M&PS (Properties) Limited - Accounts

M&PS (Properties) Limited - Accounts

M & PS (PROPERTIES) LIMITED - Company Information

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M&PS (Properties) Limited
Registration No.04868352
Annual Report and Unaudited Accounts
for the year ended
31 December 2017
Contents Page
Directors' report 1
Accountants' report 2
Income statement 3
Statement of financial position 4
Notes to the accounts 5 - 9
for the information of the directors only
Profit and loss account 10 - 11
M&PS (Properties) Limited Registered number: 04868352
Directors' Report
The directors present their report and accounts for the year ended 31 December 2017.
Principal activities
The company's principal activity during the year continued to be the holding of residential properties for investment purposes.
Directors
The following persons served as directors during the year:
RD Knox
Paul A Firmin
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 14 September 2018 and signed on its behalf.
RD Knox
Director
M&PS (Properties) Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of M&PS (Properties) Limited for the year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of M&PS (Properties) Limited for the year ended 31 December 2017 which comprise of the Income Statement, the Statement of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, I am subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
This report is made solely to the Board of Directors of M&PS (Properties) Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the accounts of M&PS (Properties) Limited and state those matters that I have agreed to state to the Board of Directors of M&PS (Properties) Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than M&PS (Properties) Limited and its Board of Directors as a body for my work or for this report.
It is your duty to ensure that M&PS (Properties) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of M&PS (Properties) Limited. You consider that M&PS (Properties) Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the accounts of M&PS (Properties) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory accounts.
Jane Palmer FCA
Chartered Accountant
18 Exeter Drive
Haughton Grange
Darlington
Co Durham
DL1 2SE
14 September 2018
M&PS (Properties) Limited
Income Statement also known as Profit and Loss Account
for the year ended 31 December 2017
2017 2016
£ £
Turnover 54,289 45,636
Cost of sales (1,140) (92)
Gross profit 53,149 45,544
Administrative expenses (16,136) (32,467)
Operating profit 37,013 13,077
Management fees written off - 37,971
Interest payable (14,658) (15,958)
Profit on ordinary activities before taxation 22,355 35,090
Tax on profit on ordinary activities - -
Profit for the financial year 22,355 35,090
M&PS (Properties) Limited Registered number: 04868352
Statement of Financial Position also known as Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 981,831 981,871
Current assets
Debtors 4 442 408
Cash at bank and in hand 4,798 2,211
5,240 2,619
Creditors: amounts falling due within one year 5 (31,008) (48,299)
Net current liabilities (25,768) (45,680)
Total assets less current liabilities 956,063 936,191
Creditors: amounts falling due after more than one year 6 (893,556) (896,039)
Net assets 62,507 40,152
Capital and reserves
Called up share capital 8 100 100
Revaluation reserve 190,550 190,550
Profit and loss account (128,143) (150,498)
Shareholders' funds 62,507 40,152
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
RD Knox
Director
Approved by the board on 14 September 2018
M&PS (Properties) Limited
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The principle accounting polices adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been applied consistently within the same accounts.

The presentation currency is £ sterling.
Going Concern
The directors are not aware of any material uncertainties that should be taken account of when assessing going concern. The directors consider that the going concern basis is appropriate and the accounts have been prepared on this basis.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Interest payable 2017 2016
£ £
Interest payable 47 -
Interest payable on mortgage loans 13,952 15,157
Interest payable on bank loan 659 801
14,658 15,958
3 Tangible fixed assets
Investment properties Plant and machinery etc Total
£ £ £
Cost
At 1 January 2017 981,838 1,868 983,706
At 31 December 2017 981,838 1,868 983,706
Depreciation
At 1 January 2017 - 1,835 1,835
Charge for the year - 40 40
At 31 December 2017 - 1,875 1,875
Net book value
At 31 December 2017 981,838 (7) 981,831
At 31 December 2016 981,838 33 981,871
Freehold land and buildings: 2017 2016
£ £
Historical cost 791,287 791,287
Cumulative depreciation based on historical cost - -
791,287 791,287
The investment properties were valued by the directors as at 31 December 2008. The directors have considered the valuation at 31 December 2017, and concluded that the valuation continues to represent a reasonable estimate of the fair value of the properties.
4 Debtors 2017 2016
£ £
Prepayments 442 408
5 Creditors: amounts falling due within one year 2017 2016
£ £
Amounts owing to a director 27,909 42,791
Accruals 3,099 5,508
31,008 48,299
6 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 793,556 796,039
Amounts owing to a director 100,000 100,000
893,556 896,039
The director has agreed that he will not seek repayment of his loan during 2018.
7 Loans 2017 2016
£ £
Creditors include:
Instalments falling due for payment after more than five years 793,556 796,039
Secured bank loans 793,556 796,039
The mortgage loans are secured on the investment properties. The loans are on an interest only basis over 25 years from the date of purchase of each individual property.

The directors have given personal guarantees in respect of the mortages.
8 Share capital 2017 2017 2016
Number £ £
Allotted, called up and fully paid:
£1 Ordinary shares		 100 100 100
At 31 December 2017 100 100
9 Events after the reporting date
In the period since the date of the balance sheet, there may have been movements in the value of the residential property. The directors are of the opinion that these movements will not have had a material impact on the valuations recorded in these accounts.

Since the balance sheet date Mr RD Knox has taken full responsibility for all indebtedness of the Company with regard to 11 properties in exchange for the transfer to him of the whole beneficial interest in the properties. For all of these properties he held the beneficial interest on trust for the company, and as part of the transfer he released the Company from its indemnity for all the liabilities under the mortgages. These transaction will be recorded as disposals in the accounts to 31 December 2011. The properties transferred were estimated to be worth £920,000 at the date of disposal and the total outstanding on the mortgages was estimated to be £963,000, a similar amount as was outstanding at 31 December 2010.
10 Related party transactions 2017 2016
£ £
RD Knox
Director
The company''s property portfolio is managed on a day to day basis by Mr RD Knox, one of the directors.
Amount due to RD Knox, excluding accrued management fees (127,909) (142,791)
Accrued management fees - (37,971)
11 Other information
M&PS (Properties) Limited is a private company limited by shares and incorporated in England. Its registered office is Sunnybrow House, South View, Sunnybrow, Crook, Co Durham
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