Masterpalm Properties Limited - Abbreviated accounts 16.3
Masterpalm Properties Limited - Abbreviated accounts 16.3
| REGISTERED NUMBER: |
| ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31ST AUGUST 2016 |
| FOR |
| MASTERPALM PROPERTIES LIMITED |
| MASTERPALM PROPERTIES LIMITED (REGISTERED NUMBER: 02291784) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31ST AUGUST 2016 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| Chartered Accountants' Report | 7 |
| MASTERPALM PROPERTIES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST AUGUST 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| MASTERPALM PROPERTIES LIMITED (REGISTERED NUMBER: 02291784) |
| ABBREVIATED BALANCE SHEET |
| 31ST AUGUST 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 3 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
3 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Capital redemption reserve |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| MASTERPALM PROPERTIES LIMITED (REGISTERED NUMBER: 02291784) |
| ABBREVIATED BALANCE SHEET - continued |
| 31ST AUGUST 2016 |
| The financial statements were approved by the Board of Directors on by: |
| MASTERPALM PROPERTIES LIMITED (REGISTERED NUMBER: 02291784) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31ST AUGUST 2016 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance with the |
| Financial Reporting Standard for Smaller Entities (effective January 2015). |
| Turnover |
| Turnover comprises the value of services supplied at the company's residential homes. |
| 2016 | 2015 |
| Analysis |
| Residential Homes |
| Hadfield House | 592,060 | 638,315 |
| Springfield House | 307,356 | 338,371 |
| Stoneleigh House | 454,787 | 509,789 |
| Brierfields House | 624,899 | 584,360 |
| Stuart House | 18,095 | 18,574 |
| 1,997,197 | 2,089,409 |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life after taking into account its estimated residual value. |
| Freehold property | 1% on cost |
| Plant and machinery | 50 % on cost and |
| 20% on cost |
| Deferred tax |
| Deferred tax is provided using the liability method in respect of all timing differences that have originated but |
| not reverse by the balance sheet date. Deferred tax assets are recognised where it is considered more likely than |
| not that future profits will be available for offset. The company has not adopted a policy of discounting deferred |
| tax assets and liabilities. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to the profit and loss account in the period to which they relate. |
| MASTERPALM PROPERTIES LIMITED (REGISTERED NUMBER: 02291784) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2016 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1st September 2015 |
| Additions |
| Disposals | ( |
) |
| At 31st August 2016 |
| DEPRECIATION |
| At 1st September 2015 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st August 2016 |
| NET BOOK VALUE |
| At 31st August 2016 |
| At 31st August 2015 |
| 3. | CREDITORS |
| Creditors include an amount of £ |
| They also include the following debts falling due in more than five years: |
| 2016 | 2015 |
| £ | £ |
| Repayable by instalments | 349,255 | 386,312 |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary | £1 |
| 5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31st August 2016 and |
| 31st August 2015: |
| 2016 | 2015 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year |
| MASTERPALM PROPERTIES LIMITED (REGISTERED NUMBER: 02291784) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2016 |
| 5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Balance outstanding at end of year |
| The directors loan was repaid after the year end. |
| 6. | RELATED PARTY DISCLOSURES |
| John Marshall Builders |
| J Marshall is a partner in this property company |
| The transactions with John Marshall Builders during the year were as follows. |
| All transactions were on normal commercial basis. |
| Services provided to John Marshall Builders from Masterpalm Properties Limited during the year amounted |
| £2,461 (2015: £2,503) |
| 2016 | 2015 |
| £ | £ |
| Amount due from related party at the balance sheet date |
| Marshall Partnership |
| N Marshall,I Marshall, G Marshall are partners in this company |
| The transactions with Marshall partnership during the year were as follows. |
| All transactions were on normal commercial basis. |
| Services provided to Marshall partnership from Masterpalm Properties Limited in the year amounted to £140 |
| (2015: £143) |
| 2016 | 2015 |
| £ | £ |
| Amount due from related party at the balance sheet date |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| MASTERPALM PROPERTIES LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual |
| unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) have |
| been prepared. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
| financial statements of Masterpalm Properties Limited for the year ended 31st August 2016 which comprise the Profit |
| and Loss Account, the Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Masterpalm Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Masterpalm Properties Limited and state those matters that we have agreed to state to the Board of Directors of Masterpalm Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Masterpalm Properties Limited Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Masterpalm Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Masterpalm Properties Limited. You consider that Masterpalm Properties Limited 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 financial statements of Masterpalm Properties Limited. 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 financial statements. |
| 13th February 2017 |