Company Registration No. 10337920 (England and Wales)
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED (REGISTERED NUMBER: 10337920)
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
673
898
Investment properties
4
300,000
210,102
300,673
211,000
Current assets
Debtors
5
313
152
Cash at bank and in hand
36,534
7,862
36,847
8,014
Creditors: amounts falling due within one year
6
(137,041)
(107,912)
Net current liabilities
(100,194)
(99,898)
Total assets less current liabilities
200,479
111,102
Creditors: amounts falling due after more than one year
7
(186,962)
(123,040)
Provisions for liabilities
(12,023)
-
Net assets/(liabilities)
1,494
(11,938)
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
9
58,698
-
Distributable profit and loss reserves
(57,304)
(12,038)
Total equity
1,494
(11,938)
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED (REGISTERED NUMBER: 10337920)
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2019
31 August 2019
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 6 November 2019 and are signed on its behalf by:
Mrs G A Owens
Mr S B Owens
Director
Director
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 3 -
1
Accounting policies
Company information
St. Michaels Property Development And Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
19-21 Swan Street, West Malling, Kent, ME19 6JU.
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 £
1
.
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
Turnover
Turnover is recognised as rental income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
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.
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of deferred tax.
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.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2
).
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 5 -
3
Tangible fixed assets
Computers
£
Cost
At 1 September 2018 and 31 August 2019
1,198
Depreciation and impairment
At 1 September 2018
300
Depreciation charged in the year
225
At 31 August 2019
525
Carrying amount
At 31 August 2019
673
At 31 August 2018
898
4
Investment property
2019
£
Fair value
At 1 September 2018
210,102
Additions
19,177
Revaluations
70,721
At 31 August 2019
300,000
Investment property comprises £300,000. The fair value of the investment property has been arrived at by the directors best estimates.
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
313
152
6
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
137,041
107,912
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 6 -
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
186,962
123,040
The bank loan is secured against the property in the company's name by way of a fixed and floating charge.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
9
Non-distributable profits reserve
2019
2018
£
£
At the beginning of the year
-
-
Non distributable profits in the year
58,698
-
At the end of the year
58,698
-