Millchurch Properties Limited 31/03/2018 iXBRL

Millchurch Properties Limited 31/03/2018 iXBRL

MILLCHURCH PROPERTIES LIMITED - Company Information

Print Friendly Version

31/03/2018 2018-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-04-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP NI011908 2017-04-01 2018-03-31 NI011908 2018-03-31 NI011908 2017-03-31 NI011908 2016-04-01 2017-03-31 NI011908 2017-03-31 NI011908 2016-03-31 NI011908 bus:RegisteredOffice 2017-04-01 2018-03-31 NI011908 bus:LeadAgentIfApplicable 2017-04-01 2018-03-31 NI011908 bus:Director1 2017-04-01 2018-03-31 NI011908 bus:Director2 2017-04-01 2018-03-31 NI011908 bus:CompanySecretary1 2017-04-01 2018-03-31 NI011908 core:WithinOneYear 2018-03-31 NI011908 core:WithinOneYear 2017-03-31 NI011908 core:ShareCapital 2018-03-31 NI011908 core:ShareCapital 2017-03-31 NI011908 core:RetainedEarningsAccumulatedLosses 2018-03-31 NI011908 core:RetainedEarningsAccumulatedLosses 2017-03-31 NI011908 bus:Director1 2017-03-31 NI011908 bus:Director1 2018-03-31 NI011908 bus:Director2 2017-03-31 NI011908 bus:Director2 2018-03-31 NI011908 bus:Director1 2016-03-31 NI011908 bus:Director1 2017-03-31 NI011908 bus:Director2 2017-03-31 NI011908 bus:Director1 2016-04-01 2017-03-31 NI011908 bus:Director2 2016-04-01 2017-03-31 NI011908 bus:SmallEntities 2017-04-01 2018-03-31 NI011908 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 NI011908 bus:AbridgedAccounts 2017-04-01 2018-03-31 NI011908 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 NI011908 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 NI011908 core:OtherRelatedParties 2017-04-01 2018-03-31 NI011908 core:OtherRelatedParties core:OtherTransactionType1 2016-04-01 2017-03-31 NI011908 core:OtherRelatedParties 2018-03-31 NI011908 core:OtherRelatedParties 2017-03-31 NI011908 core:KeyManagementIndividualGroup1 2017-04-01 2018-03-31
Millchurch Properties Limited
Company registration number: NI011908
Statement of consent to prepare abridged financial statements
All of the members of Millchurch Properties Limited have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: NI011908
Millchurch Properties Limited
Unaudited filleted abridged financial statements
31 March 2018
Millchurch Properties Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Millchurch Properties Limited
Directors and other information
Directors Mr Norman Cahoon
Mrs Esther Cahoon
Secretary Esther Cahoon
Company number NI011908
Registered office Red Lodge
28 Old Galgorm Road
Ballymena
BT42 1AL
Accountants Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Bankers Danske Bank
High Street
Carrickfergus
BT38 7AN
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Millchurch Properties Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Millchurch Properties Limited for the year ended 31 March 2018 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Millchurch Properties Limited, 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 Millchurch Properties Limited and state those matters that we have agreed to state to the board of directors of Millchurch Properties Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Millchurch Properties Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Millchurch Properties 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 Millchurch Properties Limited. You consider that Millchurch Properties 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 Millchurch Properties 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.
Hill Vellacott
Chartered Accountants
22 Great Victoria Street
Belfast
BT2 7BA
15 October 2018
Millchurch Properties Limited
Abridged statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 4 165,000 165,000
_______ _______
165,000 165,000
Current assets
Debtors 121,444 119,533
Cash at bank and in hand 15,857 7,336
_______ _______
137,301 126,869
Creditors: amounts falling due
within one year ( 14,670) ( 17,467)
_______ _______
Net current assets 122,631 109,402
_______ _______
Total assets less current liabilities 287,631 274,402
_______ _______
Net assets 287,631 274,402
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 277,631 264,402
_______ _______
Shareholders funds 287,631 274,402
_______ _______
For the year ending 31 March 2018 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.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 October 2018 , and are signed on behalf of the board by:
Mr Norman Cahoon
Director
Company registration number: NI011908
Millchurch Properties Limited
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Red Lodge, 28 Old Galgorm Road, Ballymena, BT42 1AL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgementsThe judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:Revaluation of investment properties The compnany carries the investment properties at fair value with changes in fair value being recognised in the statement of comprehensive income. The directors have used their knowledge to determine the fair value, based on market value of the investment properties. Further information is available at note 4.Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - Nil
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the year end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expenses immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
£
Cost
At 1 April 2017 and 31 March 2018 165,000
_______
Depreciation
At 1 April 2017 and 31 March 2018 -
_______
Carrying amount
At 31 March 2018 165,000
_______
At 31 March 2017 165,000
_______
Investment property
The investment property has been valued by the directors at open market value, based on his assessment of the current market .
5. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Norman Cahoon ( 6,000) - - ( 6,000)
Mrs Esther Cahoon ( 4,000) - - ( 4,000)
_______ _______ _______ _______
( 10,000) - - ( 10,000)
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Norman Cahoon 13,500 ( 6,000) ( 13,500) ( 6,000)
Mrs Esther Cahoon - ( 4,000) - ( 4,000)
_______ _______ _______ _______
13,500 ( 10,000) ( 13,500) ( 10,000)
_______ _______ _______ _______
6. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2018 2017 2018 2017
£ £ £ £
Killycrot Estates Limited - 115,000 115,000 115,000
_______ _______ _______ _______
Killycrot Estates Limited is controlled by the directors of the company and the above advance is unsecured, interest free and repayable upon demand . The directors received dividends of £Nil (2017 - £ 10,000 ) in the year.