Mainline Construction Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03419054 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2016 TO 30 AUGUST 2017

FOR

MAINLINE CONSTRUCTION LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr F I Green

REGISTERED OFFICE:

4A Kingfisher Court

Brambleside

Bellbrook Business Park

Uckfield

East Sussex

TN22 1QQ

REGISTERED NUMBER:

03419054 (England and Wales)

ACCOUNTANTS:

Acuity Professional (Uckfield) LLP

4A Kingfisher Court

Brambleside

Bellbrook Business Park

Uckfield

East Sussex

TN22 1QQ

FIXED ASSETS

Tangible assets

4

3,692

475

Investment property

5

345,000

142,529

348,692

143,004

CURRENT ASSETS

Debtors

6

73,853

7,994

Cash at bank

4,461

536,170

78,314

544,164

CREDITORS

Amounts falling due within one year

7

19,948

444,441

NET CURRENT ASSETS

58,366

99,723

TOTAL ASSETS LESS CURRENT LIABILITIES

407,058

242,727

PROVISIONS FOR LIABILITIES

8

38,469

-

NET ASSETS

368,589

242,727

CAPITAL AND RESERVES

Called up share capital

9

2

2

Special reserve

10

164,002

-

Retained earnings

10

204,585

242,725

SHAREHOLDERS' FUNDS

368,589

242,727

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

The members have not required the company to obtain an audit of its financial statements for the period ended 30 August 2017 in accordance with Section 476 of the Companies Act 2006.

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.

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 director on 30 May 2018 and were signed by:

Mr F I Green - Director

1.	STATUTORY INFORMATION

Mainline Construction 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 Sterling (£), rounded to the nearest whole Pound.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of construction and related services.

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 preparation of financial statements in conformity with FRS 102 section 1A requires the use of certain critical

accounting estimates. lt also requires management to exercise judgement in applying the company's accounting

policies.

ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing the financial statements, the directors are required to make estimates and judgements about the carrying

amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on

historical experience and other factors that are considered by the directors to be relevant. Revision to accounting

estimates are recognised in the period in which the estimate is revised.

TURNOVER

Turnover represents amounts receivable from property sale contracts exchanged during the period.

TANGIBLE FIXED ASSETS

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

Motor vehicles

-

25% on reducing balance

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair

value is recognised in profit or loss.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

FINANCIAL INSTRUMENT

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a

legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price

including transaction costs and are subsequently carried at amortised cost using the effective interest method unless

the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not

amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements

entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after

deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the

future payment ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are

not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price

and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

Cost

At 1 September 2016

2,000

Additions

5,000

At 30 August 2017

7,000

Depreciation

At 1 September 2016

1,525

Charge for period

1,783

At 30 August 2017

3,308

Net book value

At 30 August 2017

3,692

At 31 August 2016

475

5.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 September 2016

142,529

Revaluations

202,471

At 30 August 2017

345,000

Net book value

At 30 August 2017

345,000

At 31 August 2016

142,529

Fair value at 30 August 2017 is represented by:

£

Valuation in 2017

202,471

Cost

142,529

345,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

2,066

2,066

Directors' current accounts

53,957

-

Tax

17,536

-

VAT

-

5,719

Prepayments

294

209

73,853

7,994

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

17,797

39,079

Directors' current accounts

-

403,167

Accrued expenses

2,151

2,195

19,948

444,441

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

38,469

-

Deferred

tax

£

Provided during period

38,469

Balance at 30 August 2017

38,469

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

Special

earnings

reserve

Totals

£

£

£

At 1 September 2016

242,725

-

242,725

Profit for the period

156,610

156,610

Dividends

(30,748

)

(30,748

)

Revaluation

(202,471

)

202,471

-

Deferred tax

38,469

(38,469

)

-

At 30 August 2017

204,585

164,002

368,587

11.	RELATED PARTY DISCLOSURES

During the period, total dividends of £30,748 (2016 - £12,000) were paid to the director .

At the balance sheet date, the company owes £53,957 from Mr F I Green (2016: £403,168 owed to).

12.	ULTIMATE CONTROLLING PARTY

During the year the company was under the control of Mr F I Green by virtue of his 100% shareholding in the

company.

13.	FIRST YEAR ADOPTION

This was the first year that the company has presented its results under FRS 102 section 1A. The last financial

statements under FRSSE 2015 were for the year ended 30 August 2016. The date of transition to FRS 102 section

1A was 01 September 2015.

There is no impact on either the Profit and Loss account or the net assets of the company upon the transition to FRS

102 section 1A.