Company registration number 05853492 (England and Wales)
MUSKETEER ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
MUSKETEER ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MUSKETEER ESTATES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
909,175
909,175
Current assets
Debtors
4
4,831
16,746
Investments
5
36,827
56,650
Cash at bank and in hand
61,432
22,393
103,090
95,789
Creditors: amounts falling due within one year
6
(72,009)
(59,229)
Net current assets
31,081
36,560
Total assets less current liabilities
940,256
945,735
Creditors: amounts falling due after more than one year
7
(437,654)
(463,410)
Net assets
502,602
482,325
Capital and reserves
Called up share capital
90
90
Profit and loss reserves
502,512
482,235
Total equity
502,602
482,325
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
MUSKETEER ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2022
30 June 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 February 2023 and are signed on its behalf by:
T M Wadsworth
Director
Company Registration No. 05853492
MUSKETEER ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
Musketeer Estates Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Maltravers House, Petters Way, YEOVIL, Somerset, BA20 1SH. The principal business address of the entity is 30 Southernhay East, Exeter, Devon, EX1 1NX.
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.
1.2
Going concern
In light of the current coronavirus pandemic, the directors have reviewed likely future developments and remain of the opinion that there is no reason to believe that the company will have to cease trading as a result of inadequate financial resources, or any other foreseeable event, within a period of at least 12 months from the date of the approval of these accounts.
true
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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from property rental contracts is recognised per the contract agreement on an accruals basis rather than when received.
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.
Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents
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.
MUSKETEER ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
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.
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.
1.7
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.
MUSKETEER ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
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 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.
1.10
Current asset investments
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
3
Investment property
2022
£
Fair value
At 1 July 2021 and 30 June 2022
909,175
MUSKETEER ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
3
Investment property
(Continued)
- 6 -
Investment property comprises of two properties. The fair value of the investment properties has been arrived at on the basis of open market value. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The investment properties valuation was reviewed on 30 June 20
22
by the directors of the company. The directors are satisfied that this class of fixed assets has a current value of £909,175 (20
21
: £909,175) and historic cost of £909,175 (202
1
: £909,175). The depreciation on this historic cost is £Nil (20
21
: £Nil).
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,682
Other debtors
3,149
16,746
4,831
16,746
5
Current asset investments
2022
2021
£
£
Other investments
36,827
56,650
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
25,111
24,465
Trade creditors
1,585
454
Corporation tax
22,601
13,195
Other taxation and social security
3,382
3,410
Other creditors
19,330
17,705
72,009
59,229
The bank loan is secured on the investment properties held by the company.
MUSKETEER ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
389,077
414,833
Other creditors
48,577
48,577
437,654
463,410
The bank loan is secured on the investment properties held by the company.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
288,635
316,971
9
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Director's loan account
-
14,361
220
(14,112)
469
14,361
220
(14,112)
469