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2016-01-01
Sage Accounts Production Advanced 2017 Update 2 - FRS
1
1
600,000
600,000
xbrli:pure
xbrli:shares
iso4217:GBP
06471648
2016-01-01
2016-12-31
06471648
2016-12-31
06471648
2015-01-01
2015-12-31
06471648
2015-12-31
06471648
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2016-01-01
2016-12-31
06471648
bus:LeadAgentIfApplicable
2016-01-01
2016-12-31
06471648
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2016-01-01
2016-12-31
06471648
bus:Director2
2016-01-01
2016-12-31
06471648
bus:CompanySecretary1
2016-01-01
2016-12-31
06471648
core:WithinOneYear
2016-12-31
06471648
core:WithinOneYear
2015-12-31
06471648
core:AfterOneYear
2016-12-31
06471648
core:AfterOneYear
2015-12-31
06471648
core:RetainedEarningsAccumulatedLosses
2015-12-31
06471648
core:RetainedEarningsAccumulatedLosses
2014-12-31
06471648
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2016-12-31
06471648
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2015-12-31
06471648
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2016-12-31
06471648
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2015-12-31
06471648
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2016-12-31
06471648
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2016-01-01
2016-12-31
06471648
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2016-01-01
2016-12-31
06471648
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2016-01-01
2016-12-31
06471648
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2016-01-01
2016-12-31
06471648
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2016-01-01
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2016-01-01
2016-12-31
06471648
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2016-01-01
2016-12-31
COMPANY REGISTRATION NUMBER:
06471648
Unaudited Financial Statements
|
|
Year ended 31 December 2016
Officers and professional advisers
|
1
|
|
|
Statement of income and retained earnings
|
3
|
|
|
Statement of financial position
|
4
|
|
|
Notes to the financial statements
|
5
|
|
|
The following pages do not form part of the financial statements
Detailed income statement
|
9
|
|
|
Officers and Professional Advisers
|
|
The board of directors
|
Mr D Mahon
|
|
Mr A Mahon
|
|
|
Company secretary
|
Julie Mahon
|
|
|
Registered office
|
Hammond House
|
|
North Road
|
|
West Kirby
|
|
CH48 4DE
|
|
|
Accountants
|
Nunn and Co Accountants
|
|
Incorporated Financial Accountant
|
|
The John Laird Centre
|
|
Park Road North
|
|
Birkenhead
|
|
CH41 4EZ
|
|
|
Year ended 31 December 2016
The directors present their report and the unaudited financial statements of the company for the year ended
31 December 2016
.
Principal activities
The principal activity of the company during the year was other letting and operating of own or leased real estate..........
Directors
The directors who served the company during the year were as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
27 September 2017
and signed on behalf of the board by:
Mr D Mahon
|
Julie Mahon
|
Director
|
Company Secretary
|
|
|
Registered office:
|
Hammond House
|
North Road
|
West Kirby
|
CH48 4DE
|
|
Statement of Income and Retained Earnings
|
|
Year ended 31 December 2016
|
2016
|
2015
|
Note
|
£
|
£
|
Turnover
|
1
|
1
|
|
|
|
|
----
|
----
|
Gross profit
|
1
|
1
|
|
|
|
|
----
|
----
|
Operating profit
|
1
|
1
|
|
|
|
|
----
|
----
|
Profit before taxation
|
1
|
1
|
|
|
|
Tax on profit
|
–
|
–
|
|
----
|
----
|
Profit for the financial year and total comprehensive income
|
1
|
1
|
|
----
|
----
|
|
|
|
Retained earnings at the start of the year
|
29,509
|
29,508
|
|
--------
|
--------
|
Retained earnings at the end of the year
|
29,510
|
29,509
|
|
--------
|
--------
|
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position
|
|
31 December 2016
Fixed assets
Tangible assets
|
4
|
|
600,000
|
600,000
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
5
|
460,390
|
|
460,391
|
|
---------
|
|
---------
|
Net current liabilities
|
|
460,390
|
460,391
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
139,610
|
139,609
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
6
|
|
110,000
|
110,000
|
|
|
---------
|
---------
|
Net assets
|
|
29,610
|
29,609
|
|
|
---------
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
29,510
|
29,509
|
|
|
--------
|
--------
|
Members funds
|
|
29,610
|
29,609
|
|
|
--------
|
--------
|
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
27 September 2017
, and are signed on behalf of the board by:
Company registration number:
06471648
Notes to the Financial Statements
|
|
Year ended 31 December 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hammond House, North Road, West Kirby, CH48 4DE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Land and buildings
|
|
£
|
Cost
|
|
At 1 January 2016 and 31 December 2016
|
600,000
|
|
---------
|
Depreciation
|
|
At 1 January 2016 and 31 December 2016
|
–
|
|
---------
|
Carrying amount
|
|
At 31 December 2016
|
600,000
|
|
---------
|
|
|
5.
Creditors:
amounts falling due within one year
|
2016
|
2015
|
|
£
|
£
|
Other creditors
|
460,390
|
460,391
|
|
---------
|
---------
|
|
|
|
6.
Creditors:
amounts falling due after more than one year
|
2016
|
2015
|
|
£
|
£
|
Mortgage Creditor
|
110,000
|
110,000
|
|
---------
|
---------
|
|
|
|
The company has a variety of mortgage loans secured on the assets concerned. All such loans are interest only, with interest charged at a variety of rates and are repayable in more than five years. Additional security is provided by way of directors guarantees.
7.
Related party transactions
The company was under the control of
Mr D Mahon
throughout the current and previous year. Mr D Mahon
is the managing director and majority shareholder.
|
Equfund (SPV2) Ltd owes £20,330 to Equfund (SPV1) Limited. |
|
Equfund (SPV2) Ltd owes £440,060 to Equfund IPS Limited. |
|
|
8.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Year ended 31 December 2016
The following pages do not form part of the financial statements.
Detailed Income Statement
|
|
Year ended 31 December 2016
Turnover
|
----
|
----
|
Gross profit
|
1
|
1
|
|
|
|
|
----
|
----
|
Operating profit
|
1
|
1
|
|
|
|
|
----
|
----
|
Profit before taxation
|
1
|
1
|
|
----
|
----
|
|
|
|