Registration number:
Milton Road Investments Limited
for the Year Ended 31 March 2017
Chartered Accountants
118 Old Milton Road
New Milton
Hampshire
BH25 6EB
Milton Road Investments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Milton Road Investments Limited
Company Information
Directors |
S E Abbott J J Alderson L M Nield |
Company secretary |
L M Nield |
Registered office |
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Accountants |
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Page 1 |
Milton Road Investments Limited
(Registration number: 00674941)
Balance Sheet as at 31 March 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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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 assets |
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Total assets less current liabilities |
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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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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
Milton Road Investments Limited
(Registration number: 00674941)
Balance Sheet as at 31 March 2017 (continued)
For the financial year ending 31 March 2017 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 by the
.........................................
L M Nield
Company secretary and director
Page 3 |
Milton Road Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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 company's functional and presentational currency is pound sterling.
Revenue recognition
Turnover represents amounts chargeable in respect of rents receivable, which are recognised in the accounts in
the period in which they are due.
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.
Page 4 |
Milton Road Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017 (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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Computer and office equipment |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Investment property
Fair value gains and losses along with the associated deferred tax are transferred to a separate revaluation reserve as shown in the statement of changes in equity.
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.
Page 5 |
Milton Road Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.
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 and subsequently measured at amortised cost using the effective interest method.
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
Page 6 |
Milton Road Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
Tangible assets |
Fixtures and fittings |
Computer and office equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
- |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Investment properties |
2017 |
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At 1 April |
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At 31 March |
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There has been no valuation of investment property during the year.
Debtors |
2017 |
2016 |
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Trade debtors |
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Total current trade and other debtors |
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Page 7 |
Milton Road Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Amounts owed to related parties |
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Social security and other taxes |
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Other creditors |
- |
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Corporation tax liability |
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Accruals and deferred income |
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Directors current accounts |
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- |
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Parent and ultimate parent undertaking |
The company's immediate parent is
Transition to FRS 102 |
Changes for FRS 102 1A adoption
Under FRS 102 1A, changes in the fair value of investment properties are recorded in the profit and loss account. Under previous UK GAAP these were recorded in the Statement of Total Recognised Gains and Losses. There were no revaluations in the year of transition.
Deferred tax has also been recognised on these fair value changes.
Page 8 |
Milton Road Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
9 |
Transition to FRS 102 (continued) |
Balance Sheet at 1 April 2015
As originally reported |
Remeasurement |
As restated |
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Fixed assets |
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Tangible assets |
1,122 |
- |
1,122 |
Investment property |
750,000 |
- |
750,000 |
751,122 |
- |
751,122 |
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Current assets |
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Debtors |
12,433 |
- |
12,433 |
Cash at bank and in hand |
63,181 |
- |
63,181 |
75,614 |
- |
75,614 |
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Creditors: Amounts falling due within one year |
(60,228) |
- |
(60,228) |
Net current assets |
15,386 |
- |
15,386 |
Total assets less current liabilities |
766,508 |
- |
766,508 |
Provisions for liabilities |
- |
(120,556) |
(120,556) |
Net assets/(liabilities) |
766,508 |
(120,556) |
645,952 |
Capital and reserves |
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Called up share capital |
(100) |
- |
(100) |
Revaluation reserve |
(723,842) |
120,556 |
(603,286) |
Profit and loss account |
(42,566) |
- |
(42,566) |
Total equity |
(766,508) |
120,556 |
(645,952) |
Page 9 |
Milton Road Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
9 |
Transition to FRS 102 (continued) |
Balance Sheet at 31 March 2016
As originally reported |
Remeasurement |
As restated |
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Fixed assets |
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Tangible assets |
842 |
- |
842 |
Investment property |
750,000 |
- |
750,000 |
750,842 |
- |
750,842 |
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Current assets |
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Debtors |
16,259 |
- |
16,259 |
Cash at bank and in hand |
52,639 |
- |
52,639 |
68,898 |
- |
68,898 |
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Creditors: Amounts falling due within one year |
(53,830) |
- |
(53,830) |
Net current assets |
15,068 |
- |
15,068 |
Total assets less current liabilities |
765,910 |
- |
765,910 |
Provisions for liabilities |
- |
(120,556) |
(120,556) |
Net assets/(liabilities) |
765,910 |
(120,556) |
645,354 |
Capital and reserves |
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Called up share capital |
(100) |
- |
(100) |
Revaluation reserve |
(723,842) |
120,556 |
(603,286) |
Profit and loss account |
(41,968) |
- |
(41,968) |
Total equity |
(765,910) |
120,556 |
(645,354) |
Page 10 |