Mallard Property (Exeter) Limited - Period Ending 2018-08-31

Mallard Property (Exeter) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2018

Registration number: 09729264

Mallard Property (Exeter) Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 3

Mallard Property (Exeter) Limited

Balance Sheet

31 August 2018

	Note	2018 £	2017 £
Fixed assets
Investment property	3	631,750	631,750
Current assets
Cash at bank and in hand		8,313	19,053
Creditors: Amounts falling due within one year	4	(632,459)	(646,436)
Net current liabilities		(624,146)	(627,383)
Net assets		7,604	4,367
Capital and reserves
Called up share capital		100	100
Profit and loss account		7,504	4,267
Total equity		7,604	4,367

For the financial year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 7 November 2018
 

......................................... Mr A Trump Director

Company Registration Number: 09729264

The notes on pages 2 to 3 form an integral part of these financial statements.

Page 1

Mallard Property (Exeter) Limited

Notes to the Financial Statements

Year Ended 31 August 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Vici House
2 Mallard Road
Sowton
Exeter
Devon
EX2 7LD

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date the company had net current liabilities totalling £623,946 and is reliant on the continuing support of companies under the control of its director. Included within net current liabilities is £628,895 owed to such companies. Although no formal guarantees or arrangements are in place, there are no indication that support currently provided will be withdrawn within 12 months of the approval of these financial statements. Consequently, the director considers it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover represents amounts chargeable in respect of rental amounts receivable during the year.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 2

Mallard Property (Exeter) Limited

Notes to the Financial Statements

Year Ended 31 August 2018

Investment property

Investment properties are measured at fair value annually with any change recognised in the profit and loss account. Fair value is determined by the director using his knowledge of current market prices, primarily driven by rental yields.

3	Investment properties

	2018 £
At 1 September & 31 August	631,750

4

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Trade creditors	1,334	2,589
Other creditors	628,895	641,647
Accrued expenses	1,230	1,200
Corporation tax	1,000	1,000
	632,459	646,436

5	Related party transactions

Summary of transactions with other related parties

The company receives finance from a company under the control of its director, all amounts advanced are repayable on demand and attract interest at 3% per annum. During the period interest totalling £19,041 (2017: £19,184) was charged and the balance outstanding at the period end was £628,895 (2017: £641,647).
 

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