Company Registration No. 00491319 (England and Wales)
J. MINSKY & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
J. MINSKY & SONS LIMITED
COMPANY INFORMATION
Directors
N H Minsky
Rosalynne Minsky
Secretary
Rosalynne Minsky
Company number
00491319
Registered office
145-157 St John Street
London
United Kingdom
EC1V 4PY
Accountants
Westbury
145-157 St John Street
London
United Kingdom
EC1V 4PY
Business address
PO Box 57650
London
United Kingdom
NW7 0FG
Bankers
Barclays Bank Plc
Westminster Branch
2 Victoria Street
London
SW1H 0ND
J. MINSKY & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
J. MINSKY & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,571
2,101
Investment properties
4
9,135,001
9,135,001
9,136,572
9,137,102
Current assets
Debtors
5
31,960
46,964
Cash at bank and in hand
264,198
281,144
296,158
328,108
Creditors: amounts falling due within one year
6
(580,494)
(631,801)
Net current liabilities
(284,336)
(303,693)
Total assets less current liabilities
8,852,236
8,833,409
Creditors: amounts falling due after more than one year
7
(2,544,165)
(2,735,003)
Provisions for liabilities
(475,750)
(586,200)
Net assets
5,832,321
5,512,206
Capital and reserves
Called up share capital
8
20,120
20,120
Fair value reserves
4,048,455
4,048,455
Other reserves
24,316
24,316
Profit and loss reserves
1,739,430
1,419,315
Total equity
5,832,321
5,512,206
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
J. MINSKY & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 December 2017 and are signed on its behalf by:
N H Minsky
Director
Company Registration No. 00491319
J. MINSKY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
J. Minsky & Sons Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
145-157 St John Street, London, United Kingdom, EC1V 4PY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of J. Minsky & Sons Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
1.2
Turnover
Turnover represents rental income receivable on property net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
J. MINSKY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
J. MINSKY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
J. MINSKY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Other operating income
Other operating income represents commission earned on property insurance and other miscellaneous income.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 4).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016
30,225
Disposals
(14,005)
At 31 March 2017
16,220
Depreciation and impairment
At 1 April 2016
28,124
Depreciation charged in the year
529
Eliminated in respect of disposals
(14,004)
At 31 March 2017
14,649
Carrying amount
At 31 March 2017
1,571
At 31 March 2016
2,101
J. MINSKY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
4
Investment property
2017
£
Fair value
At 1 April 2016 and 31 March 2017
9,135,001
Investment property is stated at fair value as determined by the Directors, based upon external valuations, and the values are inherently subjective. The fair value represent the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms-length transaction at the date of valuation, in accordance with FRS102. In determining the fair value of investment property, the directors make use of historical and current market data as well as existing lease agreements.
As a result of the level of judgement used in arriving at the market valuations, the amount which may ultimately be realised in respect of any given property may differ from the valuations shown in the statement of financial position.
The fair value of the investment property as at 31 March 2016 was arrived at on the basis of a valuation carried out at 22 July 2016 by Lamberts Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors believe that these valuations are not materially different as at 31 March 2017.
On a historical cost basis these would have been included at an original cost of £5,086,544 (2016 - £5,086,544).
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
31,047
38,767
Other debtors
913
8,197
31,960
46,964
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
220,819
215,768
Trade creditors
76
11,737
Corporation tax
82,577
43,259
Other taxation and social security
7,254
7,261
Other creditors
269,768
353,776
580,494
631,801
J. MINSKY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
2,019,165
2,240,003
Other creditors
525,000
495,000
2,544,165
2,735,003
The bank loans are secured by first legal charges over certain freehold investment properties.
Other creditors due within one year and after more than one year includes a loan of £665,000 (2016: £627,000) from the Minsky Pension Scheme to the company which is repayable over 5 years. This loan is secured by way of a first legal charge over the property 170/176 The Broadway, Didcot.
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,085,955
1,327,717
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
17,200 Ordinary shares of £1 each
17,200
17,200
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
1,300 Ordinary F shares of £1 each
1,300
1,300
200 Ordinary G shares of £1 each
200
200
20,120
20,120
9
Reconciliations on adoption of FRS 102
J. MINSKY & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
9
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Reconciliation of equity
1 April
31 March
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
4,663,642
6,098,406
Adjustments arising from transition to FRS 102:
Presentation of fair value gains on revaluation of investment properties in profit or loss
1
-
-
Deferred tax on fair value gains on revaluation of investment properties
1
-
(586,200)
Equity reported under FRS 102
4,663,642
5,512,206
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
282,239
Adjustments arising from transition to FRS 102:
Presentation of fair value gains on revaluation of investment properties in profit or loss
1
1,412,925
Deferred tax on fair value gains on revaluation of investment properties
1
(586,200)
Profit reported under FRS 102
1,108,964
Notes to reconciliations on adoption of FRS 102
1
Investment properties
FRS 102 requires transitional adjustment on presentation of gains and losses on revaluation of investment properties in profit or loss.
FRS 102
also
requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, deferred tax of £
586,200
was recognised at
31 March 2016
to reflect the provisions of FRS 102.
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