THREE_M'S_HARWICH_LIMITED - Accounts

In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Three M's Harwich Limited is a company limited by shares incorporated in England and Wales. The registered office is Mitchellson House Horton Trading Estate, Stanwell Road, Horton, Slough, Berks, England, SL3 9PF.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 May 2017 are the first financial statements of Three M's Harwich Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

At the balance sheet date the company's net liabilities exceeded its net assets by £1,514,790 (2016: £1,564,692). The company meets its day to day working capital requirements through loans provided by the shareholders and other creditors. The company has long term funding together with the ongoing support from the shareholders. Thus, the directors continue to prepare the financial statements on a going concern basis.

Turnover represents proceeds from sale of developed residential properties which is recognised when the contractual arrangements with the purchaser become legally binding.

Development land and properties are valued at the lower of cost and net realisable value. Cost for this purpose comprises the purchase of land and buildings, development expenditure and overheads.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

There were no events since the balance sheet date which materially affected the company.

The company is related to Mitchellson Formwork & Civil Engineering Limited by virtue of being under common control. It is also related to Arlesey Developments Partnership where the directors are partners.

At 31 May 2017 £1,681 (2016: £2,308) were owed to Arlesey Developments Partnership and £12,835 (2016: £10,385) were owed to Mitchellson Formwork & Civil Engineering Limited.