ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

MAJOR ESTATE FINANCIAL SERVICES LIMITED - Company Information

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Registered number: 03566313









MAJOR ESTATE FINANCIAL SERVICES LIMITED







UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016
 
MAJOR ESTATE FINANCIAL SERVICES LIMITED
 
 
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAJOR ESTATE FINANCIAL SERVICES LIMITED
FOR THE YEAR ENDED 31 OCTOBER 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MAJOR ESTATE FINANCIAL SERVICES LIMITED for the year ended 31 October 2016 which comprise the Income and expenditure account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
 

As a 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/membership/
regulations-standards-and-guidance.


This report is made solely to the director of MAJOR ESTATE FINANCIAL SERVICES LIMITED in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MAJOR ESTATE FINANCIAL SERVICES LIMITED and state those matters that we have agreed to state to the director of MAJOR ESTATE FINANCIAL SERVICES LIMITED in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MAJOR ESTATE FINANCIAL SERVICES LIMITED and its director for our work or for this report.
 
 
It is your duty to ensure that MAJOR ESTATE FINANCIAL SERVICES 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 MAJOR ESTATE FINANCIAL SERVICES LIMITED. You consider that MAJOR ESTATE FINANCIAL SERVICES LIMITED is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of MAJOR ESTATE FINANCIAL SERVICES 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.





Ashon
Chartered Accountants
Sental House
66 Waldeck Road
Strand on the Green
London
W4 3NU

13 December 2016
Page 1
 
MAJOR ESTATE FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 03566313

ABBREVIATED BALANCE SHEET
AS AT 31 OCTOBER 2016

2016
2015
Note
£
£
£
£
 
FIXED ASSETS





 
Tangible assets
 
2
557,715
454,130
 
CURRENT ASSETS





 
Debtors
12,000
11,281

 
Cash at bank

508,553
334,113







 
520,553
345,394
 
CREDITORS: amounts falling due within one year
(175,704)
(144,214)
 
NET CURRENT ASSETS


344,849

201,180
 
TOTAL ASSETS LESS CURRENT LIABILITIES
 902,564

 655,310
  
CAPITAL AND RESERVES

 
Called up share capital
3
10,000
10,000
 
Income and expenditure account
892,564
645,310
 
SHAREHOLDERS' FUNDS
 

 902,564

 655,310


The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. 

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 October 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which 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, were approved and authorised for issue by the board and were signed on its behalf on 13 December 2016.





D M Shonchhatra
Director

The notes on pages 3 to 4 form part of these financial statements.

Page 2
 
MAJOR ESTATE FINANCIAL SERVICES LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

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 January 2015).

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

1.3
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property
-
Not depreciated
Office equipment
-
25% straight line

1.4
Investment properties

Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.


2.TANGIBLE FIXED ASSETS



£


Cost 


At 1 November 2015
462,451

Additions
103,585


At 31 October 2016

566,036



Depreciation


At 1 November 2015 and 31 October 2016

8,321




Net book value


At 31 October 2016
 557,715


At 31 October 2015

 454,130

Page 3
 
MAJOR ESTATE FINANCIAL SERVICES LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016

3.SHARE CAPITAL
        2016
        2015
        £

        £

Authorised, allotted, called up and fully paid



10,000 Ordinary shares of £1 each
 10,000
 10,000

Page 4