Registered number:
8415
MANOR PARK CEMETERY COMPANY LIMITED
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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MANOR PARK CEMETERY COMPANY LIMITED
COMPANY INFORMATION
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MANOR PARK CEMETERY COMPANY LIMITED
CONTENTS
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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MANOR PARK CEMETERY COMPANY LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017
The chairman presents her statement for the period.
The Annual General Meeting of Manor Park Cemetery Company Limited will be held on Tuesday 12 June 2018 at 2.30pm at the registered premises of the Company, Sebert Road, Forest Gate, London E7 0NP to which shareholders are invited to attend.
In the Statement of Comprehensive Income of the Annual Accounts shareholders will note the rise in the trading income for the year to £1,456,632 as against the 2016 figure of £1,312,289 and the profit after tax for the year being £329,287 (£236,945).
Administrative expenses rose in 2017 to £1,104,237 (£1,050,313, in 2016), mainly due to the decision to initiate some major items of expenditure which have started to come on stream.
The total number of funerals carried out totalled 797 against the previous year of 727, with a pleasing rise in cremation figures. The burial figures were very similar to those of last year.
The dividend proposed by the Board is 22p per share which if approved by shareholders will be paid following the Annual General Meeting. Following payment of the proposed dividend, the amount left for reserves will be £160,205.
Shareholders may be interested in the progress made over the past year and the related expenditure. The most significant was of course the selection and purchase of a new cremator. After some months of deliberation, guided by our consultant, it was decided to select a large cremator from the German manufacturer IFZW. Preliminary works began in the autumn with the removal of the old Parkgrove cremator (installed in 1996 but decommissioned in 2002) which left space for the new cremator to be placed alongside the existing, working Shelton cremator. This means that the company has the security of having two cremators in the crematory, the Shelton being the standby machine when the new one is out of commission.
The new cremator was to be built in situ (rather than being delivered from the factory ready constructed) by German technicians, the process starting late in 2017 with an anticipated completion in June 2018. I am pleased to report that such a complex installation project has been predominantly without hitch. Part payment of £124,000 has been made this year although there is an amount of approximately £290,000 remaining to be settled out of our reserves in 2018, included within this figure being consultants’ fees, surveyors’ fees and additional works following the installation and redecoration.
Outside, in the grounds, a major overhaul of the rose gardens has been commissioned. This will take approximately two years to complete, the main change being to the larger beds which are being replanted with trees, shrubs and floribunda roses whilst the individual standard roses have been re-staked, re-tied (£7000), and re-mulched. (bark and manure £18,000).
Landscaping in the new burial ground of Chapel View was also carried out, with laurel and photinia being used to delineate different sections within the area.
Added to this, our directors have been considering plans to upgrade the foyer between the waiting room and the chapels, which will involve some fairly costly renovations to the original stonework, new lighting and seating, with a start date anticipated in Spring 2018.
As ever, I am indebted to my fellow directors, managers and staff who have all worked with enthusiasm and dedication, enabling me to present these admirable results.
Name
Angela Rutteman
Chairman
Date
17 May 2018
Page 1
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MANOR PARK CEMETERY COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
The directors present their report and the financial statements for the year ended 31 December 2017.
The profit for the year, after taxation, amounted to £
329,287
(2016 -
£
236,945
)
.
A dividend of 20p per share (total £153,711) was paid during the year.
The directors recommend a dividend of 22p per share, based on the results of these accounts, the total dividend of £169,082 being payable on 12 June 2018.
The directors who served during the year and their interests in the Company's issued share capital were:
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Ordinary shares
of
25
p
each
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
17 May 2018
and signed on its behalf.
Page 2
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MANOR PARK CEMETERY COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2017
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Interest receivable and similar income
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Profit for the financial year
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There were no recognised gains and losses for 2017 or 2016 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2017 (2016:£
NIL).
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The notes on pages 7 to 15 form part of these financial statements.
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Page 3
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MANOR PARK CEMETERY COMPANY LIMITED
REGISTERED NUMBER:
8415
BALANCE SHEET
AS AT
31 DECEMBER 2017
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The Company's
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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MANOR PARK CEMETERY COMPANY LIMITED
REGISTERED NUMBER:
8415
BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
17 May 2018
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The notes on pages 7 to 15 form part of these financial statements.
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MANOR PARK CEMETERY COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2017
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Surplus on revaluation of freehold property
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Dividends: Equity capital
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Transfer to/from profit and loss account
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Surplus on revaluation of freehold property
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Dividends: Equity capital
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Transfer to/from profit and loss account
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The notes on pages 7 to 15 form part of these financial statements.
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Page 6
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MANOR PARK CEMETERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
1.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes.The following criteria must also be met before revenue is recognised:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
* the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the transaction; and
* the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Where monies are received in respect of a grave reserved for future use, the sale is included in revenue. However, where the amount received includes an advance against future digging fees, a proportion is carried forward to the year in which interment takes place.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 7
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MANOR PARK CEMETERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
1.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Freehold land and buildings
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Fixtures, fittings and equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Investments held as fixed assets are shown at cost less provision for impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
Page 8
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MANOR PARK CEMETERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
1.
Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 9
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MANOR PARK CEMETERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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Staff costs, including directors' remuneration, were as follows:
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The average monthly number of employees, including the directors, during the year was as follows:
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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Page 10
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MANOR PARK CEMETERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
3.
Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than
(2016 - higher than)
the standard rate of corporation tax in the UK of
19
%
(2016 -
20
%)
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2016 - 20%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Adjustments to tax charge in respect of prior periods
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Short term timing difference leading to an increase (decrease) in taxation
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Other timing differences leading to an increase (decrease) in taxation
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Total tax charge for the year
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Dividends paid on equity capital
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Page 11
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MANOR PARK CEMETERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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Charge for the year on owned assets
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Cost or valuation at 31 December 2017 is as follows:
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December 1988 at open market value
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Page 12
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MANOR PARK CEMETERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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The value of the fixed asset investments at 31 December 2017 was £1,103,947 (2016 £1,060,577)
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Prepayments and accrued income
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Current asset investments
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Page 13
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MANOR PARK CEMETERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to the profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 14
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MANOR PARK CEMETERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £45,679 (2016 - £43,431). Contributions totalling £3,927 (2016 - £3,353) were payable to the fund at the balance sheet date
Page 15
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