Company Registration No. 10130045 (England and Wales)
MAYNE GLAVES HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2016
PAGES FOR FILING WITH REGISTRAR
MAYNE GLAVES HOLDINGS LIMITED
COMPANY INFORMATION
Director
B H Glaves
(Appointed 18 April 2016)
Company number
10130045
Registered office
Marsh House Lane
Warrington
Cheshire
WA1 3QU
Accountants
Cowgill Holloway LLP
Regency House
45-53 Chorley New Road
Bolton
BL1 4QR
MAYNE GLAVES HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MAYNE GLAVES HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 1 -
2016
Notes
£
£
Fixed assets
Investment properties
2
1,800,000
Investments
3
10,000
1,810,000
Current assets
Debtors
4
360,000
Creditors: amounts falling due within one year
5
(360,000)
Net current assets
-
Total assets less current liabilities
1,810,000
Capital and reserves
Called up share capital
6
10,000
Profit and loss reserves
1,800,000
Total equity
1,810,000
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he director acknowledges his responsibilities for complying with the requirements of the Act 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 Period in question in accordance with section 476 .
he member has not required the company to obtain an audit of its financial statements for the Period 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 and signed by the director and authorised for issue on 25 August 2017
B H Glaves
Director
Company Registration No. 10130045
MAYNE GLAVES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2016
- 2 -
1
Accounting policies
Company information
Mayne Glaves Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Marsh House Lane, Warrington, Cheshire, WA1 3QU.
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
Reporting period
The company's accounting period has been shortened to align the accounting reference date with the subsidiaries accounting reference date.
1.3
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 .
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
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.
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.
1.6
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.
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.
MAYNE GLAVES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2016
1
Accounting policies
(Continued)
- 3 -
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 direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Investment property
2016
£
Fair value
At 18 April 2016
-
Additions
1,800,000
At 30 November 2016
1,800,000
Investment property comprises of one property. The valuation is based on the purchase price of the property. No re-valuation of the property is deemed to be necessary due to the time lapsed between the purchase date and year end date.
MAYNE GLAVES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2016
- 4 -
3
Fixed asset investments
2016
£
Investments
10,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 18 April 2016
-
Additions
10,000
At 30 November 2016
10,000
Carrying amount
At 30 November 2016
10,000
4
Debtors
2016
Amounts falling due within one year:
£
Other debtors
360,000
5
Creditors: amounts falling due within one year
2016
£
Amounts due to group undertakings
360,000
6
Called up share capital
2016
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000