McGuire (Cornwall) Limited - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 05957912 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2016

for

MCGUIRE (CORNWALL) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

E Jenkin

J M McGuire

K E Barford

M J McGuire

SECRETARY:

E Jenkin

REGISTERED OFFICE:

Carwyn Villas

13-15 Steamers Hill

Angarrack

Hayle

Cornwall

TR27 5JB

REGISTERED NUMBER:

05957912 (England and Wales)

ACCOUNTANTS:

Kelsall Steele Ltd

Chartered Accountants

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

FIXED ASSETS

Tangible assets

3

-

232,335

CURRENT ASSETS

Stocks

233,806

-

Debtors: amounts falling due within one year

4

9,059

8,506

Cash at bank

43

375

242,908

8,881

CREDITORS

Amounts falling due within one year

5

278,467

273,450

NET CURRENT LIABILITIES

(35,559

)

(264,569

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(35,559

)

(32,234

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(35,659

)

(32,334

)

SHAREHOLDERS' FUNDS

(35,559

)

(32,234

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 September 2016 and were signed on its behalf by:

M J McGuire - Director

1.	STATUTORY INFORMATION

McGuire (Cornwall) 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 financial statements are prepared in sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound sterling.

This is the first year in which the financial statements have been prepared under FRS 102. The date of

transition was 1 April 2014. No balances have required restatement on transition, and there has been

no effect to profit or loss, or reserves to report.

The directors, after making enquiries and having considered the company's business, its financial

plans and the facilities available to finance the business, have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the going concern basis is adopted in preparing the financial statements.

Tangible fixed assets

Tangible assets are initially measured at cost. Such costs includes costs directly attributable to making

the asset capable of operating as intended. Subsequent to initial recognition, tangible assets such as

land & building freehold, plant and machinery, assets under construction and motor vehicles are stated

at cost less accumulated depreciation and accumulated impairment.

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over

its expected useful life, as follows:

Land and buildings - Nil

Plant and machinery - 25% straight line

Assets under construction - Nil

Motor vehicles - 25% straight line

Stocks

Stocks, being property held for sale is valued at the lower of cost and net realisable value, after making

due allowance for obsolete and slow moving items.

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any

such indication exists, the recoverable amount of the net asset is estimated in order to determine the

extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of

an individual asset, the company estimates the recoverable amount of the cash-generating unit to

which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing

value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks

specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable

amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have

ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset

(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the

increased carrying amount does not exceed the carrying amount that would have been determined had

no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of

an impairment loss is recognised immediately in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments.

Financial assets and liabilities are recognised in the company's statement of financial position when

the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are classified into specific categories. The classification depends on the

nature and purpose of the financial asset or liability and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables, including staff loans and cash and

bank balances, are initially measured at transaction price including transaction costs and are

subsequently carried at amortised cost using the effective interest method, unless the arrangement

constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest.

Basic financial liabilities, which include trade and other payables are initially measured at transaction

price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

Other financial assets and / or liabilities are initially measured at their fair value, which is normally the

transaction price and are subsequently carried at fair value with all changes being recognised in the

profit or loss.

Financial liabilities are derecognised when, and only when, the company's obligations are disharged,

cancelled, or they expire.

3.	TANGIBLE FIXED ASSETS

Land and

Assets

Building

Plant and

under

Motor

Freehold

machinery

Construction

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2015

140,200

1,000

92,135

-

233,335

Additions

-

-

1,471

350

1,821

Disposals

-

(350

)

-

-

(350

)

Reclassification/transfer

(140,200

)

-

(93,606

)

-

(233,806

)

At 31 March 2016

-

650

-

350

1,000

DEPRECIATION

At 1 April 2015

-

1,000

-

-

1,000

Transfer

-

(350

)

-

350

-

At 31 March 2016

-

650

-

350

1,000

NET BOOK VALUE

At 31 March 2016

-

-

-

-

-

At 31 March 2015

140,200

-

92,135

-

232,335

During the year, the directors decided that the assets classified as Land and buildings and Assets

under construction were to be sold as soon as possible and were no longer held for rental purposes.

Therefore, the directors feel that it is correct to now include the above assets as completed assets

which are held for immediate sale, within stock.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Directors' current accounts

2

1

Deferred tax asset

8,998

8,171

Prepayments

59

334

9,059

8,506

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other loans

94,908

94,908

Directors' current accounts

182,605

177,588

Accrued expenses

954

954

278,467

273,450

6.	DEFERRED TAX

£

Balance at 1 April 2015

(8,171

)

Movement in year

(827

)

Balance at 31 March 2016

(8,998

)

The deferred tax asset of £8,998 (2015 £8,171) relates to tax losses not yet utilised.

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2016 and

31 March 2015:

2016

2015

£

£

J M McGuire

Balance outstanding at start of year

1

1

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1

1

E Jenkin

Balance outstanding at start of year

1

1

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1

1

The interest free loans to directors are in relation to unpaid share capital.

8.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed to the directors the following amounts, which are

included within Creditors: Amounts falling due within One Year:

2016

2015

£

£

Mr M J McGuire

176,852

165,309

Mrs K Barford

737

737

Included in Creditors: amounts falling due within one year is a loan balance due of £94,908, which is

owed to S Padwick, a shareholder. The loan is not interest bearing and is considered to be repayable

on demand.