Mantransco Investments Ltd. - Period Ending 2014-02-28

Registration number: 06095867

Mantransco Investments Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2014
 

Blue Spire South LLP
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

Mantransco Investments Ltd.
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 9

Mantransco Investments Ltd.
Company Information

Directors

Mrs. G Davies Mr. M Davies

Registered office

Wren Cottage Horsemere Green Lane Climping West Sussex BN17 5QZ

Accountants

Blue Spire South LLP Chartered Accountants Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Page 1

Mantransco Investments Ltd.
Directors' Report for the Year Ended 28 February 2014

The directors present their report and the unaudited financial statements for the year ended 28 February 2014.

Directors of the company

The directors who held office during the year were as follows:

Mrs. G Davies

Mr. M Davies

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 28 November 2014 and signed on its behalf by:

.........................................
Mrs. G Davies
Director

.........................................
Mr. M Davies
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mantransco Investments Ltd.
for the Year Ended 28 February 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mantransco Investments Ltd. for the year ended 28 February 2014 set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Mantransco Investments Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mantransco Investments Ltd. and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mantransco Investments Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mantransco Investments Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mantransco Investments Ltd.. You consider that Mantransco Investments Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mantransco Investments Ltd.. 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 accounts.

......................................

Blue Spire South LLP
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

28 November 2014

Page 3

Mantransco Investments Ltd.
Profit and Loss Account for the Year Ended 28 February 2014

		Note			2014 £			2013 £
Turnover					26,866			20,500
Cost of sales					(200)			(200)
Gross profit					26,666			20,300
Administrative expenses					(10,890)			(7,473)
Operating profit		2			15,776			12,827
Interest payable and similar charges					(11,039)			(8,811)
Profit on ordinary activities before taxation					4,737			4,016
Tax on profit on ordinary activities		3			(576)			-
Profit for the financial year		9			4,161			4,016

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 4

Mantransco Investments Ltd.
(Registration number: 06095867)
Balance Sheet at 28 February 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		4			709,698			505,925
Current assets
Debtors		5			835			1,893
Cash at bank and in hand					3,378			7,219
					4,213			9,112
Creditors: Amounts falling due within one year		6			(275,086)			(201,785)
Net current liabilities					(270,873)			(192,673)
Total assets less current liabilities					438,825			313,252
Creditors: Amounts falling due after more than one year		7			(417,793)			(296,381)
Net assets					21,032			16,871
Capital and reserves
Called up share capital		8			20,000			20,000
Profit and loss account		9			1,032			(3,129)
Shareholders' funds					21,032			16,871

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 28 February 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

Approved and authorised for issue by the Board on 28 November 2014 and signed on its behalf by:

.........................................
Mrs. G Davies
Director

.........................................
Mr. M Davies
Director

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 5

Mantransco Investments Ltd.
Notes to the Financial Statements for the Year Ended 28 February 2014
......... continued

1	Accounting policies

Basis of preparation

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).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

The turnover shown in the profit and loss account represents rents receivable during the year.

Depreciation

In accordance with the Finacial Reporting for Smaller Entities, no depreciation is provided in respect of the long leasehold investment property. This represents a departure from Schedule 4 Companies act 1985 which requires depreciation of invesment properties. The directors consider that the adoption of this policy is necerssary to give a true and fair view.

Asset class	Depreciation method and rate
Investment Properties	Nil

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Operating profit

Operating profit is stated after charging:

2014 £

2013 £

Page 6

Mantransco Investments Ltd.
Notes to the Financial Statements for the Year Ended 28 February 2014
......... continued

3

Taxation

Tax on profit on ordinary activities

		2014 £			2013 £
Current tax
Corporation tax charge		576			-

4	Tangible fixed assets

		Investment properties £			Total £
Cost or valuation
At 1 March 2013		505,925			505,925
Additions		203,773			203,773
At 28 February 2014		709,698			709,698
Net book value
At 28 February 2014		709,698			709,698
At 28 February 2013		505,925			505,925

5

Debtors

		2014 £			2013 £
Trade debtors		-			1,200
Other debtors		835			693
		835			1,893

6	Creditors: Amounts falling due within one year

		2014 £			2013 £
Trade creditors		1,174			-
Bank loans and overdrafts		26,770			18,108
Corporation tax		576			-
Other creditors		246,566			183,677
		275,086			201,785

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Mortgages		26,770			18,110

Page 7

Mantransco Investments Ltd.
Notes to the Financial Statements for the Year Ended 28 February 2014
......... continued

7	Creditors: Amounts falling due after more than one year

		2014 £			2013 £
Other creditors		417,793			296,381

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Mortgages		417,793			296,379

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		276,419			296,381
After more than five years not by instalments		141,374			-
		417,793			296,381

8	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary 'A' Shares of £1 each		8,000			8,000			8,000			8,000
Ordinary 'B' Shares of £1 each		12,000			12,000			12,000			12,000
		20,000			20,000			20,000			20,000

9

Reserves

		Profit and loss account £			Total £
At 1 March 2013		(3,129)			(3,129)
Profit for the year		4,161			4,161
At 28 February 2014		1,032			1,032

Page 8

Mantransco Investments Ltd.
Notes to the Financial Statements for the Year Ended 28 February 2014
......... continued

10	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mrs. G Davies
Amounts owed to the director at the year end	245,866	-	182,977	-

11

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 9