Morley Estates East Anglia Limited Company Accounts

MORLEY ESTATES EAST ANGLIA LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03797906

Morley Estates East Anglia Limited

Filleted Unaudited Financial Statements

For the Year Ended

30 June 2017

Morley Estates East Anglia Limited

Financial Statements

Year Ended 30th June 2017

Contents	Page

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements	1

Statement of Financial Position	2

Statement of Changes in Equity	4

Notes to the Financial Statements	5

Morley Estates East Anglia Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Morley Estates East Anglia Limited

Year Ended 30th June 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30th June 2017, which comprise the statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

PEYTON TYLER MEARS Chartered accountant

Middleborough House 16 Middleborough Colchester Essex CO1 1QT

3 November 2017

Morley Estates East Anglia Limited

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed Assets

Tangible assets	4		495,000	236,417

Current Assets

Debtors	5	682	396
Investments	6	52,145	45,460
Cash at bank and in hand		294,276	299,407
		---------	---------
		347,103	345,263

Creditors: amounts falling due within one year	7	475,517		473,978
		---------		---------
Net Current Liabilities			128,414	128,715
			---------	---------
Total Assets Less Current Liabilities			366,586	107,702

Provisions

Taxation including deferred tax	24,892	( 8,332)
	---------	---------
Net Assets	341,694	116,034
	---------	---------

Capital and Reserves

Called up share capital	100	100
Revaluation reserve	161,361	( 11,199)
Profit and loss account	180,233	127,133
	---------	---------
Shareholders Funds	341,694	116,034
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30th June 2017 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 .

Morley Estates East Anglia Limited

Statement of Financial Position (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 3 November 2017 , and are signed on behalf of the board by:

I.J. Newman
Director

Company registration number: 03797906

Morley Estates East Anglia Limited

Statement of Changes in Equity

Year Ended 30th June 2017

			Called up share capital	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£
At 1st July 2015			100	( 11,199)	114,283	103,184

Profit for the year					12,850	12,850
			----	--------	---------	---------
Total Comprehensive Income for the Year			–	–	12,850	12,850

At 30th June 2016			100	( 11,199)	127,133	116,034

Profit for the year					53,100	53,100
Other comprehensive income for the year:
	Revaluation of tangible assets	4	–	172,560	–	172,560
			----	---------	---------	---------
Total Comprehensive Income for the Year			–	172,560	53,100	225,660

			----	---------	---------	---------
At 30th June 2017			100	161,361	180,233	341,694
			----	---------	---------	---------

Morley Estates East Anglia Limited

Notes to the Financial Statements

Year Ended 30th June 2017

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. Tangible Assets

	Investment properties
	£
Cost or valuation
At 1st July 2016	236,417
Additions	237,222
Disposals	( 151,199)
Revaluations	172,560
	---------
At 30th June 2017	495,000
	---------
Depreciation
At 1st July 2016 and 30th June 2017	–
	---------
Carrying amount
At 30th June 2017	495,000
	---------
At 30th June 2016	236,417
	---------

Tangible assets held at valuation

The investment properties were revalued during the year to a total value of £495,000. I.J. Newman , a director of the company, revalued the properties on an fair value basis

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 30th June 2017
Aggregate cost	316,843
Aggregate depreciation	–
	---------
Carrying value	316,843
	---------

At 30th June 2016
Aggregate cost	247,616
Aggregate depreciation	–
	---------
Carrying value	247,616
	---------

5. Debtors

	2017	2016
	£	£
Other debtors	682	396
	----	----

6. Investments

	2017	2016
	£	£
Other investments	52,145	45,460
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	9,498	4,264
Other creditors	466,019	469,714
	---------	---------
	475,517	473,978
	---------	---------

8. Directors' Advances, Credits and Guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
I.J. Newman	( 79,826)	1,485	( 1,485)	( 79,826)
J.P. Newman	( 379,815)	1,475	( 1,485)	( 379,825)
B.J. Newman	( 2,600)	2,600	( 260)	( 260)
	---------	-------	-------	---------
	( 462,241)	5,560	( 3,230)	( 459,911)
	---------	-------	-------	---------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
I.J. Newman	20,174	1,485	( 101,485)	( 79,826)
J.P. Newman	( 529,825)	151,495	( 1,485)	( 379,815)
B.J. Newman	( 2,340)	–	( 260)	( 2,600)
	---------	---------	---------	---------
	( 511,991)	152,980	( 103,230)	( 462,241)
	---------	---------	---------	---------

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st July 2015.

Reconciliation of equity

	1st July 2015			30th June 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	236,057	–	236,057	236,417	–	236,417
Current assets	388,099	–	388,099	345,263	–	345,263
Creditors: amounts falling due within one year	( 520,972)	–	( 520,972)	( 473,978)	–	( 473,978)
	---------	----	---------	---------	----	---------
Net current liabilities	( 132,873)	–	( 132,873)	( 128,715)	–	( 128,715)
	---------	----	---------	---------	----	---------
Total assets less current liabilities	103,184	–	103,184	107,702	–	107,702

Provisions	–	–	–	–	8,332	8,332
	---------	----	---------	---------	-------	---------
Net assets	103,184	–	103,184	107,702	8,332	116,034
	---------	----	---------	---------	-------	---------

	---------	----	---------	---------	-------	---------
Capital and reserves	103,184	–	103,184	107,702	8,332	116,034
	---------	----	---------	---------	-------	---------

Following adoption of FRS102 the accounts for 2016 have been restated to include potential deferred tax on revalued assets.