet

31 August 2020

For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 June 2021
 

......................................... Mr A Trump Director

Company Registration Number: 09729264

Mallard Property (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Vici House
2 Mallard Road
Sowton
Exeter
Devon
EX2 7LD

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date the company had net current liabilities totalling £257,512 and is reliant on the continuing support of companies under the control of its director. Included within net current liabilities is £277,748 owed to such companies. Although no formal guarantees or arrangements are in place, there is no indication that support currently provided will be withdrawn within 12 months of the approval of these financial statements.

The director of Mallard Properties (Exeter) Limited has considered the impact of COVID-19 pandemic. In the opinion of the director, the company has sufficient working capital within existing facilities to contiune to trade for the foreseeable future, and therefore the financial statement have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable in respect of rental amounts receivable during the year.

Mallard Property (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment properties are measured at fair value annually with any change recognised in the profit and loss account. Fair value is determined by the director using his knowledge of current market prices, primarily driven by rental yields.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2019 - 0).

4	Investment properties

	2020 £
At 1 September	633,816
At 31 August	633,816

5

Debtors

	2020  £	2019  £
Trade debtors	1,090	156
Prepayments	6,600	7,425
	7,690	7,581

Mallard Property (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

6

Creditors

Creditors: amounts falling due within one year

	2020  £	2019  £
Due within one year
Trade creditors	55	17
Other creditors	277,748	274,100
Accrued expenses	2,416	2,447
Corporation tax	1,750	650
	281,969	277,214
Due after one year
Loans and borrowings	361,080	361,080

Mallard Property (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

Creditors: amounts falling due after more than one year

	2020 £	2019 £
Due after one year
Loans and borrowings	361,080	361,080

The bank loan is secured on the assets of the company by way of a legal mortgage over its investment property.

Creditors include bank loans repayable by instalments of £361,080 (2019 - £361,080) due after more than five years.

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Related party transactions

Summary of transactions with other related parties

The company receives finance from a company under the control of its director, all amounts advanced are repayable on demand and attract interest at 3% per annum. During the period interest totalling £8,196 (2019: £9,716) was charged and the balance outstanding at the period end was £277,748 (2019: £274,100).