MANCHESTER_&_EDINBURGH_PR - Accounts

MANCHESTER & EDINBURGH PROPERTY INVESTMENT CO LIMITED - Company Information

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Company Registration No. 08302407 (England and Wales)

MANCHESTER & EDINBURGH PROPERTY INVESTMENT CO LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

MANCHESTER & EDINBURGH PROPERTY INVESTMENT CO LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

MANCHESTER & EDINBURGH PROPERTY INVESTMENT CO LTD

ABBREVIATED BALANCE SHEET

AS AT

30 NOVEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

836,242

1,075,510

Current assets

Debtors

800,000

10,000

Cash at bank and in hand

13,646

62,599

813,646

72,599

Creditors: amounts falling due within one year

(1,423,668)

(1,061,600)

Net current liabilities

(610,022)

(989,001)

Total assets less current liabilities

226,220

86,509

Capital and reserves

Called up share capital

100

Profit and loss account

226,120

86,409

Shareholders' funds

226,220

86,509

For the financial year ended 30 November 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 financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 14 August 2017

Mr J S Lodge

Director

Company Registration No. 08302407

MANCHESTER & EDINBURGH PROPERTY INVESTMENT CO LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

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 less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

25% per annum reducing balance

Investment property

In accordance with applicable United Kingdom Accounting Standard (United Kingdom Generally Accepted Accounting Practice), no depreciation is provided on freehold or on leasehold properties with an unexpired term exceeding twenty years. The directors consider that this departure from the requirement of the Companies Act 2006 for all properties to be depreciated is necessary for the financial statements to show a true and fair view, since depreciation is reflected in the open market value and cannot be quantified separately. Depreciation is provided on short leasehold properties with twenty years or less unexpired over the period of the lease.

1.5

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

MANCHESTER & EDINBURGH PROPERTY INVESTMENT CO LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 December 2015

1,076,668

Disposals

(238,972)

At 30 November 2016

837,696

Depreciation

At 1 December 2015

1,158

Charge for the year

296

At 30 November 2016

1,454

Net book value

At 30 November 2016

836,242

At 30 November 2015

1,075,510

Share capital

2016

2015

Allotted, called up and fully paid

26 Ordinary A shares of £1 each

26 Ordinary B shares of £1 each

24 Ordinary C shares of £1 each

24 Ordinary D shares of £1 each

100

All of the share classes rank equally, having full voting rights, the rights to receive dividends and the right to participate in the proceeds of any winding up or sale of the company.

Related party relationships and transactions

Transactions with Related Parties

During the period, Mr J Lodge, a director of the company, continued to provide a loan to the company. Part of this loan is subject to interest, and interest amounting to £5,647 in the year. The balance owed to Mr J Lodge as at 30 November 2016 was £1,305,000 (2015: £937,641).

In addition, during the year, the company has made a short-tem loan to Doncaster Property Developments Limited, a company in which Mr Lodge is a director and shareholder. This loan amounted to £800,000 and interest is being charged on this balance at a rate of 10%.