Abbreviated Company Accounts - MONETGRANGE LTD

Abbreviated Company Accounts - MONETGRANGE LTD

MONETGRANGE LTD - Company Information

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Registered Number 05040429

MONETGRANGE LTD

Abbreviated Accounts

28 February 2016

MONETGRANGE LTD Registered Number 05040429

Abbreviated Balance Sheet as at 28 February 2016

Notes 2016 2015
£ £
Fixed assets
Investments 2 1,114,080 1,114,080
1,114,080 1,114,080
Current assets
Debtors 34,110 54,457
Cash at bank and in hand 4,266 5,330
38,376 59,787
Creditors: amounts falling due within one year 3 (821,721) (817,129)
Net current assets (liabilities) (783,345) (757,342)
Total assets less current liabilities 330,735 356,738
Creditors: amounts falling due after more than one year 3 (95,588) (108,411)
Accruals and deferred income (800) (800)
Total net assets (liabilities) 234,347 247,527
Capital and reserves
Called up share capital 4 100 100
Revaluation reserve 130,512 130,512
Profit and loss account 103,735 116,915
Shareholders' funds 234,347 247,527
  • For the year ending 28 February 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 17 November 2016

And signed on their behalf by:
Mr R A Dunn, Director

MONETGRANGE LTD Registered Number 05040429

Notes to the Abbreviated Accounts for the period ended 28 February 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention modified to include the revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents the total rental income received during the year.

Other accounting policies
Investment property
In accordance with SSAP 19, (i) investment properties are re-valued annually and where a deficit is considered to be permanent this is charged to the profit and loss account, otherwise the aggregate surplus or deficit is transferred to a revaluation reserve, and (ii) no depreciation or amortisation is provided in respect of freehold investment properties and leasehold investment properties with over twenty five years to run. The requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the Generally Accepted Accounting Principle set out in SSAP 19. The directors consider that, as these properties are not held for consumption but for investment, to depreciate them would not give a true and fair view and that it is necessary to adopt SSAP 19 in order to give a true and fair view.

Transactions with director
Included within creditors at the year end is an amount owed to the director, Mr R A Dunn, of £766,642 (2015: £763,900). This amount is unsecured, interest free and repayable upon demand.

Controlling interest
The company is controlled by the director, Mr R A Dunn and his wife Mrs C Dunn, by virtue of the fact that together they own 100% of the issued share capital.

2Fixed assets Investments
The cost/revaluation of fixed asset investments at 29 February 2016 was £1,114,080 (2015: £1,114,080).
The net book value of fixed asset investments at 29 February 2016 was £1,114,080 (2015: £1,114,080).

The properties were re-valued during the year, by the directors, at open market value. A prudent view of the properties was taken and the overall revaluation was nil in the year.

3Creditors
2016
£		 2015
£
Secured Debts 106,216 117,404
4Called Up Share Capital
Allotted, called up and fully paid:
2016
£		 2015
£
100 Ordinary shares of £1 each 100 100