Company Registration No. 03739610 (England and Wales)
M CAPITAL INVESTMENT PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
M CAPITAL INVESTMENT PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
M CAPITAL INVESTMENT PROPERTIES LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,765
41,376
Investment properties
4
1,021,994
1,280,994
Investments
5
12,308
90
1,072,067
1,322,460
Current assets
Debtors
6
787,689
354,025
Cash at bank and in hand
6,038
25,374
793,727
379,399
Creditors: amounts falling due within one year
7
(561,486)
(405,618)
Net current assets/(liabilities)
232,241
(26,219)
Total assets less current liabilities
1,304,308
1,296,241
Creditors: amounts falling due after more than one year
8
(492,400)
(680,970)
Net assets
811,908
615,271
Capital and reserves
Called up share capital
9
3
3
Share premium account
54,121
54,121
Profit and loss reserves
757,784
561,147
Total equity
811,908
615,271
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 September 2018 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.
M CAPITAL INVESTMENT PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2018
30 September 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 June 2019 and are signed on its behalf by:
Mr D F G Wortley
Director
Company Registration No. 03739610
M CAPITAL INVESTMENT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 3 -
1
Accounting policies
Company information
M Capital Investment Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
76 Church Street, Lancaster, LA1 1ET.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
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:
Plant and equipment
25% straight line
Fixtures and fittings
33% straight line
Motor vehicles
25% straight line
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
.
M CAPITAL INVESTMENT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.4
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.
1.5
Fixed asset investments
Interests in subsidiaries
and
associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include deposits held at call with banks
.
1.8
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.
M CAPITAL INVESTMENT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
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.
1.9
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.
1.10
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.
M CAPITAL INVESTMENT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 6 -
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. 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was 3 (2017 - 4).
M CAPITAL INVESTMENT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 7 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2017
2,835
3,894
37,560
44,289
Additions
2,919
8,333
-
11,252
At 30 September 2018
5,754
12,227
37,560
55,541
Depreciation and impairment
At 1 October 2017
568
1,167
1,178
2,913
Depreciation charged in the year
1,438
4,035
9,390
14,863
At 30 September 2018
2,006
5,202
10,568
17,776
Carrying amount
At 30 September 2018
3,748
7,025
26,992
37,765
At 30 September 2017
2,267
2,727
36,382
41,376
4
Investment property
2018
£
Fair value
At 1 October 2017
1,280,994
Disposals
(259,000)
At 30 September 2018
1,021,994
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 September 2018 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2018
2017
£
£
Investments
12,308
90
M CAPITAL INVESTMENT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 8 -
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
16,415
26,401
Other debtors
766,114
321,174
Prepayments and accrued income
5,160
6,450
787,689
354,025
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
30,238
37,214
Trade creditors
5,715
12,914
Amounts due to group undertakings
94,250
122,122
Taxation and social security
64,629
75,177
Other creditors
366,654
158,191
561,486
405,618
Bank loans and overdrafts of £30,238 and other borrowings of £46,706 are secured by fixed and floating charges over the assets and undertakings of the company.
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
404,868
546,460
Other creditors
87,532
134,510
492,400
680,970
Bank loans and overdrafts of £404,868 and other borrowings of £87,532 are secured by fixed and floating charges over all assets and undertaking of the company.
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
283,915
379,240
M CAPITAL INVESTMENT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 9 -
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
200 A Ordinary shares of 1p each
2
2
100 B Ordinary shares of 1p each
1
1
3
3
Each class of share rank pari passu in all respects save that the directors may at any time resolve to declare a dividend on one class of share and not another class
.
10
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2018
Balance
Amounts owed by related parties
£
Owners holding a participating interest
754,918
Key management personnel
3,170
2017
Balance
Amounts owed in previous period
£
Owners holding a participating interest
315,071
Key management personnel
5,091
11
Directors' transactions
A director of the company had an overdrawn loan account with the company during the period. The details of this loan are as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director Loan
-
5,091
(1,921)
3,170
5,091
(1,921)
3,170
2018-09-30
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false
CCH Software
CCH Accounts Production 2019.100
No description of principal activity
28 June 2019
Mr S J Higginson
Mr D F G Wortley
Mr A D Stanyon
Mrs E J Stanyon
Mr S J Higginson
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