Masonbrook Group Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02061283 (England and Wales)

MASONBROOK GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

Mr M A Smith

REGISTERED OFFICE:

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

REGISTERED NUMBER:

02061283 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

BANKERS:

National Westminster

275/277 High Street

Hounslow

Middlesex

TW3 1EG

The following reproduces the text of the report prepared for the director 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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Director 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 Masonbrook Group Limited for the year ended 31 August 2017 which comprise the Income

Statement, Balance Sheet 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 director of Masonbrook Group Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Masonbrook Group Limited and state those matters that we have agreed to state to the director of Masonbrook Group Limited 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 Masonbrook Group Limited and its director for our work or for this report.

It is your duty to ensure that Masonbrook Group 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 Masonbrook Group Limited. You consider that Masonbrook Group 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 Masonbrook Group 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.

Rothman Pantall LLP

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

14 June 2018

FIXED ASSETS

Tangible assets

4

598

927

Investments

5

9,215

17,294

Investment property

6

3,718,288

2,459,418

3,728,101

2,477,639

CURRENT ASSETS

Debtors

7

251,047

222,415

Cash at bank and in hand

320,887

201,484

571,934

423,899

CREDITORS

Amounts falling due within one year

8

791,698

812,214

NET CURRENT LIABILITIES

(219,764

)

(388,315

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,508,337

2,089,324

PROVISIONS FOR LIABILITIES

379,709

129,855

NET ASSETS

3,128,628

1,959,469

CAPITAL AND RESERVES

Called up share capital

84,404

84,404

Capital redemption reserve

15,596

15,596

Fair value reserve

10

2,377,454

1,227,308

Retained earnings

651,174

632,161

SHAREHOLDERS' FUNDS

3,128,628

1,959,469

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 14 June 2018 and were signed by:

Mr M A Smith - Director

1.	STATUTORY INFORMATION

Masonbrook Group 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.

This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. The date

of transition is 1 September 2015.

The transition to FRS 102 Section 1A has resulted in a change to the accounting policy for investment

properties. Deferred tax is now to be provided on any revaluation surplus. The property is now classified as an

investment property. No other changes in accounting policies have arisen due to those used previously.

The presentation currency is £ sterling.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

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

assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the

amounts reported for revenues and expenses during the year. However, the nature of estimation means that

actual outcomes could differ from those estimates.

Key sources of estimation uncertainty:

1) Fair value of investment property

The fair value of the property is subject to estimation by the directors. In considering the fair value, directors

review rental yields, market conditions and reference to external professional valuations.

Turnover

Turnover mainly consists of rent and maintenance charges (excluding value added tax) which are invoiced

quarterly at an agreed rate and adjusted for accrued and deferred income where applicable.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful

economic life of that asset as follows:

Office Equipment - 33% straight line

Motor Vehicles - 25% straight line

Land and buildings are considered to be investment properties by the directors. The investment properties are

revalued annually to open market value and no depreciation is provided. The director considers that this

accounting policy results in the financial statements giving a true and fair view. The effect of this departure from

the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the directors,

would be misleading.

The aggregate surplus or deficit arising on revaluation is transferred to the revaluation reserve except where a

deficit is deemed to represent a permanent diminution in value, in which case it is charged to the profit and loss

account.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property

The investment properties are shown at their fair value which is revalued every year. Any movement in fair value

is recognised in the fair value reserve. Deferred tax is recognised on any fair value adjustments.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are

held separately from those of the company. The annual contributions payable are charged to the profit and loss

account.

Deferred taxation

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

balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a

right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences

between the company's taxable profits and its results are stated in the financial statements that arise from the

inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in

the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing

differences are expected to reverse, based on tax rates and laws that have been enacted or substantively

enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Office

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 September 2016

4,231

18,395

22,626

Additions

159

-

159

At 31 August 2017

4,390

18,395

22,785

DEPRECIATION

At 1 September 2016

3,304

18,395

21,699

Charge for year

488

-

488

At 31 August 2017

3,792

18,395

22,187

NET BOOK VALUE

At 31 August 2017

598

-

598

At 31 August 2016

927

-

927

5.	FIXED ASSET INVESTMENTS

Shares in

group

Unlisted

undertakings

investments

Totals

£

£

£

COST

At 1 September 2016

100,000

17,293

117,293

Impairments

-

(9,215

)

(9,215

)

Exchange differences

-

1,136

1,136

At 31 August 2017

100,000

9,214

109,214

PROVISIONS

At 1 September 2016

and 31 August 2017

99,999

-

99,999

NET BOOK VALUE

At 31 August 2017

1

9,214

9,215

At 31 August 2016

1

17,293

17,294

The company has a 30% holding in Sunriser Espresso Pty Limited, a coffee retailer based in Australia. The

financial information of the company is considered immaterial so not disclosed.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2016

2,459,418

Disposals

(141,130

)

Revaluations

1,400,000

At 31 August 2017

3,718,288

NET BOOK VALUE

At 31 August 2017

3,718,288

At 31 August 2016

2,459,418

Freehold property is considered to be investment properties by the directors.

The market value of the investment properties has been assessed by the directors.

The historical cost of the investment properties are £967,840 (2016: £1,108,970).

7.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

46,675

50,670

Other debtors

9,000

517

Prepayments and accrued income

12,833

3,959

68,508

55,146

2017

2016

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

182,539

167,269

Aggregate amounts

251,047

222,415

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

222,573

246,478

Other loans

150,000

150,000

Trade creditors

152,672

142,315

Corporation tax

12,539

15,824

Social security and other taxes

1,031

1,939

VAT

9,621

8,373

Other creditors

71,797

76,375

Directors' current accounts

54,110

70,327

Accruals and deferred income

117,355

100,583

791,698

812,214

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

222,573

246,478

10.

RESERVES

Fair

value

reserve

£

At 1 September 2016

1,227,308

Transfers on revaluation

1,400,000

Deferred tax movement

(249,854

)

At 31 August 2017

2,377,454

11.	ULTIMATE CONTROLLING PARTY

Throughout the year the company was under the control of the Director, Mr M A Smith.

12.	TRANSITION TO FRS 102

At date of transition:

£

Shareholders' funds brought forward at 01/09/2015

1,713,269

Deferred tax on investment properties

(76,833

)

Shareholders' funds at 01/09/2015 restated

1,636,436

At 31 August 2016:

£

Shareholders' funds as previously stated at 31/08/2016

2,081,824

Deferred tax on investment properties

(122,355

)

Shareholders' funds at 31/08/2016 restated

1,959,469