Mixed Property Assets Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08573441 (England and Wales)

MIXED PROPERTY ASSETS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A L Smith

Mrs P A Smith

REGISTERED OFFICE:

Gladstone House

77-79 High Street

Egham

Surrey

TW20 9HY

REGISTERED NUMBER:

08573441 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,183

829

Investment property

5

2,407,055

1,765,000

2,409,238

1,765,829

CURRENT ASSETS

Debtors

6

2,423

575

Cash at bank

22,456

5,037

24,879

5,612

CREDITORS

Amounts falling due within one year

7

(1,805,474

)

(1,182,935

)

NET CURRENT LIABILITIES

(1,780,595

)

(1,177,323

)

TOTAL ASSETS LESS CURRENT LIABILITIES

628,643

588,506

PROVISIONS FOR LIABILITIES

(82,596

)

(93,849

)

NET ASSETS

546,047

494,657

CAPITAL AND RESERVES

Called up share capital

8

30

-

Revaluation reserve

480,068

471,864

Retained earnings

65,949

22,793

SHAREHOLDERS' FUNDS

546,047

494,657

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 28 March 2018 and were signed on its behalf by:

A L Smith - Director

Mrs P A Smith - Director

1.	STATUTORY INFORMATION

Mixed Property Assets 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 sterling (£) which is also the functional currency for the

company.

The company transitioned from previously extant UK GAAP to FRS 102 as at 1 July 2015. An

explanation of how transition to FRS 102 has affected the reported financial position and financial

performance is given in note 12.

Going concern

The accounts are prepared on a going concern basis, the use of the going concern basis of accounting

is appropriate because there are no material uncertainties related to events or conditions that may cast

significant doubt about the ability of the company to continue as a going concern.

Cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company

qualifies as a small company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, this comprises

rental income received in the year, inclusive of service charges receivable.

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

-

25% on reducing balance

Investment property

The company's properties are held for long term investment and are included in the Balance Sheet at

their fair values. The fair value is reviewed annually, with reference to open market values, by the

directors of the company. Surpluses or deficits on revaluation of such properties are recognised

through the Income Statement.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term

deposits with an original maturity date of three months or less.

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the

arrangement constitutes a financing transaction in which case the transaction is measured at the

present value of the future receipts discounted at the prevailing market rate of interest . Loans are

initially measured at fair value and are subsequently measured at amortised cost using the effective

interest method less any impairment.

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a

financing transaction in which case the transaction is measured at present value of future payments

discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair

value net of their transaction costs. They are subsequently measured at amortised cost using the

effective interest method.

Equity

Equity comprises of the following:

- "Share capital" represents the nominal value of equity shares.

- "Retained earnings" represents retained profits.

- "Revaluation reserve" represents unrealised movements on the value of investment properties.

Judgements and key sources of estimation uncertainty

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

assumptions about the carrying values of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects both

current and future periods.

The key judgements and sources of estimation uncertainty that have a significant effect on the

amounts recognised in the financial statements are described below.

Investment property

The directors assess the fair value of the investment property where an external valuer has not

performed a valuation. The key judgements involved are a review of the market rates and rental yields.

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 July 2016

1,476

Additions

1,595

At 30 June 2017

3,071

DEPRECIATION

At 1 July 2016

647

Charge for year

241

At 30 June 2017

888

NET BOOK VALUE

At 30 June 2017

2,183

At 30 June 2016

829

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2016

1,765,000

Additions

642,055

At 30 June 2017

2,407,055

NET BOOK VALUE

At 30 June 2017

2,407,055

At 30 June 2016

1,765,000

All investment properties are held for use in operating leases.

The directors have assessed the investments properties and revalued them to open market value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,027

-

Other debtors

1,396

575

2,423

575

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

-

2,601

Corporation tax

10,259

722

Directors' current accounts

1,792,950

1,177,392

Accruals and deferred income

2,265

2,220

1,805,474

1,182,935

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10

Ordinary

£0.00

1

-

-

10

"A" Ordinary

£0.00

1

-

-

30,000

"B" Ordinary

£0.00

1

30

-

30

-

30,000 "B" Ordinary shares of £0.001 each were allotted and fully paid for cash at par during the year.

In the prior year there were 2 £0.01 Ordinary shares. During the year, these shares were subdivided

into 20 £0.001 shares and half of these shares were reclassified to "A" Ordinary shares.

9.	RELATED PARTY DISCLOSURES

During the year, the directors advanced a total of £665,183 (2016: £187,963) to the company to assist

in the purchase of new properties. The directors also paid expenses of £320 (2016: £581) on behalf of

the company, and withdrew £49,945 (2016: £12,305).

At the year end, the directors were owed a total of £1,792,950 (2016: £1,177,392) from the company.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is A L Smith & Mrs P A Smith.

11.	FIRST YEAR ADOPTION

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 July 2015. The impact

from the transition is set out below.

Note 1

The deferred tax on the revaluation of the investment properties is now recognised as an expense

during the year and a provision for liabilities under FRS 102.

Note 2

The directors loan account is now being recognised within one year, due to the loan being repayable

on demand.