Midsummer Green Ltd - Period Ending 2014-01-31

Registration number: 04601516

Midsummer Green Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2014
 

R M Willgoose
Chartered Accountant
Chestnut End
Leddington
Ledbury
Herefordshire
HR8 2LG

Midsummer Green Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Midsummer Green Ltd
for the Year Ended 31 January 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Midsummer Green Ltd for the year ended 31 January 2014 set out on pages 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Midsummer Green Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Midsummer Green Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midsummer Green Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Midsummer Green Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Midsummer Green Ltd. You consider that Midsummer Green Ltd 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 accounts of Midsummer Green Ltd. 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 accounts.

......................................

R M Willgoose
Chartered Accountant
Chestnut End
Leddington
Ledbury
Herefordshire
HR8 2LG

28 October 2014

Page 1

Midsummer Green Ltd
(Registration number: 04601516)
Abbreviated Balance Sheet at 31 January 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					517,681			517,952
Investments					710			4,260
					518,391			522,212
Current assets
Debtors					247,304			356,030
Cash at bank and in hand					5,409			9,568
					252,713			365,598
Creditors: Amounts falling due within one year					(5,938)			(6,599)
Net current assets					246,775			358,999
Total assets less current liabilities					765,166			881,211
Creditors: Amounts falling due after more than one year					(675,406)			(791,064)
Net assets					89,760			90,147
Capital and reserves
Called up share capital		4			10,000			10,000
Revaluation reserve					93,990			93,990
Profit and loss account					(14,230)			(13,843)
Shareholders' funds					89,760			90,147

For the year ending 31 January 2014 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 director acknowledges his 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 .

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Midsummer Green Ltd
(Registration number: 04601516)
Abbreviated Balance Sheet at 31 January 2014
......... continued

Approved by the director on 28 October 2014

.........................................
R C H Boddington
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Midsummer Green Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 January 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 rental income derived from the letting of the company's interest in various properties.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	20% straight line basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Midsummer Green Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 January 2014
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 February 2013		542,152			4,260			546,412
Disposals		-			(3,550)			(3,550)
At 31 January 2014		542,152			710			542,862
Depreciation
At 1 February 2013		24,200			-			24,200
Charge for the year		271			-			271
At 31 January 2014		24,471			-			24,471
Net book value
At 31 January 2014		517,681			710			518,391
At 31 January 2013		517,952			4,260			522,212

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		121,586			123,584
After more than five years not by instalments		542,738			656,399
		664,324			779,983

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		10,000			10,000			10,000			10,000

Page 5