Company Registration No. 10873077 (England and Wales)
M A CADDY PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
M A CADDY PROPERTIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
M A CADDY PROPERTIES LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF M A CADDY PROPERTIES LTD FOR THE YEAR ENDED 30 JUNE 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M A Caddy Properties Ltd for the Year ended 30 June 2019 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us
.
This report is made solely to the Board of Directors of M A Caddy Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 17 August 2017. Our work has been undertaken solely to prepare for your approval the financial statements of M A Caddy Properties Ltd
and state those matters that we have agreed to state to the Board of Directors of M A Caddy Properties Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M A Caddy Properties Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that M A Caddy Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of M A Caddy Properties Ltd. You consider that M A Caddy Properties Ltd is exempt from the statutory audit
requirement for the Year.
We have not been instructed to carry out an audit or a review of the financial statements of M A Caddy Properties Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Baldwins
18 October 2019
Lime Court
Pathfields Business Park
South Molton
Devon
EX36 3LH
M A CADDY PROPERTIES LTD
BALANCE SHEET
AS AT 30 JUNE 2019
30 June 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
194,781
194,781
Current assets
Debtors
4
101
100
Cash at bank and in hand
187,789
12,197
187,890
12,297
Creditors: amounts falling due within one year
5
(2,418)
(1,984)
Net current assets
185,472
10,313
Total assets less current liabilities
380,253
205,094
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
380,153
204,994
Total equity
380,253
205,094
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 June 2019 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 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 and signed by the director and authorised for issue on 18 October 2019
Mr M A Caddy
Director
Company Registration No. 10873077
M A CADDY PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
M A Caddy Properties Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lime Court, Pathfields Business Park, South Molton, Devon, EX36 3LH.
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, 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 at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Leasehold land and buildings
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
Cash at bank and in hand
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.
1.5
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.
M A CADDY PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.
Financial assets classified as receivable within one year are not amortised.
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
.
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
.
1.6
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was 1 (2018 - 1).
M A CADDY PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 5 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2018 and 30 June 2019
194,781
Depreciation and impairment
At 1 July 2018 and 30 June 2019
-
Carrying amount
At 30 June 2019
194,781
At 30 June 2018
194,781
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1
-
Other debtors
100
100
101
100
5
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
1,210
1,171
Other creditors
1,208
813
2,418
1,984
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100