Manchester Quays (Sjp) Limited
Manchester Quays (Sjp) Limited
Registered number: 11915561
Unaudited Financial Statements
For The Year Ended
31 December 2021
Manchester Quays (Sjp) Limited
Unaudited Financial Statements
For The Year Ended
31 December 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
Manchester Quays (Sjp) Limited
Statement of Financial Position
As at
31 December 2021
Statement of Financial Position
Registered number:
11915561
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Creditors: Amounts Falling Due Within One Year | 7 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | (1,741,014) | (1,321,014) | |||
Manchester Quays (Sjp) Limited
Statement of Financial Position (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Manchester Quays (Sjp) Limited
Notes to the Financial Statements
For The Year Ended
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with the provisions of Financial Reporting Standard 102 Section 1A Small Entities, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 1.3).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
1.1.1 Financial Reporting Standard 102 – reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
• the requirements of Section 7 Statement of Cash Flows.
1.2.
Going Concern Disclosure
At the signing date of the statutory accounts the Covid-19 Pandemic is impacting the global economy. The directors have assessed the financial performance and note that as at
31 December 2021
the company had net liabilities of £1,741,014.
Current liabilities include amounts due to group undertakings of £5,061,114 at
31 December 2021
. These are repayable on demand and not interest bearing. However, the directors have received confirmation that these liabilities will not be demanded within the next 12-month period from the signing date of the accounts. The loan balance of £4,000,000 included within current liabilities is provided on a rolling basis and will be redeemed on the sale of the investment properties.
Therefore, the board considers that the company will be able to continue to trade as a going concern and meet its liabilities as they fall due.
1.3.
Significant judgements and estimations
Investment Properties
Investment properties are valued by management in accordance with the company's valuation policies to determine their fair value. The directors carry out a detailed review of the properties and take into consideration relevant market data and assumptions around certain costs to complete. Where available, investment property valuations are also based on agreed sales prices or negotiations.
1.4.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the 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 for. Changes in fair value are recognised in the income statement.
Acquisitions and disposals of investment property are recognised upon legal completion of contracts, when the risks and rewards of ownership are transferred. Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic benefit is expected from disposal.
1.6.
Financial Instruments
Financial assets
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.
Manchester Quays (Sjp) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
1.7.
Taxation
Deferred Taxation
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
• Where timing differences relate to interests in subsidiaries, associates, branches and joint ventures and the group can control their reversal and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax.
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
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5.
Tangible Assets
| Investment Properties | |
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| Cost or Valuation | |
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| Net Book Value | |
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6.
Debtors
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| £ | £ | ||
| Due within one year | |||
| Amounts owed by group undertakings |
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All amounts shown under debtors fall due for payment within one year.
Manchester Quays (Sjp) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
7.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Bank loans and overdrafts |
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| Amounts owed to group undertakings |
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The amounts due to group undertakings are repayable on demand and not interest bearing.
9.
Financial Instruments
The Company considers that the fair value of cash and cash equivalents, loans, trade and other receivables, and trade and other payables are not materially different to their carrying value. There are no financial instruments at fair value through profit and loss.
10.
Related Party Transactions
The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, "Related party disclosures" Section 33.1A not to disclose details of related party transactions with entities that are 100% members of the same group. There are no other related party transactions other than as disclosed.
11.
Ultimate Controlling Party
The company's immediate parent company is Manchester Quays (Holdco) Limited. The ultimate parent company is
Capital Holdco Limited
, a company registered in the British Virgin Islands.
12.
General Information
Manchester Quays (Sjp) Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11915561
. The registered office is C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, Greater Manchester, M3 4AP.