P & G MILLER DEVELOPMENTS LTD - Limited company accounts 11.4

REGISTERED NUMBER: 05034590 (England and Wales)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2014

FOR

P & G MILLER DEVELOPMENTS LTD

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

P Miller

SECRETARY:

G S Miller

REGISTERED OFFICE:

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

REGISTERED NUMBER:

05034590 (England and Wales)

ACCOUNTANTS:

Segrave & Partners

Chartered Accountants

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

The director presents his report with the financial statements of the company for the year ended 28 February 2014.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Builders & Property Developers. Due to the

current economic climate the company has been unable to sell the three properties held in stock which have therefore

been let out in the short term.

DIRECTOR

P Miller held office during the whole of the period from 1 March 2013 to the date of this report.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to

small companies.

ON BEHALF OF THE BOARD:

P Miller - Director

21 November 2014

TURNOVER

-

Administrative expenses

13,394

17,040

(13,394

)

(17,040

)

Other operating income

34,805

33,595

OPERATING PROFIT

2

21,411

16,555

Interest payable and similar charges

16,129

17,665

PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION

5,282

(1,110

)

Tax on profit/(loss) on ordinary activities

3

834

-

PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

4,448

(1,110

)

FIXED ASSETS

Investment property

4

443,704

CURRENT ASSETS

Debtors

5

-

558

Cash at bank

-

53

-

611

CREDITORS

Amounts falling due within one year

6

521,945

527,004

NET CURRENT LIABILITIES

(521,945

)

(526,393

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(78,241

)

(82,689

)

CAPITAL AND RESERVES

Called up share capital

8

2

Profit and loss account

9

(78,243

)

(82,691

)

SHAREHOLDERS' FUNDS

(78,241

)

(82,689

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2014 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 financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 21 November 2014 and were signed by:

P Miller - Director

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 April 2008).

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Deferred tax

Deferred taxation has been calculated but the amount involved is not significant enough to materially affect the

financial statements and therefore no provision has been made.

2.	OPERATING PROFIT

The operating profit is stated after charging:

2014

2013

£

Director's remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

2014

2013

£

Current tax:

UK corporation tax

834

-

Tax on profit/(loss) on ordinary activities

834

-

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 March 2013

and 28 February 2014

443,704

NET BOOK VALUE

At 28 February 2014

443,704

At 28 February 2013

443,704

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

Prepayments

-

558

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

Bank loans and overdrafts

380,291

414,580

Tax

834

-

Directors' current accounts

139,132

105,439

Accrued expenses

1,688

6,985

521,945

527,004

7.	SECURED DEBTS

The following secured debts are included within creditors:

2014

2013

£

Bank loans

378,580

414,580

The bank loan is secured by way of both a legal charge over the companies principal asset 34 / 36 Chalkwell Park

Drive as well as personal guarantee from a director.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

2

Ordinary

£1

2

9.

RESERVES

Profit

and loss

account

£

At 1 March 2013

(82,691

)

Profit for the year

4,448

At 28 February 2014

(78,243

)

10.	GOING CONCERN

As at the 28th February 2014 the company had a net deficiency of assets of £78,241 (2013: £82,689). The

directors undertake to financially support the company until trading conditions improve. It is therefore deemed

appropriate to prepare the financial statements on the going concern basis.