Michael Brothers (of Margate) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00729411 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

MICHAEL BROTHERS (OF MARGATE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A A Hagemichael

E A Hagemichael

Mrs G Hagemichael

SECRETARY:

A A Hagemichael

REGISTERED OFFICE:

39 Hawley Square

Margate

Kent

CT9 1NZ

REGISTERED NUMBER:

00729411 (England and Wales)

ACCOUNTANTS:

Percy Gore & Co

Chartered Accountants

39 Hawley Square

Margate

Kent

CT9 1NZ

BANKERS:

National Westminster Bank Plc

13 Cecil Square

Margate

Kent

CT9 1XY

FIXED ASSETS

Tangible assets

5

5,310

5,900

Investment property

6

1,650,000

1,650,000

1,655,310

1,655,900

CURRENT ASSETS

Debtors

7

8,759

2,987

Cash at bank

37,490

41,688

46,249

44,675

CREDITORS

Amounts falling due within one year

8

49,355

50,671

NET CURRENT LIABILITIES

(3,106

)

(5,996

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,652,204

1,649,904

PROVISIONS FOR LIABILITIES

184,321

184,321

NET ASSETS

1,467,883

1,465,583

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

9

1,391,074

1,391,074

Retained earnings

76,709

74,409

SHAREHOLDERS' FUNDS

1,467,883

1,465,583

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 2 October 2017 and were signed on its behalf by:

A A Hagemichael - Director

1.	STATUTORY INFORMATION

Michael Brothers (of Margate) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors consider that there are no material uncertainties regarding the company's ability to continue as a

going concern.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on reducing balance

Investment property

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

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

44,812

DEPRECIATION

At 1 April 2016

38,912

Charge for year

590

At 31 March 2017

39,502

NET BOOK VALUE

At 31 March 2017

5,310

At 31 March 2016

5,900

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

1,650,000

NET BOOK VALUE

At 31 March 2017

1,650,000

At 31 March 2016

1,650,000

Freehold Investment Properties were revalued by the directors at 31st March 2012 in order to reflect the open

market value, subject to existing tenancies. If the investment properties were to be sold at the revalued amount

then a potential corporation tax liability of £183,730 would arise.

The directors consider that there has been significant change to the open market valuation of £1,650,000 which

has been the balance sheet carrying value since 2012.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

8,759

2,987

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

5,672

7,382

Other creditors

43,683

43,289

49,355

50,671

9.

RESERVES

Fair

value

reserve

£

At 1 April 2016

and 31 March 2017

1,391,074

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31st March 2017, the following amounts were due to the directors:

£

Mr A A Hagemichael 151 (2016:£532)

Mr E A Hagemichael 225 (2016: £68)

Mrs G Hagemichael 1251(2016: £632)

There are no formal provisions in place for repayment of the above debts, nor for the payment of interest

thereon; the debts are unsecured.

On 13th March 2013, the company arranged an overdraft facility with Nat West Bank. The three directors have

provided personal guarantees to the bank totalling £70,000.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 were paid to the directors .

12.	ULTIMATE CONTROLLING PARTY

There is no individual controlling party; however, the directors own, collectively, the entire issued share capital

of the company.