Company Registration No. 5895591 (England and Wales)
MATTERHORN CAPITAL ST. JOSEPH'S LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
MATTERHORN CAPITAL ST. JOSEPH'S LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
MATTERHORN CAPITAL ST. JOSEPH'S LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
3
6,008,831
3,940,499
Current assets
Debtors
4
165,042
54,755
Cash at bank and in hand
158,239
39,266
323,281
94,021
Creditors: amounts falling due within one year
5
(8,174,063)
(4,773,563)
Net current liabilities
(7,850,782)
(4,679,542)
Total assets less current liabilities
(1,841,951)
(739,043)
Creditors: amounts falling due after more than one year
6
-
(2,400,000)
Net liabilities
(1,841,951)
(3,139,043)
Capital and reserves
Called up share capital
7
113
113
Other reserves
1,228,332
-
Profit and loss reserves
(3,070,396)
(3,139,156)
Total equity
(1,841,951)
(3,139,043)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 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.
MATTERHORN CAPITAL ST. JOSEPH'S LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 December 2018 and are signed on its behalf by:
Mr Simon Conway
Director
Company Registration No. 5895591
MATTERHORN CAPITAL ST. JOSEPH'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Matterhorn Capital St. Joseph's Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
10 Gloucester Place, Portman Square, London, WIU 8EZ.
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 at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover from rents receivable is recognised at the fair value of the rents received or receivable based on the rent agreements and to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured.
1.3
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.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
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.
MATTERHORN CAPITAL ST. JOSEPH'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
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
and
loans from
fellow group companies, 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.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Investment property
2018
£
Fair value
At 1 April 2017
3,940,499
Additions
840,000
Revaluations
1,228,332
At 31 March 2018
6,008,831
No depreciation is provided in respect of these properties.
On a historical cost basis the investment property would have been included at an original costs of £4,780,499 (2017: £3,940,499).
The company has provided a legal charge over the investment property as security on borrowings.
MATTERHORN CAPITAL ST. JOSEPH'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
165,042
54,755
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
2,400,000
-
Trade creditors
97,513
71,451
Amounts due to group undertakings
4,554,618
3,982,724
Other creditors
1,121,932
719,388
8,174,063
4,773,563
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans
-
2,400,000
Bank loans are secured by fixed charges over the company's assets.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,130 Ordinary shares of 10p each
113
113
113
113
8
Reserves
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
9
Events after the reporting date
The investment property was sold on 28 August 2018.
MATTERHORN CAPITAL ST. JOSEPH'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
4,554,618
3,982,724
Other related parties
563,585
654,837
All related party balances are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
11
Control
The immediate parent company is Matterhorn Capital Limited and the ultimate parent company is Anthony Lyons Investments Limited. Both companies are registered in England and Wales.