Montana Property Development Co Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02010191 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 October 2016

for

Montana Property Development Co Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

S.A. Boyling

SECRETARY:

K.J. Gentry

REGISTERED OFFICE:

Transport House

80 Calcutta Road

Tilbury

Essex

RM18 7QJ

REGISTERED NUMBER:

02010191 (England and Wales)

ACCOUNTANTS:

Anser Solutions

Chartered Accountants

Suite 3 Warren House

10 - 20 Main Road

Hockley

Essex

SS5 4QS

FIXED ASSETS

Tangible assets

2

20,964

26,864

Investments

3

199

Investment property

4

1,550,500

1,571,663

1,577,563

CURRENT ASSETS

Stocks

111,442

750,563

Debtors

2,633,493

2,713,388

Cash at bank and in hand

752,578

894,576

3,497,513

4,358,527

CREDITORS

Amounts falling due within one year

5

1,192,178

1,055,069

NET CURRENT ASSETS

2,305,335

3,303,458

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,876,998

4,881,021

CREDITORS

Amounts falling due after more than one
year

5

(1,770,757

)

(3,082,850

)

PROVISIONS FOR LIABILITIES

(1,747

)

(2,456

)

NET ASSETS

2,104,494

1,795,715

CAPITAL AND RESERVES

Called up share capital

6

2,000

Revaluation reserve

455,949

Profit and loss account

1,646,545

1,337,766

SHAREHOLDERS' FUNDS

2,104,494

1,795,715

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

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

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 27 July 2017 and were signed by:

S.A. Boyling - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts

where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Investment property

Investment property is shown at it's most recent valuation. Valuations are performed annually by the director.

Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Should the value of the property be impaired below that of the original cost then this impairment will be charged

to the profit and loss account.

This is a departure from the Companies Act 2006 which requires tangible fixed assets to be depreciated.

However the directors consider that the departure is within generally accepted accounting practice and is

appropriate in order to give a true and fair view.

Stocks

Work in progress is valued at the lower of cost and net realisable value, except in the case of service contracts

where work in progress is calculated on a completion basis.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

and 31 October 2016

82,626

DEPRECIATION

At 1 November 2015

55,762

Charge for year

5,900

At 31 October 2016

61,662

NET BOOK VALUE

At 31 October 2016

20,964

At 31 October 2015

26,864

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 November 2015

and 31 October 2016

199

NET BOOK VALUE

At 31 October 2016

199

At 31 October 2015

199

The company's investments at the balance sheet date includes a 75% holding in the ordinary share capital of

Montana Property Assets Limited, a company involved in investment property rental. This subsidiary made a

profit for the year ended 31.10.16 of £935,927 (31.10.15 : £310,598) and had aggregate capital and reserves at

31.10.16 of £2,891,372 (31.10.15 : £1,955,445).

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 November 2015

and 31 October 2016

1,550,500

NET BOOK VALUE

At 31 October 2016

1,550,500

At 31 October 2015

1,550,500

Leasehold investment properties held as investments have been included at their open market value. Valuations

are undertaken on an annual basis by the director.

5.

CREDITORS

Creditors include an amount of £ 1,821,690 (31.10.15 - £ 3,144,129 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.10.16

31.10.15

£

Repayable by instalments

-

318,100

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.16

31.10.15

value:

£

2,000

Ordinary

£1

2,000