M.T.S. Residential Limited - Accounts to registrar - small 16.1.1
M.T.S. Residential Limited - Accounts to registrar - small 16.1.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2015 |
| for |
| M.T.S. RESIDENTIAL LIMITED |
| M.T.S. RESIDENTIAL LIMITED (REGISTERED NUMBER: SC192015) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2015 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 5 |
| M.T.S. RESIDENTIAL LIMITED |
| Company Information |
| for the Year Ended 31 December 2015 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 29 Brandon Street |
| Hamilton |
| South Lanarkshire |
| ML3 6DA |
| M.T.S. RESIDENTIAL LIMITED (REGISTERED NUMBER: SC192015) |
| Balance Sheet |
| 31 December 2015 |
| 2015 | 2014 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks | 3 |
| Debtors: amounts falling due within one year | 4 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| M.T.S. RESIDENTIAL LIMITED (REGISTERED NUMBER: SC192015) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2015 |
| 1. | STATUTORY INFORMATION |
| M.T.S. Residential Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis, which is dependent on the support of its |
| related party.The director believes that the related party will continue this support for the foreseeable future. No |
| adjustments have been made to the financial statements should this support be withdrawn. |
| Development land |
| Development land is valued at the lower of cost and net realisable value. Cost includes interest charged on bank |
| facilities. |
| Taxation |
| Taxation represents the sum of tax currently payable and deferred tax. |
| The company’s liability for current tax is calculated using tax rates that have been enacted or substantively |
| enacted by the end of the reporting period. |
| Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the |
| financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying |
| amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is |
| no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
| Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which |
| the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or |
| substantively enacted by the end of the reporting period. |
| 3. | STOCKS |
| 2015 | 2014 |
| £ | £ |
| Development Land |
| Included in development land is interest amounting to £204,011. |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2015 | 2014 |
| £ | £ |
| Other debtors |
| M.T.S. RESIDENTIAL LIMITED (REGISTERED NUMBER: SC192015) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2015 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2015 | 2014 |
| £ | £ |
| Bank loans and overdrafts |
| Amounts owed to group undertakings |
| Other creditors |
| 6. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2015 | 2014 |
| £ | £ |
| Bank overdrafts |
| The bank overdraft facility is secured by a standard security over the company's development land and by a bond |
| and floating charge over the company's assets. There is also a personal guarantee from the company's director for |
| £150,000. |
| 7. | RELATED PARTY DISCLOSURES |
| MTS Residential (Scotland) Ltd has assisted the company with loan monies and has incurred expenses on behalf |
| of the company. MTS Residential (Scotland) Ltd has one common shareholder. There were no transactions with |
| this company during the year. The balance due to this company was £207,825 at the year end (2014 - £207,825). |
| Walter Gray Development Consultants Ltd has common director and shareholder. During the year Walter Gray |
| Development Consultants Ltd charged £nil to the company. There was no balance outstanding at the year end |
| (2014 - £nil). |
| 8. | POST BALANCE SHEET EVENTS |
| Since the year end, the development site that the company owns has been sold. |
| 9. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by W Gray who owns 100% of the issued share capital |
| Chartered Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| M.T.S. Residential Limited |
| The following reproduces the text of the report prepared for the director and members in respect of the |
| company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
| only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
| primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 December 2015 which comprise the Income statement, Balance Sheet, and the related notes from the accounting records and information and explanations you have given to us. |
| This report is made to the company's director, in accordance with the terms of our engagement. Our work has been |
| undertaken so that we might compile the financial statements that we have been engaged to compile, report to the |
| company's director that we have done so, and state those matters that we have agreed to state to him in this report and for |
| no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than |
| the company and the company's director, for our work or for this report. |
| We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in |
| Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the |
| compilation of financial statements. |
| You have acknowledged on the Balance Sheet as at 31 December 2015 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year. |
| We have not been instructed to carry out an audit of the financial statements. 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 financial statements. |
| 29 Brandon Street |
| Hamilton |
| South Lanarkshire |
| ML3 6DA |