Middle Street Properties Limited 00620543 false 2017-04-01 2018-03-31 2018-03-31 The principal activity of the company is property investment Digita Accounts Production Advanced 6.21.8540.0 Software true 00620543 2017-04-01 2018-03-31 00620543 2018-03-31 00620543 bus:Director1 1 2018-03-31 00620543 core:RetainedEarningsAccumulatedLosses 2018-03-31 00620543 core:RevaluationReserve 2018-03-31 00620543 core:ShareCapital 2018-03-31 00620543 core:SharePremium 2018-03-31 00620543 core:CurrentFinancialInstruments 2018-03-31 00620543 core:CurrentFinancialInstruments core:WithinOneYear 2018-03-31 00620543 core:Non-currentFinancialInstruments 2018-03-31 00620543 core:Non-currentFinancialInstruments core:AfterOneYear 2018-03-31 00620543 core:ConstructionInProgressAssetsUnderConstruction 2018-03-31 00620543 core:FurnitureFittingsToolsEquipment 2018-03-31 00620543 core:LandBuildings 2018-03-31 00620543 bus:SmallEntities 2017-04-01 2018-03-31 00620543 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 00620543 bus:FullAccounts 2017-04-01 2018-03-31 00620543 bus:RegisteredOffice 2017-04-01 2018-03-31 00620543 bus:Director1 2017-04-01 2018-03-31 00620543 bus:Director1 1 2017-04-01 2018-03-31 00620543 bus:Director2 2017-04-01 2018-03-31 00620543 bus:OrdinaryShareClass1 bus:CumulativeShares 2017-04-01 2018-03-31 00620543 bus:OrdinaryShareClass2 bus:CumulativeShares 2017-04-01 2018-03-31 00620543 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 00620543 bus:Agent1 2017-04-01 2018-03-31 00620543 core:ConstructionInProgressAssetsUnderConstruction 2017-04-01 2018-03-31 00620543 core:FurnitureFittingsToolsEquipment 2017-04-01 2018-03-31 00620543 core:LandBuildings 2017-04-01 2018-03-31 00620543 countries:AllCountries 2017-04-01 2018-03-31 00620543 2017-03-31 00620543 core:ConstructionInProgressAssetsUnderConstruction 2017-03-31 00620543 core:FurnitureFittingsToolsEquipment 2017-03-31 00620543 core:LandBuildings 2017-03-31 00620543 2016-04-01 2017-03-31 00620543 2017-03-31 00620543 bus:Director1 1 2017-03-31 00620543 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2017-03-31 00620543 core:RevaluationReserve core:RestatedAmount 2017-03-31 00620543 core:ShareCapital 2017-03-31 00620543 core:SharePremium 2017-03-31 00620543 core:CurrentFinancialInstruments 2017-03-31 00620543 core:CurrentFinancialInstruments core:WithinOneYear 2017-03-31 00620543 core:Non-currentFinancialInstruments 2017-03-31 00620543 core:Non-currentFinancialInstruments core:AfterOneYear 2017-03-31 00620543 core:ConstructionInProgressAssetsUnderConstruction 2017-03-31 00620543 core:FurnitureFittingsToolsEquipment 2017-03-31 00620543 core:LandBuildings 2017-03-31 00620543 core:RestatedAmount 2017-03-31 00620543 bus:Director1 1 2016-04-01 2017-03-31 00620543 bus:OrdinaryShareClass1 bus:CumulativeShares 2016-04-01 2017-03-31 00620543 bus:OrdinaryShareClass2 bus:CumulativeShares 2016-04-01 2017-03-31 iso4217:GBP xbrli:pure

Registration number: 00620543

Middle Street Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

image-name

Chartered Accountants

 

Middle Street Properties Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Middle Street Properties Limited

Company Information

Directors

Mr David Glanville

Mrs Anthea Glanville

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

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.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

13 November 2018

 

Middle Street Properties Limited

(Registration number: 00620543)
Balance Sheet as at 31 March 2018

Note

2018
 

(As restated)
2017
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

5,656,800

 

4,804,975

Current assets

   

 

Stocks

5

202,850

 

-

 

Debtors

6

39,899

 

148,820

 

Cash at bank and in hand

 

14,771

 

36,104

 

 

257,520

 

184,924

 

Creditors: Amounts falling due within one year

7

(799,086)

 

(371,134)

 

Net current liabilities

   

(541,566)

 

(186,210)

Total assets less current liabilities

   

5,115,234

 

4,618,765

Creditors: Amounts falling due after more than one year

7

 

(1,080,000)

 

(880,000)

Provisions for liabilities

 

(533,277)

 

(792,335)

Net assets

   

3,501,957

 

2,946,430

Capital and reserves

   

 

Called up share capital

1,205

 

1,205

 

Share premium reserve

995

 

995

 

Fair value reserve

2,650,876

 

2,217,093

 

Profit and loss account

848,881

 

727,137

 

Total equity

   

3,501,957

 

2,946,430

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:

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 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 Board on 13 November 2018 and signed on its behalf by:
 


Mr David Glanville
Director


Mrs Anthea Glanville
Director

 
 

Middle Street Properties 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 England and Wales.

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
United Kingdom

The principal place of business is:
Hatts Farm
Semley
Shaftesbury
Dorset
SP7 9AD

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.

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

Investment property is carried at fair value, derived from the current market prices for comparable property determined annually by the company's directors. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

 

Middle Street Properties Limited

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

4

Tangible assets

Investment properties
£

Furniture, fittings and equipment
 £

Other unlisted investments
£

Total
£

Cost or valuation

At 1 April 2017

4,660,795

2,993

143,709

4,807,497

Revaluations

433,784

-

-

433,784

Additions

8,271

-

625,400

633,671

Disposals

(202,850)

-

(12,709)

(215,559)

At 31 March 2018

4,900,000

2,993

756,400

5,659,393

Depreciation

At 1 April 2017

-

2,522

-

2,522

Charge for the year

-

71

-

71

At 31 March 2018

-

2,593

-

2,593

Carrying amount

At 31 March 2018

4,900,000

400

756,400

5,656,800

At 31 March 2017

4,660,795

471

143,709

4,804,975

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).
 

5

Stocks

2018
£

2017
£

Other inventories

202,850

-

6

Debtors

2018
£

2017
£

Trade debtors

3,044

1,830

Other debtors

36,855

146,990

39,899

148,820

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

7

Creditors

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

562

1,550

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

386,133

-

Taxation and social security

 

7,849

-

Corporation tax

 

16,999

40,782

Other creditors

 

387,383

318,015

Payments on account on long term contracts

 

160

10,787

 

799,086

371,134

Due after one year

 

Loans and borrowings

8

1,080,000

880,000

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.

8

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Other borrowings

306,348

236,980

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

750,000

550,000

Other borrowings

330,000

330,000

1,080,000

880,000

 

Middle Street Properties Limited

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

9

Dividends

Final dividends paid

 

2018
£

2017
£

Final dividend of £100 (2017 - £129) per each Ordinary 'A' share

119,000

153,510

Final dividend of £6,000 (2017 - £7,536) per each Ordinary 'B' share

90,000

113,040

 

209,000

266,550

10

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

115,665

248,942

(750,740)

(386,133)

         
       

 

2017

At 1 April 2016
£

Advances to directors
£

Repayments by director
£

At 31 March 2017
£

Mr David Glanville and Mrs Anthea Glanville

101,018

28,797

(14,150)

115,665

         
       

 

Interest has been charged on the balance owed by the directors at the year end at the official rate of 3%.