Midland Homes Estate Agents and Lettings Limited Company accounts

Midland Homes Estate Agents and Lettings Limited Company accounts

MIDLAND HOMES ESTATE AGENTS AND LETTINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03783800
Midland Homes Estate Agents and Lettings Limited
Unaudited Financial Statements
30 June 2020
Midland Homes Estate Agents and Lettings Limited
Financial Statements
Year ended 30 June 2020
Contents
Page
Officers and professional advisers
1
Director's report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
11
Midland Homes Estate Agents and Lettings Limited
Officers and Professional Advisers
Director
K Kaur
Registered Office
11B Well Street
Birmingham
West Midlands
B19 3BG
Accountants
Garratts Wolverhampton Limited
Chartered accountants
29 Waterloo Road
Wolverhampton
WV1 4DJ
Bankers
Barclays Bank PLC
38 Hagley Road
Edgbaston
Birmingham
West Midlands
Midland Homes Estate Agents and Lettings Limited
Director's Report
Year ended 30 June 2020
The director presents her report and the unaudited financial statements of the company for the year ended 30 June 2020 .
Director
The director who served the company during the year was as follows:
K Kaur
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 June 2021 and signed on behalf of the board by:
K Kaur
Director
Midland Homes Estate Agents and Lettings Limited
Statement of Income and Retained Earnings
Year ended 30 June 2020
2020
2019
Note
£
£
Turnover
27,053
11,792
---------
---------
Gross profit
27,053
11,792
Administrative expenses
26,638
13,930
---------
---------
Operating profit/(loss)
415
( 2,138)
Other interest receivable and similar income
–
4
---------
---------
Profit/(loss) before taxation
4
415
( 2,134)
Tax on profit/(loss)
–
–
---------
---------
Profit/(loss) for the financial year and total comprehensive income
415
( 2,134)
---------
---------
Retained losses at the start of the year
( 66,205)
( 64,071)
---------
---------
Retained losses at the end of the year
( 65,790)
( 66,205)
---------
---------
All the activities of the company are from continuing operations.
Midland Homes Estate Agents and Lettings Limited
Statement of Financial Position
30 June 2020
2020
2019
Note
£
£
Fixed assets
Intangible assets
5
–
1,231
Tangible assets
6
182
214
---------
---------
182
1,445
Current assets
Debtors
7
6,755
10,327
Cash at bank and in hand
460
191
---------
---------
7,215
10,518
Creditors: amounts falling due within one year
8
53,087
58,068
---------
---------
Net current liabilities
45,872
47,550
---------
---------
Total assets less current liabilities
( 45,690)
( 46,105)
Creditors: amounts falling due after more than one year
9
20,000
20,000
---------
---------
Net liabilities
( 65,690)
( 66,105)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 65,790)
( 66,205)
---------
---------
Shareholders deficit
( 65,690)
( 66,105)
---------
---------
These financial statements have been prepared 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'.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Midland Homes Estate Agents and Lettings Limited
Statement of Financial Position (continued)
30 June 2020
These financial statements were approved by the board of directors and authorised for issue on 30 June 2021 , and are signed on behalf of the board by:
K Kaur
Director
Company registration number: 03783800
Midland Homes Estate Agents and Lettings Limited
Notes to the Financial Statements
Year ended 30 June 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11B Well Street, Birmingham, West Midlands, B19 3BG.
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.
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.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 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 and Fittings
-
15% reducing balance
Equipment
-
15% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Profit before taxation
Profit before taxation is stated after charging:
2020
2019
£
£
Amortisation of intangible assets
1,231
1,232
Depreciation of tangible assets
32
38
---------
---------
5. Intangible assets
Goodwill
£
Cost
At 1 July 2019 and 30 June 2020
24,639
---------
Amortisation
At 1 July 2019
23,408
Charge for the year
1,231
---------
At 30 June 2020
24,639
---------
Carrying amount
At 30 June 2020
–
---------
At 30 June 2019
1,231
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 July 2019 and 30 June 2020
2,570
1,616
4,186
---------
---------
---------
Depreciation
At 1 July 2019
2,430
1,542
3,972
Charge for the year
21
11
32
---------
---------
---------
At 30 June 2020
2,451
1,553
4,004
---------
---------
---------
Carrying amount
At 30 June 2020
119
63
182
---------
---------
---------
At 30 June 2019
140
74
214
---------
---------
---------
7. Debtors
2020
2019
£
£
Other debtors
6,755
10,327
---------
---------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
53,087
58,068
---------
---------
9. Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
20,000
20,000
---------
---------
10. Director's advances, credits and guarantees
During the year there were no advances, credits or guarantees to the director. Amounts due to the director at the year end amounted to £53,087 (2019: £53,940) The company was under the control of Mrs K Kaur throughout the current and previous year.
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 section 1A.
Midland Homes Estate Agents and Lettings Limited
Management Information
Year ended 30 June 2020
The following pages do not form part of the financial statements.
Midland Homes Estate Agents and Lettings Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Midland Homes Estate Agents and Lettings Limited
Year ended 30 June 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Midland Homes Estate Agents and Lettings Limited for the year ended 30 June 2020, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Midland Homes Estate Agents and Lettings Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Midland Homes Estate Agents and Lettings Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midland Homes Estate Agents and Lettings Limited and its director for our work or for this report.
It is your duty to ensure that Midland Homes Estate Agents and Lettings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Midland Homes Estate Agents and Lettings Limited. You consider that Midland Homes Estate Agents and Lettings Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Midland Homes Estate Agents and Lettings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Garratts Wolverhampton Limited Chartered accountants
29 Waterloo Road Wolverhampton WV1 4DJ
30 June 2021