Company Registration No. 10919865 (England and Wales)
MIDLANDS QUANTITY SURVEYORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
MIDLANDS QUANTITY SURVEYORS LIMITED
COMPANY INFORMATION
Director
Mr D R Butler
(Appointed 17 August 2017)
Company number
10919865
Registered office
26 Morven Avenue
Mansfield Woodhouse
Mansfield
Nottinghamshire
NG19 9JH
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds TSB Bank Plc
1 Legg Street
Chelmsford
Essex
CM1 1JS
MIDLANDS QUANTITY SURVEYORS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
MIDLANDS QUANTITY SURVEYORS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MIDLANDS QUANTITY SURVEYORS LIMITED FOR THE PERIOD ENDED 31 AUGUST 2018
- 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 Midlands Quantity Surveyors Limited for the period ended 31 August 2018 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Midlands Quantity Surveyors Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Midlands Quantity Surveyors Limited
and state those matters that we have agreed to state to the Board of Directors of Midlands Quantity Surveyors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midlands Quantity Surveyors Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Midlands Quantity Surveyors Limited 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 Midlands Quantity Surveyors Limited. You consider that Midlands Quantity Surveyors Limited is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Midlands Quantity Surveyors Limited. 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.
Ormerod Rutter Limited
12 December 2018
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MIDLANDS QUANTITY SURVEYORS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2018
31 August 2018
- 2 -
2018
Notes
£
£
Fixed assets
Tangible assets
3
1,220
Current assets
Cash at bank and in hand
21,972
Creditors: amounts falling due within one year
4
(13,047)
Net current assets
8,925
Total assets less current liabilities
10,145
Provisions for liabilities
(232)
Net assets
9,913
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
9,912
Total equity
9,913
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 period ended 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges her 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
.
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 12 December 2018
Mr D R Butler
Director
Company Registration No. 10919865
MIDLANDS QUANTITY SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
- 3 -
1
Accounting policies
Company information
Midlands Quantity Surveyors Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
26 Morven Avenue, Mansfield Woodhouse, Mansfield, Nottinghamshire, NG19 9JH.
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 have been prepared under the historical cost convention. 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 services provided in the normal course of business
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Computer equipment
33% on cost
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
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.
MIDLANDS QUANTITY SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2018
1
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.
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.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1.
3
Tangible fixed assets
Computer equipment
£
Cost
At 17 August 2017
-
Additions
1,820
At 31 August 2018
1,820
Depreciation and impairment
At 17 August 2017
-
Depreciation charged in the period
600
At 31 August 2018
600
Carrying amount
At 31 August 2018
1,220
MIDLANDS QUANTITY SURVEYORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2018
- 5 -
4
Creditors: amounts falling due within one year
2018
£
Corporation tax
11,711
Other creditors
1,336
13,047
5
Provisions for liabilities
2018
£
Deferred tax liabilities
232
232
6
Called up share capital
2018
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1 Ordinary A share of £1 was allotted and fully paid for cash at par during the period.
7
Ultimate controlling party
The ultimate controlling party is Mr D R Butler.
8
Comparatives
This is the company's first period of trade, therefore there are no comparatives.