REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2016 |
for |
Mellington Estates Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2016 |
for |
Mellington Estates Ltd |
Mellington Estates Ltd (Registered number: 07102343) |
Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Mellington Estates Ltd |
Company Information |
for the Year Ended 31 December 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Mellington Estates Ltd (Registered number: 07102343) |
Balance Sheet |
31 December 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Mellington Estates Ltd (Registered number: 07102343) |
Balance Sheet - continued |
31 December 2016 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered. |
The financial statements were approved by the Board of Directors on |
Mellington Estates Ltd (Registered number: 07102343) |
Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
1. | STATUTORY INFORMATION |
Mellington Estates Ltd is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements for the year ended 31st December 2016 are the first financial statements that |
comply with section 1A ''Small Entities'' of FRS 102. The date of transition is 1st January 2015. There are no |
transition adjustments. |
Turnover |
Turnover represents net invoiced sales of properties and services, excluding value added tax. |
Revenue is recognised as the company becomes entitled to consideration for the goods and services supplied. |
Therefore, turnover also includes the element of work completed but not yet invoiced. |
Tangible fixed assets |
Office Equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes |
in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Mellington Estates Ltd (Registered number: 07102343) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Short term debtors and creditors receivable |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses |
arising from impairment are recognised in the profit and loss account. |
Other operating income |
Other operating income consists of rental income recognised over the period it accrues. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and | Motor |
Equipment | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
Additions |
At 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
Mellington Estates Ltd (Registered number: 07102343) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
In the opinion of the directors, the current market value of the freehold property is £588,428. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | FINANCIAL COMMITMENTS |
The financial commitments which are not included in the balance sheet amount to £23,000 (2015: £27,600). |
These financial commitments represent the total amount of payments for leases ending in 2022. |
Mellington Estates Ltd (Registered number: 07102343) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
9. | RELATED PARTY DISCLOSURES |
Included within Other Creditors is a balance of £300,000 (2015 - £Nil) and £300,000 (2015 - £Nil) representing |
the director's loan account of Mr A Towle and Mrs J Bruce respectively. The loans are unsecured, interest free |
and repayable on demand. |
The following related party transactions were made during the year at arm's length basis on a normal |
commercial basis. |
Sales of £1,200 were made to Miss K Findlow, daughter of Mrs J Bruce (2015 £1,450) |
Sales of £1,200 were made to Mr C Findlow, son of Mrs J Bruce (2015 £1,068) |
Sales of £4,255 were made to JCT Properties, a business run by Mrs J Bruce (2015 £658) |
At the balance sheet date the following balances applicable to related parties were included in trade debtors: |
Miss K Findlow £Nil (2015 £430) |
Mr C Findlow £225 (2015 £348) |
JCT Properties £1,386 (2015 £658) |
Mrs J Bruce and her husband, K Bruce, £Nil (2015 £158) |
Included in Trade Creditors is £Nil (2015 £2,852) in respect of expenses incurred by Mr A Towle on behalf of |
the company. |