Company Registration No. 10337920 (England and Wales)
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED (REGISTERED NUMBER: 10337920)
BALANCE SHEET
AS AT
31 AUGUST 2018
31 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
898
-
Investment properties
4
210,102
-
211,000
-
Current assets
Debtors
5
152
100
Cash at bank and in hand
7,862
-
8,014
100
Creditors: amounts falling due within one year
6
(107,912)
-
Net current (liabilities)/assets
(99,898)
100
Total assets less current liabilities
111,102
100
Creditors: amounts falling due after more than one year
7
(123,040)
-
Net (liabilities)/assets
(11,938)
100
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(12,038)
-
Total equity
(11,938)
100
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED (REGISTERED NUMBER: 10337920)
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2018
31 August 2018
- 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 2018 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 17 May 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 2018
- 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
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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.
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand
Cash at bank and in hand
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2
).
3
Tangible fixed assets
Computers
£
Cost
At 1 September 2017
-
Additions
1,198
At 31 August 2018
1,198
Depreciation and impairment
At 1 September 2017
-
Depreciation charged in the year
300
At 31 August 2018
300
Carrying amount
At 31 August 2018
898
At 31 August 2017
-
4
Investment property
2018
£
Fair value
At 1 September 2017
-
Additions
210,102
At 31 August 2018
210,102
Investment property comprises £210,102.
ST. MICHAELS PROPERTY DEVELOPMENT AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
4
Investment property
(Continued)
- 5 -
Investment property comprises [XXX]. The fair value of the investment property has been arrived at on the basis of a valuation carried out at [XXX] by [XXX] Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
152
100
6
Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
107,912
-
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
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
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
9
Related party transactions
Included within other creditors is an amount owed to the directors of £106,113 (2017: £nil).