Majorspeed Limited Small abridged accounts

MAJORSPEED LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Majorspeed Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 02041062

Majorspeed Limited

Unaudited Abridged Financial Statements

31 March 2017

Majorspeed Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Directors' report	1

Abridged statement of comprehensive income	2

Abridged statement of financial position	3

Statement of changes in equity	5

Notes to the abridged financial statements	6

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	10

Notes to the detailed abridged income statement	11

Majorspeed Limited

Directors' Report

Year ended 31 March 2017

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .

Directors

The directors who served the company during the year were as follows:

Mr B. Feldman
Mrs E. Feldman

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 22 May 2018 and signed on behalf of the board by:

Mr B. Feldman

Director

Registered office:

Hallswelle House

1 Hallswelle Road

London

NW11 ODH

Majorspeed Limited

Abridged Statement of Comprehensive Income

Year ended 31 March 2017

	2017	2016
Note	£	£
Gross profit	55,165	73,196

Administrative expenses	( 39,038)	49,900
	--------	--------
Operating profit	94,203	23,296

Interest payable and similar expenses		30,800	1,482
		--------	--------
Profit before taxation	5	63,403	21,814

Tax on profit	76,000	3,797
	--------	--------
(Loss)/profit for the financial year	( 12,597)	18,017
	--------	--------

Revaluation of tangible assets	706,887	–
	---------	--------
Total comprehensive income for the year	694,290	18,017
	---------	--------

All the activities of the company are from continuing operations.

Majorspeed Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		1,250,000	467,113

Current assets

Debtors	389,536	388,630
Cash at bank and in hand	678,583	36,419
	------------	---------
	1,068,119	425,049

Creditors: amounts falling due within one year	684,935		666,459
	------------		---------
Net current assets/(liabilities)		383,184	( 241,410)
		------------	---------
Total assets less current liabilities		1,633,184	225,703

Creditors: amounts falling due after more than one year		720,841	83,650

Provisions

Taxation including deferred tax	( 76,000)	–
	------------	---------
Net assets	836,343	142,053
	------------	---------

Capital and reserves

Called up share capital	2	2
Fair value reserve	706,887	–
Profit and loss account	129,454	142,051
	---------	---------
Shareholders funds	836,343	142,053
	---------	---------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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

Directors' responsibilities:

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

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

Majorspeed Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 22 May 2018 , and are signed on behalf of the board by:

Mr B. Feldman

Director

Company registration number: 02041062

Majorspeed Limited

Statement of Changes in Equity

Year ended 31 March 2017

			Called up share capital	Fair value reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 April 2015			2	–	124,034	124,036

Profit for the year					18,017	18,017
			----	----	---------	---------
Total comprehensive income for the year			–	–	18,017	18,017

At 31 March 2016			2	–	142,051	142,053

Loss for the year					( 12,597)	( 12,597)
Other comprehensive income for the year:
	Revaluation of tangible assets	6	–	706,887	–	706,887
			----	---------	---------	---------
Total comprehensive income for the year			–	706,887	( 12,597)	694,290

			----	---------	---------	---------
At 31 March 2017			2	706,887	129,454	836,343
			----	---------	---------	---------

Majorspeed Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

The turnover in the accounts consists solely of rental income.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: 3 ).

5. Profit before taxation

(Loss)/profit before taxation is stated after crediting:

	2017	2016
	£	£
Fair value adjustments to investment property	( 76,000)	–
	--------	----

6. Tangible assets

	£
Cost or valuation
At 1 April 2016	467,113
Revaluations	782,887
	------------
At 31 March 2017	1,250,000
	------------
Depreciation
At 1 April 2016 and 31 March 2017	–
	------------
Carrying amount
At 31 March 2017	1,250,000
	------------
At 31 March 2016	467,113
	------------

7. Related party transactions

The company was under the control of Mr & Mrs Feldman throughout the current and previous year. Mr & Mrs Feldman are the sole directors of the company. Loan account balances with related companies are disclosed separately in the debtors and creditors notes to the accounts.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Majorspeed Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the abridged financial statements.

Majorspeed Limited

Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£
Rents receivable	84,965	85,354

Property outgoings

Rates	327	–
Heat and light	119	–
Furniture replacements	2,993	–
Repairs	11,930	2,130
Telephone	2,368	2,047
Insurance	2,885	3,084
Legal and professional	1,800	–
General expenses	1,489	2,255
Agents comission	5,344	2,642
Cleaning	545	–
	--------	--------
	29,800	12,158

	--------	--------
Gross profit	55,165	73,196

Overheads

Administrative expenses	(39,038)	49,900

	--------	--------
Operating profit	94,203	23,296

Interest payable and similar expenses	(30,800)	(1,482)

	--------	--------
Profit before taxation	63,403	21,814
	--------	--------

Majorspeed Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£

Administrative expenses

Directors remuneration - unpaid	–	15,000
Wages and salaries	13,750	7,000
Insurance	210	–
Charitable donations (allowable)	20,000	25,000
General expenses (allowable)	169	367
Legal and professional fees (allowable)	133	133
Accountancy fees	2,700	2,400
Investment property fair value adjustment	(76,000)	–
	--------	--------
	(39,038)	49,900
	--------	--------

Interest payable and similar expenses

Bank loan interest	30,718	1,482
Other interest payable and similar charges	82	–
	--------	-------
	30,800	1,482
	--------	-------