Montana Property Development Co Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02010191 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2017

for

Montana Property Development Co Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S.A. Boyling

SECRETARY:

K.J. Gentry

REGISTERED OFFICE:

Transport House

80 Calcutta Road

Tilbury

Essex

RM18 7QJ

REGISTERED NUMBER:

02010191 (England and Wales)

ACCOUNTANTS:

Anser Solutions

Chartered Accountants

Suite 3 Warren House

10 - 20 Main Road

Hockley

Essex

SS5 4QS

FIXED ASSETS

Tangible assets

4

18,116

20,964

Investments

5

199

199

Investment property

6

1,550,500

1,550,500

1,568,815

1,571,663

CURRENT ASSETS

Stocks

135,004

111,442

Debtors

7

3,090,781

2,633,493

Cash at bank and in hand

92,810

752,578

3,318,595

3,497,513

CREDITORS

Amounts falling due within one year

8

1,074,183

1,192,178

NET CURRENT ASSETS

2,244,412

2,305,335

TOTAL ASSETS LESS CURRENT LIABILITIES

3,813,227

3,876,998

CREDITORS

Amounts falling due after more than one year

9

(1,709,050

)

(1,770,757

)

PROVISIONS FOR LIABILITIES

(38,288

)

(48,662

)

NET ASSETS

2,065,889

2,057,579

CAPITAL AND RESERVES

Called up share capital

11

2,000

2,000

Fair value reserve

12

419,031

409,034

Retained earnings

12

1,644,858

1,646,545

SHAREHOLDERS' FUNDS

2,065,889

2,057,579

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

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

S.A. Boyling - Director

1.	STATUTORY INFORMATION

Montana Property Development Co 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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 October 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 November 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is initially recognised at cost. The cost of a purchased investment property comprises it's

purchase price and any directly attributable expenditure. Subsequently, investment property whose value can be

measured without undue cost or effort is measured at fair value at each reporting date with changes in fair value

being recognised in the income statement.

Deferred tax is provided on these fair value changes at the rate expected to apply when the property is sold.

Fair value is determined by the directors based on their knowledge of the properties taking into account location,

condition and prevailing market values at the reporting date.

Stocks

Work in progress is valued at the lower of cost and net realisable value, except in the case of service contracts

where work in progress is calculated on a completion basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2016

82,626

Additions

2,308

Disposals

(3,184

)

At 31 October 2017

81,750

DEPRECIATION

At 1 November 2016

61,662

Charge for year

4,827

Eliminated on disposal

(2,855

)

At 31 October 2017

63,634

NET BOOK VALUE

At 31 October 2017

18,116

At 31 October 2016

20,964

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 November 2016

and 31 October 2017

75

124

199

NET BOOK VALUE

At 31 October 2017

75

124

199

At 31 October 2016

75

124

199

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

and 31 October 2017

1,550,500

NET BOOK VALUE

At 31 October 2017

1,550,500

At 31 October 2016

1,550,500

Leasehold investment properties held as investments have been included at their open market value. Valuations

are undertaken on an annual basis by the director.

Fair value at 31 October 2017 is represented by:

£

Valuation in 2007

65,555

Valuation in 2008

46,394

Valuation in 2009

144,000

Valuation in 2010

100,000

Valuation in 2015

100,000

Cost

1,094,551

1,550,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Amounts owed by group undertakings

1,826,596

2,135,178

Other debtors

1,264,185

498,315

3,090,781

2,633,493

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans and overdrafts

59,709

50,933

Trade creditors

167,484

24,615

Taxation and social security

4,155

80,163

Other creditors

842,835

1,036,467

1,074,183

1,192,178

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans

1,709,050

1,770,757

31.10.17

31.10.16

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,470,214

1,567,025

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.17

31.10.16

£

£

Bank loans

1,768,759

1,821,690

The above debts are secured by way of a fixed and floating charge over the undertaking and all property and

assets present and future.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.17

31.10.16

value:

£

£

2,000

Ordinary

£1

2,000

2,000

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 November 2016

1,646,545

409,034

2,055,579

Profit for the year

8,310

8,310

Revaluation movements

(9,997

)

9,997

-

At 31 October 2017

1,644,858

419,031

2,063,889

13.	FIRST YEAR ADOPTION

As stated in note 1, these are the first financial statements prepared in accordance with FRS 102 Section 1A

Small Entities. The accounting policies set out in note 1 have been applied in preparing the financial statements

for the year ended 31st October 2017 and the comparative information presented in these financial statements for

the year ended 31st October 2016.

An explanation of how the transition to FRS 102 Section 1A Small Entities has affected the company's financial

position and performance is set out below:

a) The opening revaluation reserve at 1st November 2016 of £455,949 has been reclassified as a Fair Value

Reserve;

b) Deferred tax on revaluation surpluses have now been provided through the Income Statement from the date of

transition, with a corresponding amount transferred from the P&L reserve account and netted off against the Fair

Value Reserve to recognise that that this is a non distributable provision.

At transition, cumulative Deferred Tax of £52,183 was provided, whilst the movement in the comparative year

was a reduction in this figure by £5,268.

c) This has meant that the profit for the year ended 31st October 2016 of £308,779 is now restated as £314,047.

In addition, the Net Assets as at 31st October 2016 which was £2,104,494 is now restated as £2,057,579..