Company Registration No. 00758754 (England and Wales)
MAURICE EAMES DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
MAURICE EAMES DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MAURICE EAMES DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 29 AUGUST 2018
29 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
366
488
Current assets
Debtors
4
386,535
151,980
Cash at bank and in hand
4,072
3,972
390,607
155,952
Creditors: amounts falling due within one year
5
(339,571)
(64,591)
Net current assets
51,036
91,361
Total assets less current liabilities
51,402
91,849
Provisions for liabilities
(60)
(83)
Net assets
51,342
91,766
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
51,242
91,666
Total equity
51,342
91,766
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 Period ended 29 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 Period 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.
MAURICE EAMES DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 AUGUST 2018
29 August 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2019 and are signed on its behalf by:
Ms Julie Gay
Director
Company Registration No. 00758754
MAURICE EAMES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2018
- 3 -
1
Accounting policies
Company information
Maurice Eames Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
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 have been prepared with early application of
the
FRS 102 Triennial Review 2017 amendments relating to directors' loans and gift aid.
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.
1.2
Turnover
Turnover
comprises revenue recognised by the company from the provision of building maintenance services during the period, exclusive of Value Added Tax and trade discounts.
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:
Plant and equipment
25 % reducing balance
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
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).
1.5
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.
MAURICE EAMES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2018
1
Accounting policies
(Continued)
- 4 -
1.6
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.
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.
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
MAURICE EAMES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2018
1
Accounting policies
(Continued)
- 5 -
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.
1.9
Employee benefits
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 5 (2017 - 5).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 August 2017 and 29 August 2018
8,864
Depreciation and impairment
At 31 August 2017
8,376
Depreciation charged in the Period
122
At 29 August 2018
8,498
Carrying amount
At 29 August 2018
366
At 30 August 2017
488
MAURICE EAMES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2018
- 6 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
35,143
24,096
Corporation tax recoverable
6,530
6,530
Other debtors
344,862
121,354
386,535
151,980
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
295,160
-
Corporation tax
57
16,584
Other taxation and social security
2,379
25,897
Other creditors
41,975
22,110
339,571
64,591
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
7
Related party transactions
Transactions with related parties
During the Period the company entered into the following transactions with related parties:
At the balance sheet date a director, Mr N Hill was owed £23,500 (2017 £500). This loan is interest free and repayable on demand.
At the balance sheet date a director, Mr RAK Bacon was owed £2,037 (2017 the director owed the company £20,661). Interest of £298 was charged to the director on this loan during the period.