MD Ipswich Limited - Accounts to registrar (filleted) - small 18.2
MD Ipswich Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 June 2021 |
| for |
| MD Ipswich Limited |
| MD Ipswich Limited (Registered number: 12033740) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MD Ipswich Limited |
| Company Information |
| for the Year Ended 30 June 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Eldo House |
| Kempson Way |
| Suffolk Business Park |
| Bury St Edmunds |
| Suffolk |
| IP32 7AR |
| MD Ipswich Limited (Registered number: 12033740) |
| Balance Sheet |
| 30 June 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| MD Ipswich Limited (Registered number: 12033740) |
| Balance Sheet - continued |
| 30 June 2021 |
| 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 |
| MD Ipswich Limited (Registered number: 12033740) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2021 |
| 1. | STATUTORY INFORMATION |
| MD Ipswich Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| Having discussed the projected results and cash flows of the company, the directors are of the opinion the company will be able to meet its cash demand over the 12 months from the date of approving these accounts. The company currently has the support of its investors who will continue to provide in order that the cash demands can be met. Whilst there is always considerable uncertainty in predicting cash flows more than a few months into the future, the directors believe it is appropriate to prepare the financial statements on the going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Proceeds received from the sale of flats have been recognised in the accounts once contracts have been completed, with any non refundable deposit recognised on exchange. |
| Rental income is recognised once the company receives the right to receive consideration, with rents paid in advance recognised in deferred income and rent paid in arrears included within accrued income. |
| 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. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| MD Ipswich Limited (Registered number: 12033740) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Impairment |
| At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but |
| excluding investment properties, are assessed to determine whether there is an indication that the carrying |
| amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in |
| use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable |
| amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an |
| impairment loss is recognised in profit and loss. |
| Basic financial instruments |
| Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt |
| instruments that are payable or receivable within one year, typically trade payables or receivables, are |
| measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, |
| expected to be paid or received. However if the arrangements of a short-term instrument constitute a |
| financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at |
| a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the |
| financial asset or liability is measured, initially and subsequently, at the present value of the future payment |
| discounted at a market rate of interest for a similar debt instrument. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original |
| effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any |
| impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference |
| between an asset's carrying amount and best estimate, which is an approximation of the amount that the |
| company would receive for the asset if it were to be sold at the balance sheet date. |
| Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an |
| enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to |
| realise the asset and settle the liability simultaneously. |
| Non basic financial instruments |
| A loan exists that does not meet the definition of a basic financial instrument. In accordance with section 12 of FRS 102, the loan is recognised in the accounts at fair value, with movements in the fair value of the loan recognised in the profit and loss account. |
| MD Ipswich Limited (Registered number: 12033740) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2021 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2020 |
| and 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other debtors |
| Contained within other debtors are amounts owed from the Directors. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other creditors |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Other loans |
| Loans are secured by fixed charges against the land held by the company included in investment properties. |
| The directors have provided a personal guarantee in relation to the borrowings of the company. |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |