McGill Estates Ltd - Accounts to registrar - small 17.2
McGill Estates Ltd - Accounts to registrar - small 17.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
FOR |
MCGILL ESTATES LTD |
MCGILL ESTATES LTD (REGISTERED NUMBER: 09475295) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MCGILL ESTATES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Atelier B1 |
The Old Brewery |
Lodway |
Pill |
Bristol |
BS20 0DH |
MCGILL ESTATES LTD (REGISTERED NUMBER: 09475295) |
BALANCE SHEET |
31 MARCH 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
MCGILL ESTATES LTD (REGISTERED NUMBER: 09475295) |
BALANCE SHEET - continued |
31 MARCH 2017 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
MCGILL ESTATES LTD (REGISTERED NUMBER: 09475295) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
1. | STATUTORY INFORMATION |
McGill Estates Ltd is a |
number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of consideration received or receivable in respect of the provision of services. |
Turnover is recognised when the services have been provided and all obligations to the customer have been fulfilled. |
Investment property |
Investment properties are included in the Balance sheet at their fair value in accordance with the Financial Reporting |
Standard 102 and are not depreciated. |
The fair value of the investment properties are considered annually by the directors in the light of known movements and |
trends in the property market and taking account of the directors' knowledge and experience of the market place for such |
properties. Periodically the directors consult with professional advisors to confirm that their views are in line with those of |
the industry. |
Any aggregate surplus or deficit arising on revaluation is recognised in the profit and loss account and allocated to a fair |
value reserve. |
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. |
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 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. |
MCGILL ESTATES LTD (REGISTERED NUMBER: 09475295) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company has a deficit in shareholder's funds. The directors have therefore considered whether it remains appropriate to |
prepare these financial statements on a going concern basis. |
The directors have confirmed that the parent company will continue to support the company for a period of at least twelve |
months from the date that the accounts are signed and are therefore satisfied that the company is a going concern and that it |
remains appropriate to prepare the financial statements on a going concern basis. |
Financial instruments |
Financial liabilities and equity instruments are classified and accounted for according to the substance of contractual |
arrangements, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that |
evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
The director is of the opinion that the value in the accounts reflects the fair value of the property. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank loans |
The bank loan is secured by a fixed and floating charge over all of the company's assets. |
MCGILL ESTATES LTD (REGISTERED NUMBER: 09475295) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
9. | RELATED PARTY DISCLOSURES |
During the period the company maintained a loan account with parent company John R McGill Limited throughout the |
period, Any loans are made interest free and repayable on demand, at the end of the period a balance of £413,293 was owed |
by the company. |
On 18th July 2016, the company purchased an investment property from John R McGill Limited for £1,155,000. |