31/10/2017
2017-10-31
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No description of principal activities is disclosed
2016-11-01
Sage Accounts Production 18.1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
04884882
2016-11-01
2017-10-31
04884882
2017-10-31
04884882
2016-10-31
04884882
2015-11-01
2016-10-31
04884882
2016-10-31
04884882
2015-10-31
04884882
bus:RegisteredOffice
2016-11-01
2017-10-31
04884882
bus:LeadAgentIfApplicable
2016-11-01
2017-10-31
04884882
bus:Director1
2016-11-01
2017-10-31
04884882
bus:Director2
2016-11-01
2017-10-31
04884882
bus:Director3
2016-11-01
2017-10-31
04884882
bus:CompanySecretary1
2016-11-01
2017-10-31
04884882
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-10-31
04884882
core:FurnitureFittingsToolsEquipment
2016-10-31
04884882
core:MotorVehicles
2016-10-31
04884882
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-10-31
04884882
core:FurnitureFittingsToolsEquipment
2017-10-31
04884882
core:MotorVehicles
2017-10-31
04884882
core:IncreaseDecreaseDueToTransitionFromPreviousStandard
2015-11-01
2016-10-31
04884882
core:RestatedAmount
2015-11-01
2016-10-31
04884882
core:WithinOneYear
2017-10-31
04884882
core:WithinOneYear
2016-10-31
04884882
core:AfterOneYear
2017-10-31
04884882
core:AfterOneYear
2016-10-31
04884882
core:RevaluationReserve
2015-11-01
2016-10-31
04884882
core:RetainedEarningsAccumulatedLosses
2015-11-01
2016-10-31
04884882
core:RevaluationReserve
2016-11-01
2017-10-31
04884882
core:HedgingReserve
2016-11-01
2017-10-31
04884882
core:RetainedEarningsAccumulatedLosses
2016-11-01
2017-10-31
04884882
core:WithinOneYear
2015-10-31
04884882
core:AfterOneYear
2015-10-31
04884882
core:IncreaseDecreaseDueToTransitionFromPreviousStandard
2016-10-31
04884882
core:ShareCapital
2017-10-31
04884882
core:ShareCapital
2016-10-31
04884882
core:RevaluationReserve
2017-10-31
04884882
core:RevaluationReserve
2016-10-31
04884882
core:HedgingReserve
2017-10-31
04884882
core:RetainedEarningsAccumulatedLosses
2017-10-31
04884882
core:RetainedEarningsAccumulatedLosses
2016-10-31
04884882
core:RestatedAmount
2016-10-31
04884882
core:ShareCapital
2015-10-31
04884882
core:RevaluationReserve
2015-10-31
04884882
core:RetainedEarningsAccumulatedLosses
2015-10-31
04884882
core:RestatedAmount
core:ShareCapital
2015-10-31
04884882
core:RestatedAmount
core:RevaluationReserve
2015-10-31
04884882
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2015-10-31
04884882
core:RestatedAmount
2015-10-31
04884882
core:RestatedAmount
core:ShareCapital
2016-10-31
04884882
core:RestatedAmount
core:RevaluationReserve
2016-10-31
04884882
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2016-10-31
04884882
core:IncreaseDecreaseDueToTransitionFromPreviousStandard
2015-10-31
04884882
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-11-01
2017-10-31
04884882
core:MotorVehicles
2016-11-01
2017-10-31
04884882
core:CostValuation
core:Non-currentFinancialInstruments
2016-10-31
04884882
core:CostValuation
core:Non-currentFinancialInstruments
2017-10-31
04884882
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2016-10-31
04884882
core:ImpairmentReversalProvisionsForImpairmentInvestments
core:Non-currentFinancialInstruments
2017-10-31
04884882
core:Non-currentFinancialInstruments
2017-10-31
04884882
core:Non-currentFinancialInstruments
2016-10-31
04884882
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-10-31
04884882
core:MotorVehicles
2016-10-31
04884882
bus:Director1
2016-10-31
04884882
bus:Director1
2017-10-31
04884882
bus:Director3
2016-10-31
04884882
bus:Director3
2017-10-31
04884882
bus:Director1
2015-10-31
04884882
bus:Director1
2016-10-31
04884882
bus:Director3
2015-10-31
04884882
bus:Director3
2016-10-31
04884882
bus:Director1
2015-11-01
2016-10-31
04884882
bus:Director3
2015-11-01
2016-10-31
04884882
bus:SmallEntities
2016-11-01
2017-10-31
04884882
bus:AuditExemptWithAccountantsReport
2016-11-01
2017-10-31
04884882
bus:FullAccounts
2016-11-01
2017-10-31
04884882
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2016-11-01
2017-10-31
04884882
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2017-10-31
Company registration number:
04884882
Midland Plant & Scaffolding (Property) Limited
Financial statements
31 October 2017
Midland Plant & Scaffolding (Property) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Midland Plant & Scaffolding (Property) Limited
Directors and other information
|
|
|
|
Directors
|
M.J. Cattermole
|
|
|
Mrs Y.E. Cattermole
|
|
|
P.H. Cattermole
|
|
|
|
|
|
|
|
Secretary
|
Mrs Y.E.Cattermole
|
|
|
|
|
|
|
|
Company number
|
04884882
|
|
|
|
|
|
|
|
Registered office
|
2B Church Street
|
|
|
Countesthorpe
|
|
|
Leicestershire
|
|
|
LE8 5QH
|
|
|
|
|
|
|
|
Business address
|
2B Church Street
|
|
|
Countesthorpe
|
|
|
Leicestershire
|
|
|
LE8 5QH
|
|
|
|
|
|
|
|
Accountants
|
Paul Beech and Company Ltd
|
|
|
6 The Terrace
|
|
|
Rugby Road
|
|
|
Lutterworth
|
|
|
Leicestershire
|
|
|
LE17 4BW
|
|
|
|
Midland Plant & Scaffolding (Property) Limited
Certified Public Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Midland Plant & Scaffolding (Property) Limited
Year ended 31st October 2017
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31st October 2017 which comprise the statement of financial position, statement of changes in equity and related notes.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Paul Beech and Company Ltd
Certified Public Accountants
6 The Terrace
Rugby Road
Lutterworth
Leicestershire
LE17 4BW
22nd March 2018
Midland Plant & Scaffolding (Property) Limited
Statement of financial position
31st October 2017
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
4
|
2,295,419
|
|
|
|
2,213,798
|
|
|
Investments
|
|
5
|
2,737
|
|
|
|
2,400
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
2,298,156
|
|
|
|
2,216,198
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Debtors
|
|
6
|
8,701
|
|
|
|
10,914
|
|
|
Cash at bank and in hand
|
|
|
206,066
|
|
|
|
174,074
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
214,767
|
|
|
|
184,988
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
7
|
(
345,867)
|
|
|
|
(
337,205)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
131,100)
|
|
|
|
(
152,217)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
2,167,056
|
|
|
|
2,063,981
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
8
|
|
|
(
70,001)
|
|
|
|
(
86,469)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
101,119)
|
|
|
|
(
101,931)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
1,995,936
|
|
|
|
1,875,581
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
6,000
|
|
|
|
6,000
|
Revaluation reserve
|
|
|
|
|
797,964
|
|
|
|
709,097
|
Fair value reserve
|
|
|
|
|
144
|
|
|
|
-
|
Profit and loss account
|
|
|
|
|
1,191,828
|
|
|
|
1,160,484
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
1,995,936
|
|
|
|
1,875,581
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
22 March 2018
, and are signed on behalf of the board by:
M.J. Cattermole
Director
Company registration number:
04884882
Midland Plant & Scaffolding (Property) Limited
Statement of changes in equity
Year ended 31st October 2017
|
|
Called up share capital
|
|
Revaluation reserve
|
|
Fair value reserve
|
|
Profit and loss account
|
Total
|
|
|
|
£
|
|
£
|
|
£
|
|
£
|
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1st November 2015 (as previously reported)
|
|
6,000
|
|
817,453
|
|
-
|
|
1,136,877
|
1,960,330
|
|
Effects of changes in accounting policies
|
|
(-)
|
|
(110,256)
|
|
(-)
|
|
(-)
|
(110,256)
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
At 1st November 2015 (restated)
|
|
6,000
|
|
707,197
|
|
-
|
|
1,136,877
|
1,850,074
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
|
|
|
|
|
|
25,507
|
25,507
|
|
Other comprehensive income for the year:
|
|
|
|
|
|
|
|
|
|
|
Reclassification from revaluation reserve to profit and loss account
|
|
|
|
1,900
|
|
|
|
(
1,900)
|
-
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
Total comprehensive income for the year
|
|
-
|
|
1,900
|
|
-
|
|
23,607
|
25,507
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31st October 2016 (as previously reported)
|
|
6,000
|
|
817,453
|
|
-
|
|
1,160,484
|
1,983,937
|
|
Effects of changes in accounting policies
|
|
(-)
|
|
(108,356)
|
|
-
|
|
-
|
(108,356)
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
At 31st October 2016 (restated) and 1st November 2016
|
|
6,000
|
|
709,097
|
|
-
|
|
1,160,484
|
1,875,581
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
|
|
|
|
|
|
120,355
|
120,355
|
|
Other comprehensive income for the year:
|
|
|
|
|
|
|
|
|
|
|
Reclassification from revaluation reserve to profit and loss account
|
|
|
|
88,867
|
|
|
|
(
88,867)
|
-
|
|
Reclassification from fair value reserve to profit and loss account
|
|
|
|
|
|
144
|
|
(
144)
|
-
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
Total comprehensive income for the year
|
|
-
|
|
88,867
|
|
144
|
|
31,344
|
120,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
At 31st October 2017
|
|
6,000
|
|
797,964
|
|
144
|
|
1,191,828
|
1,995,936
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
Midland Plant & Scaffolding (Property) Limited
Notes to the financial statements
Year ended 31st October 2017
1.
General information
The company is a private company limited by shares, registered in Enlgand. The address of the registered office is 2B Church Street, Countesthorpe, Leicestershire, LE8 5QH.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Turnover
Turnover is rental income receivable from residential and commercial properties.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A
review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
|
Freehold property
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
Cost or valuation
|
|
|
|
|
|
|
|
|
At 1st November 2016
|
2,190,000
|
12,651
|
43,200
|
2,245,851
|
|
|
|
|
Revaluation
|
87,600
|
-
|
-
|
87,600
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31st October 2017
|
2,277,600
|
12,651
|
43,200
|
2,333,451
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1st November 2016
|
-
|
12,651
|
19,402
|
32,053
|
|
|
|
|
Charge for the year
|
-
|
-
|
5,979
|
5,979
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31st October 2017
|
-
|
12,651
|
25,381
|
38,032
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31st October 2017
|
2,277,600
|
-
|
17,819
|
2,295,419
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31st October 2016
|
2,190,000
|
-
|
23,798
|
2,213,798
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
Included within the above is investment property as follows:
|
|
£
|
|
At 1 November 2016
|
2,190,000
|
|
Fair value adjustments
|
87,600
|
|
|
_______
|
|
At 31 October 2017
|
2,277,600
|
|
|
_______
|
|
|
|
5.
Investments
|
|
Other investments other than loans
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1st November 2016
|
2,593
|
2,593
|
|
|
|
|
|
Fair value adjustment
|
144
|
144
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31st October 2017
|
2,737
|
2,737
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Impairment
|
|
|
|
|
|
|
|
At 1st November 2016
|
193
|
193
|
|
|
|
|
|
Reversal of impairment loss
|
(
193)
|
(
193)
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31st October 2017
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31st October 2017
|
2,737
|
2,737
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31st October 2016
|
2,400
|
2,400
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2017
|
2016
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
5,833
|
4,946
|
|
Other debtors
|
|
2,868
|
5,968
|
|
|
|
_______
|
_______
|
|
|
|
8,701
|
10,914
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2017
|
2016
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
15,473
|
15,252
|
|
Trade creditors
|
|
7,722
|
7,238
|
|
Corporation tax
|
|
7,414
|
5,203
|
|
Social security and other taxes
|
|
5,338
|
9,552
|
|
Other creditors
|
|
309,920
|
299,960
|
|
|
|
_______
|
_______
|
|
|
|
345,867
|
337,205
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Bank loans of £15,473 (2016: £15,252) are secured by legal charges over 2 investment properties owned by the company.
8.
Creditors: amounts falling due after more than one year
|
|
|
2017
|
2016
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
70,001
|
86,469
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Bank loans of £70,001 (2016: £86,469) are secured by legal charges over 2 investment properties owned by the company.
9.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Balance o/standing
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
M.J. Cattermole
|
(
144,004)
|
(
5,501)
|
(
149,505)
|
|
|
|
|
P.H. Cattermole
|
(
65,753)
|
(
5,781)
|
(
71,534)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
(
209,757)
|
(
11,282)
|
(
221,039)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Balance o/standing
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
M.J. Cattermole
|
(
140,007)
|
(
3,997)
|
(
144,004)
|
|
|
|
|
P.H. Cattermole
|
(
62,484)
|
(
3,269)
|
(
65,753)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
(
202,491)
|
(
7,266)
|
(
209,757)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st November 2015.
Reconciliation of equity
|
|
At 1 November 2015
|
|
|
At 31 October 2016
|
|
|
|
|
Previously stated
|
Effect of transition
|
FRS 102 (restated)
|
Previously stated
|
Effect of transition
|
FRS 102 (restated)
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
Fixed assets
|
2,215,486
|
-
|
2,215,486
|
2,216,198
|
-
|
2,216,198
|
|
Current assets
|
162,300
|
-
|
162,300
|
184,988
|
-
|
184,988
|
|
Creditors amounts falling due within 1 year
|
(
322,716)
|
-
|
(
322,716)
|
(
337,205)
|
-
|
(
337,205)
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
Net current liabilities
|
(
160,416)
|
-
|
(
160,416)
|
(
152,217)
|
-
|
(
152,217)
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
Total assets less current liabilities
|
2,055,070
|
-
|
2,055,070
|
2,063,981
|
-
|
2,063,981
|
|
Creditors amounts falling due after more than 1 year
|
(
101,942)
|
-
|
(
101,942)
|
(
86,469)
|
-
|
(
86,469)
|
|
Provisions for liabilities
|
7,202
|
(
110,256)
|
(
103,054)
|
6,425
|
(
108,356)
|
(101,931)
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
Net assets
|
1,960,330
|
(
110,256)
|
1,850,074
|
1,983,937
|
(
108,356)
|
1,875,581
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
Equity
|
1,960,327
|
(
110,256)
|
1,850,071
|
1,983,937
|
(
108,356)
|
1,875,581
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
Reconciliation of profit or loss for the year
|
|
|
|
|
At 31 October 2016
|
|
|
|
|
|
|
|
Previously stated
|
Effect of transition
|
FRS 102 (restated)
|
|
|
|
|
|
£
|
£
|
£
|
|
Turnover
|
|
|
|
136,440
|
-
|
136,440
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
Gross profit
|
|
|
|
136,440
|
-
|
136,440
|
|
Administrative expenses
|
|
|
|
(
105,622)
|
1,900
|
(
103,722)
|
|
Other operating income
|
|
|
|
8,451
|
-
|
8,451
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
Operating profit
|
|
|
|
39,269
|
1,900
|
41,169
|
|
Income from other fixed asset investments
|
|
|
|
113
|
-
|
113
|
|
Other interest receivable and similar income
|
|
|
|
697
|
-
|
697
|
|
Amounts written off investments
|
|
|
|
(
193)
|
-
|
(
193)
|
|
Interest payable and similar expenses
|
|
|
|
(
10,299)
|
-
|
(
10,299)
|
|
Tax on Profit
|
|
|
|
(
5,980)
|
-
|
(
5,980)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
Profit after taxation
|
|
|
|
23,607
|
1,900
|
25,507
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
Profit for the financial year
|
|
|
|
23,607
|
1,900
|
25,507
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
Deferred tax of £107,089 (2016 : £108,356) has been provided against investment property revaluations.