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Unaudited Financial Statements |
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for the Year Ended 31 May 2018 |
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for |
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Market Tavern Stroud Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2018 |
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for |
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Market Tavern Stroud Limited |
Market Tavern Stroud Limited (Registered number: 09049693) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Market Tavern Stroud Limited |
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Company Information |
for the Year Ended 31 May 2018 |
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DIRECTOR: |
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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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1st Floor, Bridge House |
25 Fiddlebridge Lane |
Hatfield |
Hertfordshire |
AL10 0SP |
Market Tavern Stroud Limited (Registered number: 09049693) |
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Balance Sheet |
31 May 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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PROVISIONS FOR LIABILITIES | 8 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Non-distributable reserves |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Market Tavern Stroud Limited (Registered number: 09049693) |
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Balance Sheet - continued |
31 May 2018 |
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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 director on
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Market Tavern Stroud Limited (Registered number: 09049693) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2018 |
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1. | STATUTORY INFORMATION |
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Market Tavern Stroud Limited is a
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Wales. The 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 is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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The company intends to dispose of its freehold property when its development potential can be |
realised. In the interim, the company's turnover is a facilitation fee for letting its property be used as |
security for the borrowings of a connected company; it excludes discounts, rebates, value added tax |
and other sales taxes. |
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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 balance sheet 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 balance sheet 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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Investment property |
In accordance with FRS 102, the company's investment property is revalued annually at its open |
market value. Any gains and losses on revaluation are taken to the profit and loss account and a |
corresponding adjustment is made to reserves. |
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Depreciation is not provided on the investment property, which is a departure from the Companies Act |
2006. In the opinion of the director, the property is primarily an investment and so its current value is |
of more significance than any measure of consumption; consequently, he believes that a depreciation |
charge would distort the true and fair view presented by the accounts, which therefore do not include |
a depreciation charge. |
Market Tavern Stroud Limited (Registered number: 09049693) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
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3. | EMPLOYEES (INCLUDING DIRECTORS) |
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The average number of employees during the year was NIL (2017 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 June 2017 |
and 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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Cost or valuation at 31 May 2018 is represented by: |
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Freehold |
property |
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Valuation in 2018 | 750,000 |
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If the freehold property had not been revalued it would have been included at the following historical |
cost: |
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2018 | 2017 |
£ | £ |
Cost | 481,778 | 481,778 |
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The freehold property was valued on an open market basis on 31 May 2018 by the director . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Taxation and social security |
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Other creditors |
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Market Tavern Stroud Limited (Registered number: 09049693) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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8. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 43,090 | 45,287 |
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Deferred |
tax |
£ |
Balance at 1 June 2017 |
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Reduction in tax on |
property revaluation | (2,197 | ) |
Balance at 31 May 2018 |
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9. | RELATED PARTY DISCLOSURES |
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The Company is controlled by the director and his business partner, as they control the Company's |
parent, Prime UK Properties Limited. |
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During the year, the Company charged a facilitation fee of £26,000 (2017: £75,000) to a |
fellow-subsidiary of the Company's parent, for the Company's continued provision of a fixed and |
floating charge over its assets in support of a loan from a third-party lender to that fellow-subsidiary. |
At the balance sheet date, £81,000 (2017: £75,000) was owed to the Company in respect of these |
fees; no terms have been set regarding payment of this sum or interest on this loan. |
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At the balance sheet date: |
- the parent company was owed £321,243 (2017: £321,243) by the Company; |
- a company that is also controlled by the Company's director and his business partner was owed |
£145,275 (2017: £145,275) by the Company; and |
- a corporate shareholder of the Company that is also controlled by the Company's director and his |
business partner owed £2,500 (2017: £2,500) to the Company. |
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In the case of the two loans to the Company mentioned above, no terms have been set regarding |
payment of interest or repayment of capital, save that those companies have agreed not to seek |
repayment of their loans within one year of the balance sheet date. The loan by the Company |
mentioned above is interest-free and repayable on demand. |