Michael Thompson Property Limited Filleted accounts for Companies House (small and micro)

MICHAEL THOMPSON PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04516936

Michael Thompson Property Limited

Filleted Unaudited Financial Statements

31 December 2021

Michael Thompson Property Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		936,594	939,282

Current assets

Debtors	6	66,143	56,834
Cash at bank and in hand		365,218	337,631
		----------	----------
		431,361	394,465

Creditors: amounts falling due within one year	7	97,690		81,873
		----------		----------
Net current assets			333,671	312,592
			------------	------------
Total assets less current liabilities			1,270,265	1,251,874

Provisions

Taxation including deferred tax	36,628	36,644
	------------	------------
Net assets	1,233,637	1,215,230
	------------	------------

Capital and reserves

Called up share capital		100	100
Profit and loss account	8	1,233,537	1,215,130
		------------	------------
Shareholders funds		1,233,637	1,215,230
		------------	------------

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 December 2021 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 .

Michael Thompson Property Limited

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 11 April 2022 , and are signed on behalf of the board by:

Mr S Long
Director

Company registration number: 04516936

Michael Thompson Property Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Ninians Road, Carlisle, Cumbria, CA2 4NE.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The directors consider there were no significant judgements made in preparing the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - V aluations of investment properties - the directors estimate that the value of the investment property at the year end is not significantly different from the valuation carried out in 2004. - Bad debt provision - has been calculated by the directors based on their expectations and knowledge of the customers, the carrying value of the provision is £10,000 and it is offset against the trade debtors balance.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation policy

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. 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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it will remain at cost.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).

5. Tangible assets

	Freehold property	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost or Valuation
At 1 January 2021	926,760	2,974	21,500	951,234
Additions	–	591	–	591
	----------	-------	--------	----------
At 31 December 2021	926,760	3,565	21,500	951,825
	----------	-------	--------	----------
Depreciation
At 1 January 2021	–	2,546	9,406	11,952
Charge for the year	–	255	3,024	3,279
	----------	-------	--------	----------
At 31 December 2021	–	2,801	12,430	15,231
	----------	-------	--------	----------
Carrying amount
At 31 December 2021	926,760	764	9,070	936,594
	----------	-------	--------	----------
At 31 December 2020	926,760	428	12,094	939,282
	----------	-------	--------	----------

The property was revalued by Michael Carigiet, FRICS of Michael Carigiet Associates Limited on the basis of market value on 7 June,2004. The historic cost of this property is £462,513.

6. Debtors

	2021	2020
	£	£
Trade debtors	51,430	42,976
Other debtors	14,713	13,858
	--------	--------
	66,143	56,834
	--------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	24,999	24,551
Corporation tax	15,593	20,169
Social security and other taxes	8,778	4,561
Other creditors	48,320	32,592
	--------	--------
	97,690	81,873
	--------	--------

The bank overdraft (if any) is secured over the freehold property.

8. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. The total amount shown in the profit and loss account includes £425,475 (2020 - £425,475) which is undistributable.

9. Directors' advances, credits and guarantees

The Directors were not advanced any monies during the period.

10. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A other than already disclosed above.