JIM MILNE PROPERTIES LIMITED
SC177243
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
MESTON REID & CO.
CHARTERED ACCOUNTANTS
12 CARDEN PLACE
ABERDEEN
AB10 1UR
JIM MILNE PROPERTIES LIMITED
COMPANY INFORMATION
Directors
James S Milne
William E Main
Secretary
William E Main
Company number
SC177243
Registered office
Balmoral Park
Loirston
Aberdeen
AB12 3GY
Accountants
Meston Reid & Co
12 Carden Place
Aberdeen
AB10 1UR
Business address
Balmoral Park
Loirston
Aberdeen
AB12 3GY
JIM MILNE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
JIM MILNE PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JULY 2017
31 July 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Investment properties
2
300,000
300,000
Current assets
Debtors
3
191
4,351
Cash at bank and in hand
6,050
11,483
6,241
15,834
Creditors: amounts falling due within one year
4
(79,942)
(90,967)
Net current liabilities
(73,701)
(75,133)
Total assets less current liabilities
226,299
224,867
Provisions for liabilities
-
(1,770)
Net assets
226,299
223,097
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
226,298
223,096
Total equity
226,299
223,097
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 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their 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 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.
JIM MILNE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2017
31 July 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
28 May 2018 and are signed on its behalf by:
2018-05-28
James S Milne
Director
Company Registration No. SC177243
JIM MILNE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2017
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 July 2016:
Balance at 1 August 2015
1
(32,826)
(32,825)
Effect of transition to FRS 102
-
(2,819)
(2,819)
Effect of change in accounting policy
-
236,583
236,583
As restated
1
200,938
200,939
Year ended 31 July 2016:
Profit and total comprehensive income for the year
-
22,158
22,158
Balance at 31 July 2016
1
223,096
223,097
Year ended 31 July 2017:
Profit and total comprehensive income for the year
-
3,202
3,202
Balance at 31 July 2017
1
226,298
226,299
JIM MILNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 4 -
1
Accounting policies
Company information
Jim Milne Properties Limited is a
private
company
limited by shares in the United Kingdom and
incorporated in Scotland.
The registered office is
Balmoral Park, Loirston, Aberdeen, AB12 3GY.
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.
These financial statements for the year ended 31 July 2017
are the
first
financial statements of Jim Milne Properties Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 8.
1.2
Turnover
Turnover represents amounts receivable from rental income of the company's properties.
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
. 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.
1.4
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.
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.
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.
JIM MILNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 5 -
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.
1.6
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.
1.7
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.
JIM MILNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 6 -
2
Investment property
2017
£
Fair value
At 1 August 2016 and 31 July 2017
300,000
Investment property comprises of a dwelling house. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 14 March 2018 by JE Shepherd 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.
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
191
4,351
4
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
342
3,602
Other creditors
79,600
87,365
79,942
90,967
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued
1 Ordinary share of £1 each
1
1
1
1
6
Related party transactions
During the year, the loan from Balmoral Group Holdings Limited, of £82,617 was repaid. There were no amounts due by the company at the year end (2016 - £82,617). Balmoral Group Holdings Limited is a company owned and controlled by James S Milne, a director of Jim Milne Properties Limited.
7
Directors' transactions
During the year, James S Milne, director, advanced the company £72,617 (2016 - £nil) of which £72,617 (2016 - £nil) was due to the director at the year end.
James S Milne, director, has granted a licence to the company to occupy a further property owned by him personally. No rent was paid to him during the year (2016 - £nil).
JIM MILNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 7 -
8
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 August
31 July
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
(32,825)
(18,954)
Adjustments to prior year (note 9)
236,583
243,821
As restated
203,758
224,867
Adjustments arising from transition to FRS 102:
Deferred Tax
1
(2,819)
(1,770)
Equity reported under FRS 102
200,939
223,097
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
13,871
Adjustments to prior year (note 9)
7,238
As restated
21,109
Adjustments arising from transition to FRS 102:
Deferred Tax
1
1,049
Profit reported under FRS 102
22,158
Notes to reconciliations on adoption of FRS 102
1. Deferred Tax
Following the transition to FRS 102, the company has recorded deferred tax on its investment properties from the date of transition.
JIM MILNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 8 -
9
Prior period adjustment
Changes to the balance sheet
At 31 July 2016
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment at 1 Aug 2015
Adjustment at 31 Jul 2016
As restated
£
£
£
£
Fixed assets
Tangible assets
56,179
(63,417)
7,238
-
Investment properties
-
300,000
-
300,000
Net assets
(18,954)
236,583
7,238
224,867
Capital and reserves
Profit and loss
(18,955)
236,583
7,238
224,866
Upon review of the accounting treatment. it was established by the Directors, that the property held by the company should be treated as an investment property, rather than a freehold property. The impact of this reclassification, is that the cumulative depreciation to date was written back. The change in treatment has increased profit for the year by £7,238, compared to that previously reported.
Changes to the profit and loss account
Period ended 31 July 2016
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
£
£
£
Administrative expenses
(11,027)
7,238
(3,789)
Profit for the financial period
13,871
7,238
21,109
2017-07-31
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William E Main
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