Mortgage/Property Sales & Rentals Ltd 31/10/2017 iXBRL
Mortgage/Property Sales & Rentals Ltd 31/10/2017 iXBRL
Company registration number:
NI614857
Unaudited filleted financial statements
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Directors and other information
Directors |
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Company number |
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Registered office |
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Accountants |
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16 Main Street | ||
Limavady | ||
Co Derry | ||
BT49 0EU | ||
Bankers |
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The Diamond | ||
Coleraine | ||
BT52 1DE | ||
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Mortgage/Property Sales & Rentals Ltd
Year ended 31 October 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mortgage/Property Sales & Rentals Ltd for the year ended 31 October 2017 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Mortgage/Property Sales & Rentals Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mortgage/Property Sales & Rentals Ltd and state those matters that we have agreed to state to the board of directors of Mortgage/Property Sales & Rentals Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mortgage/Property Sales & Rentals Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Mortgage/Property Sales & Rentals Ltd 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 Mortgage/Property Sales & Rentals Ltd. You consider that Mortgage/Property Sales & Rentals Ltd 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 Mortgage/Property Sales & Rentals Ltd. 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.
16 Main Street
Limavady
Co Derry
BT49 0EU
20 July 2018
Statement of financial position
31 October 2017
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Note | £ | £ | £ | £ | |||||
Current assets | |||||||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 July 2018
, and are signed on behalf of the board by:
Director
Company registration number:
NI614857
Statement of changes in equity
Year ended 31 October 2017
Called up share capital | Profit and loss account | Total | |||
£ | £ | £ | |||
At 1 November 2015 |
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Profit for the year |
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Total comprehensive income for the year | - |
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At 31 October 2016 and 1 November 2016 |
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Profit for the year |
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Total comprehensive income for the year | - |
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At 31 October 2017 |
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Notes to the financial statements
Year ended 31 October 2017
1.
General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 10 Dunmore Street, Coleraine, Co Londonderry, BT52 1EL.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 99.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Financial instruments
Defined contribution plans
4.
Staff costs
The average number of persons employed by the company during the year amounted to
4
(2016:
4
).
The aggregate payroll costs incurred during the year were:
2017 | 2016 | |||
£ | £ | |||
Wages and salaries |
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Other pension costs |
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5.
Debtors
2017 | 2016 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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6.
Creditors: amounts falling due within one year
2017 | 2016 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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_______ | _______ | |||
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7.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | ||||
2017 | ||||
Balance brought forward | Advances /(credits) to the directors | Balance o/standing | ||
£ | £ | £ | ||
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2016 | ||||
Balance brought forward | Advances /(credits) to the directors | Balance o/standing | ||
£ | £ | £ | ||
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8.
Controlling party
Mr. James Peden holds the controlling interest in the company by virtue of his shareholding.
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.