M J Daniels (Estates) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02600114 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

FOR

M J DANIELS (ESTATES) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C M Daniels

Mr C Daniels

SECRETARY:

Mr C M Daniels

REGISTERED OFFICE:

17a Ivel Road

Shefford

Bedfordshire

SG17 5LB

REGISTERED NUMBER:

02600114 (England and Wales)

ACCOUNTANTS:

Tony Everitt

Chartered Accountant

11b Soham Road

Fordham

Ely

Cambridgeshire

CB7 5LB

FIXED ASSETS

Tangible assets

4

1,194

1,558

CURRENT ASSETS

Debtors

5

10,322

11,185

Cash at bank and in hand

976

36,743

11,298

47,928

CREDITORS

Amounts falling due within one year

6

43,586

144,041

NET CURRENT LIABILITIES

(32,288

)

(96,113

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(31,094

)

(94,555

)

CAPITAL AND RESERVES

Called up share capital

7

2,360

2,360

Retained earnings

(33,454

)

(96,915

)

SHAREHOLDERS' FUNDS

(31,094

)

(94,555

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 6 December 2017 and were signed on its behalf by:

Mr C M Daniels - Director

Mr C Daniels - Director

1.	STATUTORY INFORMATION

M J Daniels (Estates) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The accounts have been prepared on the going concern basis on the grounds that the directors and

connected persons will continue to support the company to meet its cashflow requirements for the

foreseeable future.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for revenues and expenses during the year and the

amounts reported for assets and liabilities at the balance sheet date. However, the nature of estimation

means that the actual outcomes could differ from those estimates.

Judgements

Careful judgement by the management is applied in deciding and applying the Company's accounting

policies in respect of identifying signs of assets requiring impairment review. Judgements are based on

the information available at each balance sheet date.

Estimates

The directors estimate the value of work in progress for work completed but not charged to customers

at the balance sheet date. Changes in these estimates could result in changes being required to the

income in the statement of comprehensive income and the carrying values in the balance sheet.

Turnover

Turnover represents net invoiced services, adjusted for any work in progress.

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

-

33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Financial instruments

Financial assets and financial liabilities are measured initially at fair value plus transactions costs.

Financial assets and financial liabilities are measured subsequently as described below.

The Company classifies its financial assets as 'loans and receivables'. The Company assesses at

each date balance sheet whether there is objective evidence that a financial asset or a group of

financial assets is impaired.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are

not quoted in an active market. They are included in current assets, except for maturities greater than

12 months after the balance sheet date, which are classified as non-current assets. Loans and

receivables are classified as 'trade and other debtors' in the balance sheet.

Trade debtors are recognised initially at fair value and subsequently measured at amortised cost using

the effective interest method, less provision for impairment.

A provision for impairment of trade debtors is established when there is objective evidence that the

Company will not be able to collect all amounts due according to the original terms of the receivables.

Significant financial difficulty, high probability of bankruptcy or a financial reorganisation and default are

considered indicators that the trade debtor is impaired. The amount of the provision is the difference

between the asset's carrying amount and the present value of the estimated future cash flows

discounted at the original effective interest rate. The loss is recognised in the profit or loss. When a

trade debtor is uncollectable, it is written off against the allowance account for trade debtors.

Subsequent recoveries of amounts previously written off are credited to the profit or loss.

Financial assets are derecognised when the contractual rights to the cash flows from the financial

asset expire, or when the financial asset and all substantial risks and rewards are transferred.

Financial liabilities

The Company's financial liabilities include trade and other creditors.

Trade creditors are recognised initially at fair value less transaction costs and subsequently measured

at amortised cost using the effective interest method (''EIR'' method).

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or

costs that are an integral part of the EIR. The EIR amortisation is included in finance costs in the

Income Statement.

A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2016

and 30 April 2017

44,808

DEPRECIATION

At 1 May 2016

43,250

Charge for year

364

At 30 April 2017

43,614

NET BOOK VALUE

At 30 April 2017

1,194

At 30 April 2016

1,558

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

3,435

11,033

Other debtors

6,887

152

10,322

11,185

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

228

737

Taxation and social security

20,314

26,147

Other creditors

23,044

117,157

43,586

144,041

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

660

Ordinary

£1

660

660

1,700

A Class Ordinary

£1

1,700

1,700

2,360

2,360

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2017 and

30 April 2016:

2017

2016

£

£

Mr C M Daniels

Balance outstanding at start of year

-

-

Amounts advanced

3,318

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,318

-

Mr C Daniels

Balance outstanding at start of year

-

-

Amounts advanced

3,318

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,318

-

9.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £141,809 net of VAT (2016 - £216,095) in respect of

consultancy, contract and development work supplied to a related party. The recovery of this debt is

considered to be doubtful and full provision has been made against the debt.

The company was also owed £3,475 (2016 - £11,032) by a separate related party in respect of

consultancy, contract and development work.

In addition, the company owed £19,277 (2016 - £16,877) to a related party in respect of rental charges.