The Milton Keynes Property Company Limited - Abbreviated accounts

THE MILTON KEYNES PROPERTY CO. LIMITED - Company Information

Registered number

03734608

The Milton Keynes Property Company Limited

Abbreviated Financial Statements

31 March 2015

The Milton Keynes Property Company Limited
Registered number: 03734608
Abbreviated Balance Sheet
as at 31 March 2015

Notes			2015			2014
£				£
Fixed assets
Tangible assets	2		85,092			365,156

Current assets
Debtors		77,254			74,228
Cash at bank and in hand		45,030			-
		122,284			74,228

Creditors: amounts falling due within one year		(52,041)			(44,721)

Net current assets			70,243			29,507

Total assets less current liabilities			155,335			394,663

Creditors: amounts falling due after more than one year			-			(199,096)


Net assets			155,335			195,567

Capital and reserves
Called up share capital	4		2			2
Revaluation reserve			36,575			206,895
Profit and loss account			118,758			(11,330)

Shareholder's funds			155,335			195,567

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Mr S Chapman
Director
Approved by the board on 31 August 2015

The Milton Keynes Property Company Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2015

1	Accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of rental income received from tenants. Turnover is recognised when the rental term occurs on an accruals basis.

	Depreciation
	Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Fixtures & Fittings			25% reducing balance

	Investment properties
	Investment properties are revalued annually at their open market value. The surplus of deficit on revaluation is transferred to a revaluation reserve except where the deficit reduces the property below its historical cost, in which case it is taken to the profit and loss account. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of significance and to depreciate them would not provide a true and fair view. Therefore, no depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006, but in accordance with the FRSSE (effective April 2008).

	Intangible assets
	Intangible fixed assets purchased separately from a business are capitalised at their cost. Intangible assets purchased as part of an acquisition are capitalised at their fair value where this can be measured reliably. Intangible assets are reviewed on the anniversary of acquisition to check for impairment and in later periods where there are changes in events or circumstances that indicate the carrying value may not be recoverable. Amortisation has been provided equally over the following years in order to write off the assets over their estimated useful lives.

	Long leasehold - included in land & buildings			90 years

	Deferred taxation
	Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.


2	Tangible fixed assets					£

	Cost
	At 1 April 2014					386,640
	Disposals					(297,500)
	At 31 March 2015					89,140

	Depreciation
	At 1 April 2014					21,484
	Charge for the year					31
	On disposals					(17,467)
	At 31 March 2015					4,048

	Net book value
	At 31 March 2015					85,092
	At 31 March 2014					365,156


3	Loans					2015		2014
£							£
	Creditors include:
	Amounts falling due for payment after more than five years					-		100,694
	Secured bank loans					-		218,776


4	Share capital	Nominal		2015		2015		2014
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		2		2		2


6	Ultimate controlling party

	During the year the company was controlled by the director by virtue of his 100% shareholding.