Michael Thompson Property Limited Small abridged accounts
Michael Thompson Property Limited Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
04516936
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Abridged Financial Statements |
Year ended 31 December 2016
Contents |
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Officers and professional advisers |
1 |
Abridged statement of financial position |
2 |
Notes to the abridged financial statements |
4 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Accountants |
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Chartered accountant |
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Sterling House |
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Wavell Drive, Rosehill |
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Carlisle, Cumbria |
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CA1 2SA |
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Abridged Statement of Financial Position |
2016 |
2015 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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Net assets |
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Abridged Statement of Financial Position (continued) |
2016 |
2015 |
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Note |
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£ |
£ |
Capital and reserves
Called up share capital |
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Profit and loss account |
6 |
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Members funds |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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These abridged financial statements were approved by the
board of directors
and authorised for issue on
20 September 2017
, and are signed on behalf of the board by:
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Director |
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Company registration number:
04516936
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Notes to the Abridged Financial Statements |
Year ended 31 December 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Ninians Road, Carlisle, Cumbria, CA2 4NE.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Judgements and key sources of estimation uncertainty
Revenue recognition
Taxation policy
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings |
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Investment property
Impairment of fixed assets
Provisions
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2015:
2
).
5.
Tangible assets
£ |
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Cost or Valuation |
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At 1 January 2016 and 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
926,824 |
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At 31 December 2015 |
926,845 |
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Included within the above is investment property as follows:
£ |
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At 1 January 2016 and 31 December 2016 |
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6.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. The total amount shown in the profit and loss account includes £414,761 (2015 - £414,113) which is undistributable.
7.
Related party transactions
The company is related to
Michael Thompson (PWC&E) Limited
as Mr Paisley is a director and holds 60 % of the ordinary shares of Michael Thompson (PWC&E) Limited. Michael Thompson (PWC&E) Limited lease premises from
Michael Thompson Property Limited
for £ 24,000
per annum. During the year Michael Thompson (PWC&E) Limited charged Michael Thompson Property Limited
£20,452 (2015 - £24,697) for repair work carried out on the properties This amount is negotiated at arm's length.
8.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
Reconciliation of equity
1 January 2015 |
31 December 2015 |
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As previously stated |
Effect of transition |
FRS 102 (as restated) |
As previously stated |
Effect of transition |
FRS 102 (as restated) |
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£ |
£ |
£ |
£ |
£ |
£ |
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Fixed assets |
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– |
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– |
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Current assets |
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– |
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– |
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Creditors: amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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– |
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– |
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Provisions |
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Net assets |
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Capital and reserves |
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(
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(
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