Major Properties Limited - Limited company accounts 18.2
Major Properties Limited - Limited company accounts 18.2
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 31 March 2018 |
| for |
| Major Properties Limited |
| Major Properties Limited (Registered number: 02021308) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2018 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Income Statement | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 |
| Major Properties Limited |
| Company Information |
| for the Year Ended 31 March 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 15a Harbour Road |
| Inverness |
| INVERNESS-SHIRE |
| IV1 1SY |
| Major Properties Limited (Registered number: 02021308) |
| Report of the Directors |
| for the Year Ended 31 March 2018 |
| The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
| DIRECTORS |
| The directors who have held office during the period from 1 April 2017 to the date of this report are as follows: |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| Major Properties Limited (Registered number: 02021308) |
| Income Statement |
| for the Year Ended 31 March 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| TURNOVER |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING LOSS | 4 | ( |
) | ( |
) |
| Interest receivable and similar income |
| (13,358 | ) | (19,070 | ) |
| Interest payable and similar expenses | ( |
) |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| Major Properties Limited (Registered number: 02021308) |
| Balance Sheet |
| 31 March 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their 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 were approved by the Board of Directors on by: |
| Major Properties Limited (Registered number: 02021308) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2018 |
| 1. | STATUTORY INFORMATION |
| Major Properties Limited is a |
| 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 |
| Critical accounting judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions |
| that effect the application of the accounting policies and the reported amounts of assets and liabilities and |
| revenue and expenses. Actual results may differ from these estimates. |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, |
| including expectations of future events that are believed to be reasonable under the circumstances. Revisions to |
| the accounting estimates are recognised in the period in which the estimates are reviewed and any future periods |
| affected. |
| Management make a judgement when determining whether there are indicators of impairment of the company's |
| tangible assets. Factors taken into consideration in reaching such a decision include economic viability and |
| expected future financial performance of the assets. |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any |
| accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the |
| asset to the location and condition necessary for it to be capable of operating in the manner intended by |
| management. |
| At each reporting date the company assesses whether there is an indication of impairment. If such indication |
| exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and |
| its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
| Depreciation is provided on the following basis: in order to write off each asset over its estimated useful life. |
| Plant & Machinery - 10% per annum on a straight line basis |
| Fixtures, Fittings & Equipment - 10% per annum on a straight line basis |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
| fair value is recognised in profit or loss. |
| 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. |
| Major Properties Limited (Registered number: 02021308) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 NIL (2017 - NIL). |
| 4. | OPERATING LOSS |
| The operating loss is stated after charging: |
| 2018 | 2017 |
| £ | £ |
| Depreciation - owned assets |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2017 |
| and 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2017 |
| and 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| Major Properties Limited (Registered number: 02021308) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |