Company Registration No. 09780708 (England and Wales)
MAVERICK PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
MAVERICK PROPERTIES LIMITED
COMPANY INFORMATION
Director
S Camp
(Appointed 9 December 2015)
Secretary
W Ashurst
Company number
09780708
Registered office
41 Great Portland Street
London
W1W 7LA
Accountants
Hardwick & Morris
41 Great Portland Street
London
W1W 7LA
MAVERICK PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MAVERICK PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
Notes
£
£
Fixed assets
Tangible assets
3
59,133
Investment properties
4
6,095,226
6,154,359
Current assets
Debtors
5
192,651
Cash at bank and in hand
335,959
528,610
Creditors: amounts falling due within one year
6
(6,692,804)
Net current liabilities
(6,164,194)
Total assets less current liabilities
(9,835)
Capital and reserves
Called up share capital
7
1
Profit and loss reserves
(9,836)
Total equity
(9,835)
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 .
he member has not required the company to obtain an audit of its financial statements for the period 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 16 June 2017 and are signed on its behalf by:
S Camp
Director
Company Registration No. 09780708
MAVERICK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 2 -
1
Accounting policies
Company information
Maverick Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
41 Great Portland Street, London, W1W 7LA.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rental income. Income is recognised in relation to the rental period.
represents amounts receivable for rental income. Income is recognised in relation to the rental period.
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.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Fixtures and fittings
20% straight line
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 the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MAVERICK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. 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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was -.
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 16 September 2015
-
-
-
Additions
45,035
14,358
59,393
At 31 December 2016
45,035
14,358
59,393
Depreciation and impairment
At 16 September 2015
-
-
-
Depreciation charged in the period
-
260
260
At 31 December 2016
-
260
260
Carrying amount
At 31 December 2016
45,035
14,098
59,133
MAVERICK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 4 -
4
Investment property
2016
£
Fair value
At 16 September 2015
-
Additions
6,095,226
At 31 December 2016
6,095,226
The freehold investment properties were acquired during the period. They were initially recognised at cost, which is deemed to be fair value at the reporting date, on the basis of a valuation carried out by Chartered Surveyors, who are not connected with the company.
5
Debtors
2016
Amounts falling due within one year:
£
Other debtors
192,651
6
Creditors: amounts falling due within one year
2016
£
Trade creditors
483
Other creditors
6,692,321
6,692,804
7
Called up share capital
2016
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
During the period
,
1 ordinary share of £1 was allotted and fully paid at par for
a
cash consideration to provide additional working capital.