Microtima Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04638982 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

MICROTIMA PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P V Rees

Mrs S A Richardson

SECRETARY:

Mr M I Cleghorn

REGISTERED OFFICE:

Albion House

Old Glass Works

Stepney Bank

Newcastle upon Tyne

Tyne and Wear

NE1 2NP

REGISTERED NUMBER:

04638982 (England and Wales)

ACCOUNTANTS:

Robson Laidler Accountants Limited

Fernwood House

Fernwood Road

Jesmond

Newcastle upon Tyne

NE2 1TJ

FIXED ASSETS

Tangible assets

4

442

548

Investment property

5

617,000

617,000

617,442

617,548

CURRENT ASSETS

Debtors

6

16,665

31,130

Cash at bank

7,258

16,197

23,923

47,327

CREDITORS

Amounts falling due within one year

7

25,550

34,086

NET CURRENT (LIABILITIES)/ASSETS

(1,627

)

13,241

TOTAL ASSETS LESS CURRENT LIABILITIES

615,815

630,789

CREDITORS

Amounts falling due after more than one year

8

(85,014

)

(99,091

)

PROVISIONS FOR LIABILITIES

(48,592

)

(53,406

)

NET ASSETS

482,209

478,292

CAPITAL AND RESERVES

Called up share capital

162

162

Retained earnings

482,047

478,130

SHAREHOLDERS' FUNDS

482,209

478,292

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 15 November 2017 and were signed on its behalf by:

Mrs S A Richardson - Director

1.	STATUTORY INFORMATION

Microtima Properties 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are presented in UK Sterling which is the functional currency of the company

and rounded to the nearest £1.

Turnover

Turnover represents net rental income from properties, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Office equipment

-

20% on cost

Computer equipment

-

33% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Office

Computer

fittings

equipment

equipment

Totals

£

£

£

£

COST

At 1 March 2016

and 28 February 2017

1,264

319

769

2,352

DEPRECIATION

At 1 March 2016

788

268

748

1,804

Charge for year

73

12

21

106

At 28 February 2017

861

280

769

1,910

NET BOOK VALUE

At 28 February 2017

403

39

-

442

At 29 February 2016

476

51

21

548

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2016

and 28 February 2017

617,000

NET BOOK VALUE

At 28 February 2017

617,000

At 29 February 2016

617,000

Fair value at 28 February 2017 is represented by:

£

Valuation in 2008

376,801

Cost

240,199

617,000

If the investment property had not been revalued it would have been included at the following historical

cost:

2017

2016

£

£

Cost

240,199

240,199

Investment property was valued on an open market value basis on 30 June 2008 by Naylors Chartered Surveyors

.

The directors are of the opinion that the market value is not significantly different to that stated above.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

15,022

29,541

Called up share capital not paid

27

27

Prepayments and accrued income

1,616

1,562

16,665

31,130

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

14,027

13,681

Trade creditors

1,690

498

Corporation tax

-

7,347

Other creditors

8,569

10,569

Accruals and deferred income

1,264

1,991

25,550

34,086

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

59,741

58,268

Bank loan more than 5 years by

instalments

25,273

40,823

85,014

99,091

Amounts falling due in more than five years:

Repayable by instalments

Bank loan more than 5 years by

instalments

25,273

40,823

25,273

40,823

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

99,041

112,772

The bank loan is secured with a first legal charge over the freehold property.

10.	FIRST YEAR ADOPTION

In line with the requirements of FRS102, the revaluation reserve of £376,801 has been transferred to

the profit and loss reserve as it is in relation to gains on investment property.

Deferred tax of £54,271 was charged at the date of transition on the gains on the company's property.

Movements in deferred tax after the date of transition are charged to profit and loss. The date of

transition was 1 March 2015.