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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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MONTAGUE PROPERTIES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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MONTAGUE PROPERTIES LIMITED |
MONTAGUE PROPERTIES LIMITED (REGISTERED NUMBER: 01859678) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 7 |
MONTAGUE PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Russell House |
140 High Street |
Edgware |
Middlesex |
HA8 7LW |
MONTAGUE PROPERTIES LIMITED (REGISTERED NUMBER: 01859678) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Fair value reserve | 9 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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MONTAGUE PROPERTIES LIMITED (REGISTERED NUMBER: 01859678) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Montague Properties Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rents receivable, reverse premiums on surrender and lease extensions, excluding value |
added tax. |
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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. |
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No depreciation is provided in respect of these properties in accordance with FRS 102. This is a departure from |
the requirements of the Companies Act 2006 that depreciation is charged to systematically write off the cost of |
assets over their useful economic lives. These properties are held primarily for investment and any trading |
income derived from them is incidental. As such, the director considers depreciation of these properties to be |
inappropriate. The policy adopted is considered necessary for the financial statements to give a true and fair |
view. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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Interest payable |
Interest payable is charged to the profit and loss account on an accruals basis. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured |
at transaction price including transaction and where material are subsequently measured at amortised cost using |
the effective interest method, less any impairment. |
MONTAGUE PROPERTIES LIMITED (REGISTERED NUMBER: 01859678) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Basic financial liabilities |
Basic financial liabilities, including trade and other payables and loans from company undertakings that are |
classified as debt are initially measured at transaction price unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of the future payments discounted at |
the market rate of interest. |
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Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid |
investments with original maturities of three months or less. |
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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. |
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Average number of employees |
There were no employees in the year. |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2017 |
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Disposals | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Fair value at 31 December 2017 is represented by: |
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Valuation in 2017 | 5,070,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 1,783,779 | 2,014,406 |
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Investment property was valued on an open market basis basis on 31 December 2017 by the director . |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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MONTAGUE PROPERTIES LIMITED (REGISTERED NUMBER: 01859678) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loan over 5 years | - | 59,601 |
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Other creditors include tenants' deposits falling due after more than five years of £53,339 (2016: £31,274). |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The bank loans are secured by fixed legal charges over certain of the company's investment properties. |
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The bank overdraft is secured by fixed legal charges over some of the company's investment properties. It is |
also secured by guarantees from I Elghanian, the director, of £20,000 (2016: £20,000) and from Welby Limited, |
the parent company. |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1.00 | 1,000 | 1,000 |
MONTAGUE PROPERTIES LIMITED (REGISTERED NUMBER: 01859678) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2017 |
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4,010,573 |
Profit for the year |
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Dividends | ( |
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Disposal of investment |
property | - | (104,373 | ) | (104,373 | ) |
At 31 December 2017 |
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3,981,762 |
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10. | RELATED PARTY DISCLOSURES |
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Welby Limited |
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Parent Company |
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Dividends of £300,000 (2016: £450,000) were paid to Welby Limited during the year. |
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2017 | 2016 |
£ | £ |
Amount due from related party at the balance sheet date | 969,855 | 422,000 |
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Elgha Limited |
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A company with a director in common |
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2017 | 2016 |
£ | £ |
Amount due from related party at the balance sheet date | 172,145 | - |
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Foxmore Limited |
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2017 | 2016 |
£ | £ |
Amount due from related party at the balance sheet date | 190,000 | - |
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11. | ULTIMATE CONTROLLING PARTY |
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The company was under the control of Mr I Elghanian, the sole director, throughout the current and previous |
year. |
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12. | ULTIMATE PARENT COMPANY |
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The company is a wholly owned subsidiary of Welby Limited, a company incorporated and registered in England |
and Wales. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
MONTAGUE PROPERTIES LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Montague Properties Limited for the year ended 31 December 2017 which comprise the Income |
Statement, Statement of Financial Position and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Montague Properties 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 Montague Properties Limited and state those matters that we have agreed to state to the Board of Directors of Montague Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Montague Properties Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Montague Properties 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 Montague Properties Limited. You consider that Montague Properties Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Montague Properties 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. |
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Chartered Accountants |
Russell House |
140 High Street |
Edgware |
Middlesex |
HA8 7LW |
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