Munster Limited Company Accounts

Munster Limited Company Accounts

MUNSTER LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03541553
Munster Limited
Unaudited Financial Statements
31 December 2017
Munster Limited
Financial Statements
Year ended 31 December 2017
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Detailed income statement
10
Notes to the detailed income statement
11
Munster Limited
Directors' Report
Year ended 31 December 2017
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2017 .
Directors
The directors who served the company during the year were as follows:
Mr M Patel
Mr H Shah
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 25 May 2018 and signed on behalf of the board by:
Mr M Patel
Company Secretary
Registered office:
9A The Broadway
Stanmore
Middlesex
UK
HA7 4DA
Munster Limited
Statement of Income and Retained Earnings
Year ended 31 December 2017
2017
2016
Note
£
£
Rent receivable
236,406
219,739
Property expenses
75,486
51,183
---------
---------
Gross profit
160,920
168,556
Administrative expenses
60,405
47,091
---------
---------
Operating profit
100,515
121,465
Gain/(loss) on financial assets at fair value
578,985
278,928
Interest payable and similar expenses
94,851
111,358
---------
---------
Profit before taxation
5
584,649
289,035
Tax on profit
95,680
57,297
---------
---------
Profit for the financial year and total comprehensive income
488,969
231,738
---------
---------
Retained earnings at the start of the year
1,569,464
1,337,726
------------
------------
Retained earnings at the end of the year
2,058,433
1,569,464
------------
------------
All the activities of the company are from continuing operations.
Munster Limited
Statement of Financial Position
31 December 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
6
722
2,466
Investments
7
5,485,000
4,875,000
------------
------------
5,485,722
4,877,466
Current assets
Debtors
8
19,403
21,712
Cash at bank and in hand
126,383
9,817
---------
--------
145,786
31,529
Creditors: amounts falling due within one year
9
274,210
470,022
---------
---------
Net current liabilities
128,424
438,493
------------
------------
Total assets less current liabilities
5,357,298
4,438,973
Creditors: amounts falling due after more than one year
10
2,875,597
2,540,495
Provisions
Taxation including deferred tax
11
423,266
329,012
------------
------------
Net assets
2,058,435
1,569,466
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
13
2,058,433
1,569,464
------------
------------
Shareholders funds
2,058,435
1,569,466
------------
------------
These 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 December 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 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 financial statements .
Munster Limited
Statement of Financial Position (continued)
31 December 2017
These financial statements were approved by the board of directors and authorised for issue on 25 May 2018 , and are signed on behalf of the board by:
Mr M Patel
Director
Company registration number: 03541553
Munster Limited
Notes to the Financial Statements
Year ended 31 December 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 9A The Broadway, Stanmore, Middlesex, HA7 4DA, UK.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents rent receivable and other trading during the year, exclusive of Value Added Tax.
Deferred tax
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixture & Fittings
-
Straight line over three years
Investments
Investment properties are revalued annually to their fair value and any surplus or deficit is dealt with through profit and loss.
No depreciation or amortisation is provided in respect of investment properties.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
1,744
3,275
-------
-------
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 January 2017 and 31 December 2017
68,499
--------
Depreciation
At 1 January 2017
66,033
Charge for the year
1,744
--------
At 31 December 2017
67,777
--------
Carrying amount
At 31 December 2017
722
--------
At 31 December 2016
2,466
--------
7. Investments
Investment properties
£
Cost
At 1 January 2017
4,875,000
Additions
31,015
Revaluations
578,985
------------
At 31 December 2017
5,485,000
------------
Impairment
At 1 January 2017 and 31 December 2017
–
------------
Carrying amount
At 31 December 2017
5,485,000
------------
At 31 December 2016
4,875,000
------------
The valuation of investment properties was carried out as at the balance sheet date by the directors on an open market basis. No depreciation or amortisation is provided in respect of these properties.
On a historical cost basis the investment properties would have been included at a cost of £3,330,671 (2016:£3,299,656)
8. Debtors
2017
2016
£
£
Other debtors
19,403
21,712
--------
--------
9. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
13,967
12,561
Trade creditors
2,278
729
Corporation tax
1,426
1,511
Social security and other taxes
953
–
Other creditors
255,586
455,221
---------
---------
274,210
470,022
---------
---------
The bank loans of £13,967 are secured by a first legal charge over the company's assets.
10. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
2,875,597
2,540,495
------------
------------
The aggregate amount of creditors which are secured by a first legal charge over the company's investment properties amounted to £2,875,596 (2016:£2,540,495) Within this above amount £351,791 is due between 1 and 5 years and £2,523,806 is due after 5 years.
11. Provisions
Deferred tax (note 12)
£
At 1 January 2017
329,012
Additions
110,007
Other movements 1
( 15,753)
---------
At 31 December 2017
423,266
---------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2017
2016
£
£
Included in provisions (note 11)
423,266
329,012
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2017
2016
£
£
Fair value adjustment of investment property
409,323
315,069
Deferred tax on rolled over chargeable gains
13,943
13,943
---------
---------
423,266
329,012
---------
---------
13. Profit and loss account
2017 2016
£ £
Distributable reserves 313,426 309,189
Fair value gains on investment properties 1,745,007 1,260,275
------------ ------------
2,058,433 1,569,464
------------ ------------
Munster Limited
Management Information
Year ended 31 December 2017
The following pages do not form part of the financial statements.
Munster Limited
Detailed Income Statement
Year ended 31 December 2017
2017
2016
£
£
Rent receivable
236,406
219,739
Property expenses
Insurance and service charges
15,975
14,957
Letting fees
6,220
6,220
Water and council charges
5,959
6,635
Renewals and repairs
47,332
23,371
--------
--------
75,486
51,183
---------
---------
Gross profit
160,920
168,556
Overheads
Administrative expenses
60,405
47,091
---------
---------
Operating profit
100,515
121,465
Gain/(loss) on financial assets at fair value
578,985
278,928
Interest payable and similar expenses
(94,851)
(111,358)
---------
---------
Profit before taxation
584,649
289,035
---------
---------
Munster Limited
Notes to the Detailed Income Statement
Year ended 31 December 2017
2017
2016
£
£
Administrative expenses
Administrative staff salaries
47,450
25,540
Employers national insurance contributions
2,367
3,209
Staff pension contributions - other
10
–
Insurance
422
269
Legal and professional fees
2,180
12,126
Accountancy fees
42
210
Depreciation of tangible assets
1,744
3,275
Finance costs
5,846
2,105
Bank charges
344
357
--------
--------
60,405
47,091
--------
--------
Interest payable and similar expenses
Interest on bank loans and overdrafts
7,652
–
Bank loan interest payable
87,199
111,358
--------
---------
94,851
111,358
--------
---------