Macniven Quays Limited - Accounts to registrar (filleted) - small 18.2

Macniven Quays Limited - Accounts to registrar (filleted) - small 18.2

TOWN QUAY DEVELOPMENTS LIMITED - Company Information

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REGISTERED NUMBER: 05268419 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

MACNIVEN QUAYS LIMITED
MACNIVEN QUAYS LIMITED (REGISTERED NUMBER: 05268419)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MACNIVEN QUAYS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2020







DIRECTOR: A J Hunt





REGISTERED OFFICE: Calpe House
7a St Thomas Street
Winchester
SO23 9HE





REGISTERED NUMBER: 05268419 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR
Page 1
MACNIVEN QUAYS LIMITED (REGISTERED NUMBER: 05268419)

BALANCE SHEET
31 DECEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 3,299
Investment property 5 367,135 367,135
367,135 370,434

CURRENT ASSETS
Stocks 1,769,229 1,628,720
Debtors 6 271,179 533,558
Cash at bank 189,641 100,950
2,230,049 2,263,228
CREDITORS
Amounts falling due within one year 7 277,537 349,576
NET CURRENT ASSETS 1,952,512 1,913,652
TOTAL ASSETS LESS CURRENT LIABILITIES 2,319,647 2,284,086

CREDITORS
Amounts falling due after more than one
year
8
452,106
451,426
NET ASSETS 1,867,541 1,832,660

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 1,866,541 1,831,660
SHAREHOLDERS' FUNDS 1,867,541 1,832,660

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
MACNIVEN QUAYS LIMITED (REGISTERED NUMBER: 05268419)

BALANCE SHEET - continued
31 DECEMBER 2020


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 August 2021 and were signed by:





A J Hunt - Director


The notes form part of these financial statements

Page 3
MACNIVEN QUAYS LIMITED (REGISTERED NUMBER: 05268419)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020


1. STATUTORY INFORMATION

Macniven Quays Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director has considered the financial position of the company and confirmed that it remains a going concern. The Coronavirus (COVID-19) outbreak has so far not had a material impact on this assessment and, based on his current knowledge, he does not expect it to do so going forward. The financial statements are prepared on a going concern basis under the historical cost convention and are presented in Sterling (£) which is the functional currency of the company.

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

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Revaluation of investment property:
The company carries its investment property at fair value. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. The method and significant assumptions used to determine the fair value of investment property are further explained in Note 6.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax adjusted for accrued and deferred income where applicable.

Turnover also includes rents receivable from the letting of units together with management charge income and recharges.

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 - 25% on cost
Computer equipment - 50% on cost

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.

Page 4 continued...
MACNIVEN QUAYS LIMITED (REGISTERED NUMBER: 05268419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


2. ACCOUNTING POLICIES - continued

Investment property
Investment property represents the company's investment in a commercial property. It is initially recognised at cost, which includes purchase cost and any directly attributable expenditure.

Investment property is measured at fair value at each reporting date. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non distributable fair value reserve. Any loss arising from revaluation is also recognised in the fair value reserve unless it represents a loss below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in profit or loss for the year.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure, including interest until completed, but no overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Debtors are shown at their recoverable amount.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 5 continued...
MACNIVEN QUAYS LIMITED (REGISTERED NUMBER: 05268419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2020
and 31 December 2020 14,109
DEPRECIATION
At 1 January 2020 10,810
Charge for year 3,299
At 31 December 2020 14,109
NET BOOK VALUE
At 31 December 2020 -
At 31 December 2019 3,299

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2020
and 31 December 2020 367,135
NET BOOK VALUE
At 31 December 2020 367,135
At 31 December 2019 367,135

Investment property represents the company's investment in a commercial property. Its fair value (open market basis) was assessed by the director at 31 December 2020. The location and class of investment property held by the company were among the factors that were taken into consideration when determining fair value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 87,059 301,568
Amounts owed by group undertakings 73,683 61,450
Other debtors 110,437 170,540
271,179 533,558

Page 6 continued...
MACNIVEN QUAYS LIMITED (REGISTERED NUMBER: 05268419)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 12,782 43,808
Amounts owed to group undertakings - 2,194
Taxation and social security 69,762 65,259
Other creditors 194,993 238,315
277,537 349,576

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020 2019
£    £   
Amounts owed to group undertakings 452,106 451,426

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE PARENT COMPANY

The ultimate parent company is Quay Developments (Southern) Limited.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Hunt.

Page 7