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Registration number: 04883703

Moneyproperties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Moneyproperties Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Moneyproperties Limited

Registration number: 04883703

Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

13,807

15,711

Current assets

 

Debtors

5

29,658

38,045

Cash at bank and in hand

 

49,377

27,452

 

79,035

65,497

Creditors: Amounts falling due within one year

6

(67,531)

(54,099)

Net current assets

 

11,504

11,398

Total assets less current liabilities

 

25,311

27,109

Creditors: Amounts falling due after more than one year

6

(4,813)

(8,812)

Provisions for liabilities

(2,465)

(2,938)

Net assets

 

18,033

15,359

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

17,933

15,259

Total equity

 

18,033

15,359

The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Moneyproperties Limited

Registration number: 04883703

Balance Sheet as at 31 March 2018 (continued)

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.

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 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 by the director on 7 November 2018
 

M A Money

Director

 

Moneyproperties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
16 Market Street
Wymondham
Norfolk
Norfolk
NR18 0BB

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Moneyproperties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Short Leasehold properties

Straight line over the life of the asset

Fixtures, fittings and equipment

15% Reducing balance method

 

Moneyproperties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2

Accounting policies (continued)

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2017 - 7).

 

Moneyproperties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

12,170

38,065

50,235

Additions

-

484

484

At 31 March 2018

12,170

38,549

50,719

Depreciation

At 1 April 2017

12,169

22,354

34,523

Charge for the year

-

2,389

2,389

At 31 March 2018

12,169

24,743

36,912

Carrying amount

At 31 March 2018

1

13,806

13,807

At 31 March 2017

1

15,710

15,711

Included within the net book value of land and buildings above is £1 (2017 - £1) in respect of short leasehold land and buildings.
 

5

Debtors

Note

2018
£

2017
£

Trade debtors

 

23,303

9,379

Directors loan account

8

-

27,169

Other debtors

 

6,355

1,497

Total current trade and other debtors

 

29,658

38,045

 

Moneyproperties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

18,587

4,000

Trade creditors

 

5,298

6,486

Taxation and social security

 

36,096

38,663

Other creditors

 

7,550

4,950

 

67,531

54,099

Due after one year

 

Loans and borrowings

4,813

8,812

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

4,813

8,812

The bank loan and overdraft is secured against a debenture over Money Properties Ltd and a personal guarantee of £66,000 from the director Mr M A Money and participator Mrs K A Money.

 

Moneyproperties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

7

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares class 1 of £1 each

100

100

100

100

         

8

Related party transactions

Transactions with directors

2018

At 1 April 2017
£

Repayments by director
£

At 31 March 2018
£

M A Money

Loan to director

27,169

(27,169)

-

       
     

 

2017

At 1 April 2016
£

Advances to directors
£

Repayments by director
£

At 31 March 2017
£

M A Money

Loan to director

25,643

27,169

(25,643)

27,169

         
       

 

Other transactions with directors

Interest of £928 (2017 - £1,341) was charged by the company on the overdrawn balance during the year.