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

REGISTERED NUMBER: 02291784 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2017

FOR

MASTERPALM PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

John Marshall

Gary Peter Marshall

Ian Thomas Marshall

Neil David Marshall

SECRETARY:

John Marshall

REGISTERED OFFICE:

Stoneleigh House

Cooper Street

Springhead

Oldham

OL4 4QS

REGISTERED NUMBER:

02291784 (England and Wales)

ACCOUNTANTS:

kppbusiness limited

55 Dale Street

Milnrow

Rochdale

OL16 3NJ

FIXED ASSETS

Tangible assets

4

1,493,175

1,505,254

CURRENT ASSETS

Debtors

5

101,726

89,969

Cash at bank and in hand

4,172

61,560

105,898

151,529

CREDITORS

Amounts falling due within one year

6

556,343

501,587

NET CURRENT LIABILITIES

(450,445

)

(350,058

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,042,730

1,155,196

CREDITORS

Amounts falling due after more than one year

7

(480,854

)

(517,933

)

PROVISIONS FOR LIABILITIES

(54,929

)

(56,363

)

NET ASSETS

506,947

580,900

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Capital redemption reserve

1

1

Retained earnings

406,946

480,899

SHAREHOLDERS' FUNDS

506,947

580,900

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 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 14th February 2018 and were signed on its behalf by:

Neil David Marshall - Director

Gary Peter Marshall - Director

1.	STATUTORY INFORMATION

Masterpalm 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

life after taking into account its estimated residual value.

Freehold property

1% on cost

Plant and machinery

50 % on cost and

20% on cost

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Pension costs and other post-retirement benefits

The company makes pension contributions in respect of its employees directly into their personal pension

scheme. Contributions payable are charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 125 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1st September 2016

1,862,981

325,986

2,188,967

Additions

12,480

600

13,080

Disposals

-

(1,127

)

(1,127

)

At 31st August 2017

1,875,461

325,459

2,200,920

DEPRECIATION

At 1st September 2016

376,870

306,843

683,713

Charge for year

18,747

6,412

25,159

Eliminated on disposal

-

(1,127

)

(1,127

)

At 31st August 2017

395,617

312,128

707,745

NET BOOK VALUE

At 31st August 2017

1,479,844

13,331

1,493,175

At 31st August 2016

1,486,111

19,143

1,505,254

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

72,648

40,357

Other debtors

157

78

Directors' loan accounts

1,068

6,401

Prepayments and accrued income

27,853

43,133

101,726

89,969

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

107,539

42,169

Trade creditors

97,998

142,878

Corporation tax

29,106

35,365

Social security and other taxes

10,297

9,236

Directors' loan accounts

242,507

205,294

Accrued expenses

68,896

66,645

556,343

501,587

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

42,620

42,170

Bank loans - 2-5 years

127,862

126,508

Bank loans more than 5 years

by instalments

310,372

349,255

480,854

517,933

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

310,372

349,255

310,372

349,255

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

64,918

-

Bank loans

523,475

560,102

588,393

560,102

The bank loan is secured by legal charges on the company's land and buildings and mortgage debenture over the

whole of the company's assets, and a personal guarantee from one of the directors.

Interest rate applicable to the loan is 2.19% above base rate with full repayment of loans scheduled for 3

December 2029

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st August 2017 and

31st August 2016:

2017

2016

£

£

Ian Thomas Marshall

Balance outstanding at start of year

6,401

386

Amounts advanced

1,068

6,401

Amounts repaid

(6,401

)

(386

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,068

6,401

The directors loan was repaid after the year end.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Masterpalm Properties Limited for the year ended 31st August 2017 which comprise the Income

Statement, Statement of Financial Position and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Masterpalm Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Masterpalm Properties Limited and state those matters that we have agreed to state to the Board of Directors of Masterpalm Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Masterpalm Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Masterpalm Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Masterpalm Properties Limited. You consider that Masterpalm Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Masterpalm Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

kppbusiness limited

55 Dale Street

Milnrow

Rochdale

OL16 3NJ

14th February 2018