Registered Number 07265684
MARKET TOWN DEVELOPMENTS LIMITED
Abbreviated Accounts
31 December 2014
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Fixed assets | |||
Tangible assets | 2 |
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Investments | 3 |
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Current assets | |||
Debtors |
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Investments |
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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 (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings - 10% Straight line per annum
Equipment - 25% Straight line per annum
Other accounting policies
At the balance sheet date there was an excess of liabilities over assets. The company is held in a small group and is supported indirectly by the director K M M Al Tajir with loans from companies both within and outside the group structure, in which K M M Al Tajir has a material interest. The director has informed the board of directors that he will continue to support the company indirectly with loans from companies both within and outside the group structure until the company is in a position to support itself. The board of directors for this reason considers it is appropriate for the accounts to be prepared on a going concern basis.
Ultimate Parent Company
The ultimate parent company is Amanco Limited a company registered in Gibraltar.
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Cost | |
At 1 January 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2014 |
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Depreciation | |
At 1 January 2014 |
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Charge for the year |
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On disposals |
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At 31 December 2014 |
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Net book values | |
At 31 December 2014 | 3,722 |
At 31 December 2013 | 4,880 |
3
Fixed assets Investments
Additions £2,001
Cost at 31 December 2014 £2,001
Net Book Value at 31 December 2014 £2,001
Net Book Value at 31 December 2013 -
The board of directors have reclassified the shares held in group undertakings from current investments as disclosed in the published statutory accounts for the year ending 31 December 2013 to fixed investments.
5 Transactions with directors
Name of director receiving advance or credit: |
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Description of the transaction: |
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Balance at 1 January 2014: | £ |
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Advances or credits made: |
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Advances or credits repaid: | £ |
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Balance at 31 December 2014: | £ |
During the period the company provided an interest free loan to Market Town Foods Limited a company registered in the United Kingdom and within the group structure. The amount outstanding at the balance sheet date was £2,336,733 (2013: £1,791,430). This loan was provided with no formal repayment terms.
During the period the company provided an interest free loan to New Street Restaurants Limited a company registered in the United Kingdom and within the group structure. The amount outstanding at the balance sheet date was £1,005,673 (2013: £878,007). This loan was provided with no formal repayment terms.
During the period the company provided an interest free loan to Augustus Brandt Antiques International Limited a company registered in the United Kingdom and outside the group structure, a company in which the director K M M Al Tajir has a material interest. The amount outstanding at the balance sheet date was £16,396 (2013: Augustus Brandt Antiques International Limited provided a loan of £45). This loan was provided with no formal repayment terms.
During the period the company provided an interest free loan to Palladian Estate Real Estate Limited a company registered in the United Kingdom and outside the group structure, a company in which the director K M M Al Tajir has a material interest. The amount outstanding at the balance sheet date was £9,637 (2013: £Nil). This loan was provided with no formal repayment terms.
During the period the company was provided with an interest free long term loan from companies outside the group structure, in which the director K M M Al Tajir has a material interest. The loans outstanding at the balance sheet date totalled £3,404,860 (2013: £2,663,322). The director has confirmed that the loans from companies outside the group will not be repaid until the company is in a position to do so and after one year.
During the period the company was provided with an interest free long term loan by Amanco Limited, the ultimate parent company. The amount outstanding at the balance sheet date was £50,000 (2013: £50,000). This loan was provided with no formal repayment terms and the company will not seek repayment until the company is in a position to do so and after one year.
During the year the company recharged costs to the following companies, in which the director K M M Al Tajir has a material interest.
New Street Restaurants Limited £39,197 (2013: £36,231)
Market Town Foods Limited £59,438 (2013: £48,226)
Augustus Brandt Antiques International Limited £15,902 (2013: £8,340)
Palladian Real Estate Limited £9,637 (2013: £Nil)