Matsim Properties Limited - Period Ending 2016-09-30

Registration number: 03118421

Matsim Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2016

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP

Matsim Properties Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Matsim Properties Limited

Company Information

Directors

Mr Andrew Lambor Mr Simon Lambor Mr Mathew Lambor

Company secretary

Mrs Sarah Lambor

Registered office

Maria House 35 Millers Road Brighton East Sussex BN1 5NP

Accountants

Chisnall Comer Ismail & Co Chartered Accountants Maria House 35 Millers Road Brighton East Sussex BN1 5NP

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Matsim Properties Limited
for the Year Ended 30 September 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Matsim Properties Limited for the year ended 30 September 2016 as set out on pages 3 to 9 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Matsim Properties Limited, 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 Matsim Properties Limited and state those matters that we have agreed to state to the Board of Directors of Matsim Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Matsim Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Matsim Properties Limited 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 Matsim Properties Limited. You consider that Matsim 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 accounts of Matsim 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 accounts.

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP

22 June 2017

Page 2

Matsim Properties Limited

(Registration number: 03118421)
Balance Sheet as at 30 September 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	114,089	147,460
Investment property	5	18,754,829	18,804,295
Investments		74,030	74,030
		18,942,948	19,025,785
Current assets
Debtors	7	1,758,728	1,515,870
Cash at bank and in hand		258,796	247,133
		2,017,524	1,763,003
Creditors: Amounts falling due within one year	8	(1,803,562)	(4,406,798)
Net current assets/(liabilities)		213,962	(2,643,795)
Total assets less current liabilities		19,156,910	16,381,990
Creditors: Amounts falling due after more than one year	8	(8,130,429)	(5,791,549)
Provisions for liabilities		(1,494,783)	(1,515,975)
Net assets		9,531,698	9,074,466
Capital and reserves
Called up share capital		2	2
Other reserves		8,159,447	8,240,173
Profit and loss account		1,372,249	834,291
Total equity		9,531,698	9,074,466

For the financial year ending 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Matsim Properties Limited

(Registration number: 03118421)
Balance Sheet as at 30 September 2016

Approved and authorised by the Board on 21 June 2017 and signed on its behalf by:



 

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

Mr Andrew Lambor

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Matsim Properties Limited

Notes to the Financial Statements for the Year Ended 30 September 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% on cost
Motor vehicles	25% on reducing balance
Plant and machinery	25% on reducing balance

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Investments

Investments in associated undertakings are measured at cost less impairment.

Page 5

Matsim Properties Limited

Notes to the Financial Statements for the Year Ended 30 September 2016

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Non-distributable reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2015 - 11).

Page 6

Matsim Properties Limited

Notes to the Financial Statements for the Year Ended 30 September 2016

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 October 2015	41,639	46,801	657,942	746,382
Additions	-	-	4,666	4,666
At 30 September 2016	41,639	46,801	662,608	751,048
Depreciation
At 1 October 2015	37,914	27,031	533,977	598,922
Charge for the year	931	4,943	32,163	38,037
At 30 September 2016	38,845	31,974	566,140	636,959
Carrying amount
At 30 September 2016	2,794	14,827	96,468	114,089
At 30 September 2015	3,725	19,770	123,965	147,460

5	Investment properties

	2016 £
At 1 October	18,804,295
Additions	180,534
Disposals	(230,000)
At 30 September	18,754,829

6	Investments

	2016 £	2015 £
Investments in associates	74,030	74,030

Page 7

Matsim Properties Limited

Notes to the Financial Statements for the Year Ended 30 September 2016

Associates	£
Cost
At 1 October 2015	74,030
Provision
Carrying amount
At 30 September 2016	74,030
At 30 September 2015	74,030

7

Debtors

	2016 £	2015 £
Trade debtors	269,493	218,387
Other debtors	1,489,235	1,297,483
Total current trade and other debtors	1,758,728	1,515,870

8

Creditors

	Note	2016 £	2015 £
Due within one year
Bank loans and overdrafts	9	488,922	896,302
Trade creditors		13,393	115,410
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	416,015	1,173,994
Taxation and social security		63,308	38,237
Other creditors		821,924	2,182,855
		1,803,562	4,406,798
Due after one year
Loans and borrowings	9	6,630,429	5,791,549
Other non-current financial liabilities		1,500,000	-
		8,130,429	5,791,549

Page 8

Matsim Properties Limited

Notes to the Financial Statements for the Year Ended 30 September 2016

9	Loans and borrowings

	2016 £	2015 £
Non-current loans and borrowings
Bank borrowings	6,630,429	5,791,549

	2016 £	2015 £
Current loans and borrowings
Bank borrowings	488,922	896,302

10	Related party transactions

Summary of transactions with associates

Loan
 

11	Transition to FRS 102

The company adopted the accounting standard FRS 102 part 1A during this period.


The investment properties were previously accounted for under FRSSE (effective January 2015), which required gains and losses on the properties open market value to be taken to a revaluation reserve in equity. The property is being measured at fair value under FRS 102 and fair value gains and losses are reported in profit or loss.

FRS 102 also requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, additional deferred tax of £1,515,975 was recognised on 1 October 2014 reflecting the provisions of FRS 102. A reduction in the provision for deferred tax has been recognised in the comparative period to 30 September 2015 of £233,625. The revaluation reserve of £9,756,148 was also moved to non-distributable reserves on 1 October 2014.

The effect of adopting FRS 102 part 1A on reserves was a reduction of £1,749,600 on transition and £1,515,975 as at 1 October 2015.

Page 9