Registration number:
for the Year Ended
Chartered Accountants
Middle Street Properties Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Middle Street Properties Limited
Company Information
Directors |
Mr David Glanville Mrs Anthea Glanville |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Middle Street Properties Limited
for the 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 accounts of Middle Street Properties Limited for the year ended 31 March 2018 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Middle Street Properties Limited, as a body, in accordance with the terms of our engagement letter dated 4 December 2017. Our work has been undertaken solely to prepare for your approval the accounts of Middle Street Properties Limited and state those matters that we have agreed to state to the Board of Directors of Middle Street Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Middle Street Properties Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Middle Street 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 Middle Street Properties Limited. You consider that Middle Street 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 accounts of Middle Street 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 accounts.
Chartered Accountants
34 High East Street
Dorchester
Dorset
DT1 1HA
Middle Street Properties Limited
(Registration number: 00620543)
Balance Sheet as at 31 March 2018
Note |
2018 |
(As restated) |
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£ |
£ |
£ |
£ |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Fair value reserve |
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Profit and loss account |
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Total equity |
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For the financial 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:
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• |
The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
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Middle Street Properties Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Hatts Farm
Semley
Shaftesbury
Dorset
SP7 9AD
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
15% reducing balance basis |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Middle Street Properties Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Middle Street Properties Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Tangible assets |
Investment properties |
Furniture, fittings and equipment |
Other unlisted investments |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Revaluations |
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- |
- |
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Additions |
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- |
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Disposals |
( |
- |
( |
( |
At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
- |
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- |
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Charge for the year |
- |
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- |
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At 31 March 2018 |
- |
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- |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Revaluations
The investment properties class of fixed assets was revalued on 31 March 2018 by David Glanville who is internal to the company. The basis of this valuation was an estate agents' price guide. This class of assets has a current value of £4,900,000 (2017 - £4,660,795) and a carrying amount at historical cost of £1,456,788 (2017 - £1,651,367). The depreciation on this historical cost is £nil (2017 - £nil).
Stocks |
2018 |
2017 |
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Other inventories |
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- |
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Included in other debtors is £nil owing from the directors (2017 - £115,665).
Middle Street Properties Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Taxation and social security |
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- |
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Corporation tax |
16,999 |
40,782 |
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Other creditors |
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Payments on account on long term contracts |
160 |
10,787 |
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Due after one year |
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Loans and borrowings |
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Creditors amount falling due after more than one year includes bank loans of £750,000 (2017 - £550,000) on which security has been given by the company.
The company's bank loan is secured by a first legal charge dated 15/04/15 over commercial property known as Land on the North Side of Nazeing Road Nazeing, Unit 24F Wincombe Business Park Shaftesbury, Unit 22B Wincombe Business Park Shaftesbury and Unit 25C Longmead Industrial Estate Shaftesbury and a debenture dated 15/04/15 incorporating a fixed and floating charge.
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Other borrowings |
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2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Middle Street Properties Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Dividends |
Final dividends paid
2018 |
2017 |
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Final dividend of £ |
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Final dividend of £ |
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Related party transactions |
Transactions with directors |
2018 |
At 1 April 2017 |
Advances to directors |
Repayments by director |
At 31 March 2018 |
Mr David Glanville and Mrs Anthea Glanville |
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115,665 |
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( |
( |
2017 |
At 1 April 2016 |
Advances to directors |
Repayments by director |
At 31 March 2017 |
Mr David Glanville and Mrs Anthea Glanville |
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101,018 |
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( |
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Interest has been charged on the balance owed by the directors at the year end at the official rate of 3%.