Company Registration No. 03343304 (England and Wales)
MAPP DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
MAPP DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MAPP DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,323,749
3,114,244
Current assets
Stocks
953,486
306,242
Debtors
5
73,090
400,541
Cash at bank and in hand
299,317
74,692
1,325,893
781,475
Creditors: amounts falling due within one year
6
(3,870,732)
(3,052,936)
Net current liabilities
(2,544,839)
(2,271,461)
Total assets less current liabilities
778,910
842,783
Capital and reserves
Called up share capital
7
2,201,101
2,201,101
Share premium account
199,900
199,900
Profit and loss reserves
(1,622,091)
(1,558,218)
Total equity
778,910
842,783
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 30 April 2019 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 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.
The financial statements were approved by the board of directors and authorised for issue on 10 October 2019 and are signed on its behalf by:
D Mapp
Director
Company Registration No. 03343304
MAPP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 2 -
1
Accounting policies
Company information
Mapp Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Sudbrook Hall, Nesfield, Barlow, Dronfield.
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.The principal accounting policies adopted are set out below.
1.2
Going concern
In the absence of other funding, the company is in the short term dependent upon the continued support of the directors and shareholders. The directors and shareholders have agreed to support the company for a period of at least one year from the date of approval of these financial statements.
The directors therefore considers it appropriate that the financial statements are prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Turnover relating to farming activities is recognised on dispatch. Turnover relating to to the pub, restaurant and brewery is recognised at the time at which goods are sold to the customer. Turnover relating to rentals is recognised in the profit and loss account in line with the period it has been earned. Any rents received in advance or arrears are held in the balance sheet accordingly. Turnover relating to property sales is recognised a sale completed when title passes to the purchaser.
1.4
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:
Freehold land and buildings
2% on cost and no depreciation is charged
Property improvements
5% on cost
Plant and equipment
15% on cost
Fixtures and fittings
15% and 33% on cost
Motor vehicles
20% on cost
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
.
MAPP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Work in progress is valued at the lower of cost and net realisable value.
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
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Loans and borrowings
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. 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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 62 (2018 - 47).
MAPP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2018 and 30 April 2019
14,000
Amortisation and impairment
At 1 May 2018 and 30 April 2019
14,000
Carrying amount
At 30 April 2019
-
At 30 April 2018
-
4
Tangible fixed assets
Freehold land and buildings
Property improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2018
1,727,926
1,160,206
456,542
631,374
33,851
4,009,899
Additions
228,635
215,761
19,170
26,822
16,450
506,838
Disposals
-
-
-
-
(11,270)
(11,270)
At 30 April 2019
1,956,561
1,375,967
475,712
658,196
39,031
4,505,467
Depreciation and impairment
At 1 May 2018
346,036
101,634
240,405
187,046
20,534
895,655
Depreciation charged in the year
34,202
68,800
49,748
130,741
3,981
287,472
Eliminated in respect of disposals
-
-
-
-
(1,409)
(1,409)
At 30 April 2019
380,238
170,434
290,153
317,787
23,106
1,181,718
Carrying amount
At 30 April 2019
1,576,323
1,205,533
185,559
340,409
15,925
3,323,749
At 30 April 2018
1,381,890
1,058,572
216,137
444,328
13,317
3,114,244
MAPP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 5 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
17,044
7,020
Other debtors
49,186
380,573
Prepayments and accrued income
6,860
12,948
73,090
400,541
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
164,795
137,161
Taxation and social security
101,741
65,484
Other creditors
3,407,019
2,705,035
Accruals and deferred income
197,177
145,256
3,870,732
3,052,936
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2,201,101 Ordinary of £1 each
2,201,101
2,201,101
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
7,642
-
9
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.