Company Registration No. 03343304 (England and Wales)
MAPP DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
MAPP DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MAPP DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,641,573
3,323,749
Current assets
Stocks
1,194,239
495,598
Debtors
5
283,985
530,978
Cash at bank and in hand
226,974
299,317
1,705,198
1,325,893
Creditors: amounts falling due within one year
6
(3,218,111)
(3,870,732)
Net current liabilities
(1,512,913)
(2,544,839)
Total assets less current liabilities
1,128,660
778,910
Capital and reserves
Called up share capital
7
2,201,101
2,201,101
Share premium account
199,900
199,900
Profit and loss reserves
(1,272,341)
(1,622,091)
Total equity
1,128,660
778,910
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 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have 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.
The financial statements were approved by the board of directors and authorised for issue on 4 November 2020 and are signed on its behalf by:
D Mapp
Director
Company Registration No. 03343304
MAPP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
1
Accounting policies
Company information
Mapp Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Sudbrook Hall, Nesfield, Barlow, Dronfield.
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.The principal accounting policies adopted are set out below.
The
d
irectors note that events surrounding Covid-19 have introduced additional risks for many companies. The
d
irectors remain confident that the company is well placed to mitigate any additional risks arising. The
di
rectors believe strong cash reserves held and additional funding available to the company are sufficient to provide additional levels of risk mitigation such that the Directors are confident that Covid-19 will not adversely affect the on-going viability of the company.
1.2
Going concern
In the absence of other funding, the company is in the short term dependent upon the continued support of the directors and shareholders. The directors and shareholders have agreed to support the company for a period of at least one year from the date of approval of these financial statements.
true
The directors therefore considers it appropriate that the financial statements are prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Turnover relating to farming activities is recognised on dispatch. Turnover relating to to the pub, restaurant and brewery is recognised at the time at which goods are sold to the customer. Turnover relating to rentals is recognised in the profit and loss account in line with the period it has been earned. Any rents received in advance or arrears are held in the balance sheet accordingly. Turnover relating to property sales is recognised a sale completed when title passes to the purchaser.
MAPP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
1.4
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:
Freehold land and buildings
2% on cost and no depreciation is charged
Property improvements
5% on cost
Plant and equipment
15% on cost
Fixtures and fittings
15% and 33% on cost
Motor vehicles
20% 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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Work in progress is valued at the lower of cost and net realisable value.
1.6
Cash at bank and in hand
Cash and cash equivalents
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.
1.7
Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Loans and borrowings
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.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MAPP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 72
(2019 - 62).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2019 and 30 April 2020
14,000
Amortisation and impairment
At 1 May 2019 and 30 April 2020
14,000
Carrying amount
At 30 April 2020
-
At 30 April 2019
-
MAPP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Property improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2019
1,956,561
1,375,967
475,712
658,196
39,031
4,505,467
Additions
-
6,036
36,624
31,106
15,350
89,116
Disposals
(737,046)
-
-
-
(11,780)
(748,826)
At 30 April 2020
1,219,515
1,382,003
512,336
689,302
42,601
3,845,757
Depreciation and impairment
At 1 May 2019
380,238
170,434
290,153
317,787
23,106
1,181,718
Depreciation charged in the year
19,461
69,102
55,059
134,962
6,255
284,839
Eliminated in respect of disposals
(250,593)
-
-
-
(11,780)
(262,373)
At 30 April 2020
149,106
239,536
345,212
452,749
17,581
1,204,184
Carrying amount
At 30 April 2020
1,070,409
1,142,467
167,124
236,553
25,020
2,641,573
At 30 April 2019
1,576,323
1,205,533
185,559
340,409
15,925
3,323,749
5
Debtors
As restated
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
13,031
17,044
Other debtors
228,164
507,074
Prepayments and accrued income
42,790
6,860
283,985
530,978
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
66,923
164,795
Taxation and social security
91,803
101,741
Other creditors
2,960,027
3,407,019
Accruals and deferred income
99,358
197,177
3,218,111
3,870,732
MAPP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 6 -
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2,201,101 Ordinary of £1 each
2,201,101
2,201,101
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
5,878
7,642
9
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.