MIDDLEBROAD_PROPERTIES_LI - Accounts

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Middlebroad Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention modified to include the recognition of deferred tax on the revaluation of investment properties. The principal accounting policies adopted are set out below.

On 11 December 2017, the company ceased trading and became dormant. The directors have prepared the financial statements on a going concern basis as the company is solvent, with the winding down process undertaken by management.

Revenue comprises operating lease income, which is recognised on a straight-line basis over the term of the lease agreements, where agreements include incentives or similar arrangements those are recognised on a straight line basis over the period of the lease agreement. All income is shown net of VAT and other sales related taxes.

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

There were no employees in the current or comparative period.

Investment property previously comprised of commercial property. The fair value of investment property was previously arrived at on the basis of valuations carried out by the directors on an open market value basis by reference to expected rental yields of the properties. On 11 December 2017 the company sold all of its investment properties to a group company at fair value. The resulting deferred tax adjustments as a result of this sale can be seen in note 6.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

During the year the company issued 260 preferred ordinary shares of £0.01 each. These shares have no voting rights and have a capped entitlement of £1,000 per share.

During the year dividends totalling £105,560 were paid of this entitlement.

Included within retained earnings are non-distributable amounts totalling £Nil (2017: £3,954,033).

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

There is an overdraft facility which has been provided under a composite accounting agreement with Barclays Bank plc. The amount due under this agreement has been secured by way of a cross guarantee with the parent undertaking, Middlebroad Limited.

The total exposure under this agreement at the year end was £nil (2017 - £nil).

During the year the company entered into the following transactions with related parties:

On 11 December 2017 the company transferred investment properties at fair value of £5,750,000 to Ramac Holdings (Trading) Limited.

The following amounts were outstanding at the reporting end date:

Amounts owed by related parties are considered repayable on demand. No interest is charged on the balances.

In accordance with the requirements in Section 33.1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland the company has not disclosed transactions with the parent company.

The immediate parent company is Middlebroad Limited. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.

From 11 December 2017 the ultimate parent company became Ramac Holdings (Trading) Limited. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.

The financial results are included in Ramac Holdings (Trading) Limited consolidated financial statements. Copies can be obtained from Companies House.