Company Registration No. 00491319 (England and Wales)
J. MINSKY & SONS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
J. MINSKY & SONS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
J. MINSKY & SONS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
9,137,102
7,592,581
Current assets
Debtors
46,964
69,480
Cash at bank and in hand
281,144
329,556
328,108
399,036
Creditors: amounts falling due within one year
(631,801)
(646,812)
Net current liabilities
(303,693)
(247,776)
Total assets less current liabilities
8,833,409
7,344,805
Creditors: amounts falling due after more than one year
3
(2,735,003)
(2,681,163)
6,098,406
4,663,642
Capital and reserves
Called up share capital
4
20,120
20,120
Revaluation reserve
4,048,455
2,635,530
Other reserves
24,316
24,316
Profit and loss account
2,005,515
1,983,676
Shareholders' funds
6,098,406
4,663,642
For the financial year ended 31 March 2016 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 December 2016
N H Minsky
Director
Company Registration No. 00491319
J. MINSKY & SONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents rental income receivable on property net of VAT.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
20% Straight line
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.5
Other operating income
Other operating income represents commission earned on property insurance and other miscellaneous income.
J. MINSKY & SONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2015
7,620,004
Additions
132,297
Revaluation
1,412,925
At 31 March 2016
9,165,226
Depreciation
At 1 April 2015
27,423
Charge for the year
701
At 31 March 2016
28,124
Net book value
At 31 March 2016
9,137,102
At 31 March 2015
7,592,581
3
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
1,327,717
1,564,358
The aggregate amount of creditors for which security has been given amounted to £3,082,771 (2015 - £3,021,912).
J. MINSKY & SONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
17,00 Ordinary shares of £1 each
17,200
20,000
30 Ordinary A shares of £1 each
30
30
30 Ordinary B shares of £1 each
30
30
30 Ordinary C shares of £1 each
30
30
30 Ordinary D shares of £1 each
30
30
1,300 Ordinary E shares of £1 each
1,300
-
1,300 Ordinary F shares of £1 each
1,300
-
200 Ordinary G shares of £1 each
200
-
20,120
20,120
During the year 2,800 Ordinary shares of £1 each were re-designated into 1,300 Ordinary E shares of £1 each, 1,300 Ordinary F shares of £1 each and 200 Ordinary G shares of £1 each.