Company Registration No. 09312350 (England and Wales)
M CAREY PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
Riordan O'Sullivan & Co
Chartered Certified Accountants & Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE
M CAREY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
M CAREY PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,580,457
1,569,547
Current assets
Cash at bank and in hand
227,595
217,962
Creditors: amounts falling due within one year
5
(339,737)
(571,331)
Net current liabilities
(112,142)
(353,369)
Total assets less current liabilities
1,468,315
1,216,178
Creditors: amounts falling due after more than one year
6
(970,447)
(1,136,395)
Net assets
497,868
79,783
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
497,768
79,683
Total equity
497,868
79,783
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 November 2017 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 member has 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.
M CAREY PROPERTIES LIMITED
BALANCE SHEET (continued)
AS AT
30 NOVEMBER 2017
30 November 2017
2017
2016
Notes
£
£
£
£
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 August 2018
Martin John Carey
Director
Company Registration No. 09312350
M CAREY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
1
Company information
M Carey Properties
Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit E1, The Courtyard, Alban Park, St.Albans, AL4 0LA.
2
Accounting policies
2.1
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below:
2.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Turnover represents rent from property lettings. Turnover is recognised at the fair value of the consideration received or receivable excluding value added taxes.
2.4
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.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
2.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.6
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.
M CAREY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
2
Accounting policies
(continued)
- 4 -
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.
3
Taxation
2017
2016
£
£
Current tax
UK corporation tax
100,190
12,292
4
Investment property
2017
£
Fair value
At 1 December 2016
1,569,547
Additions
10,910
At 30 November 2017
1,580,457
The director considers that the carrying amounts of the investment property approximate to its fair value.
5
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans
-
31,464
Trade creditors
2,570
1,911
Corporation tax
100,189
12,292
Other taxation and social security
35,778
3,664
Other creditors
200,000
522,000
Accruals
1,200
-
339,737
571,331
M CAREY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 5 -
6
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Bank loans
-
278,222
Amounts owed to associated undertakings
970,447
858,173
970,447
1,136,395
The bank loans, as disclosed in notes 5 and 6, were secured by a first legal charge over the freehold properties of the company.
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
8
Events after the reporting date
There were no events since the year end which materially affected the company.