|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 JUNE 2017 |
|
FOR |
|
MITCHWICK COMMERCIAL LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 JUNE 2017 |
|
FOR |
|
MITCHWICK COMMERCIAL LIMITED |
MITCHWICK COMMERCIAL LIMITED (REGISTERED NUMBER: 04800926) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Abridged Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
MITCHWICK COMMERCIAL LIMITED |
|
COMPANY INFORMATION |
for the year ended 30 June 2017 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
MITCHWICK COMMERCIAL LIMITED (REGISTERED NUMBER: 04800926) |
|
ABRIDGED BALANCE SHEET |
30 June 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Fair value reserve |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
MITCHWICK COMMERCIAL LIMITED (REGISTERED NUMBER: 04800926) |
|
ABRIDGED BALANCE SHEET - continued |
30 June 2017 |
|
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
MITCHWICK COMMERCIAL LIMITED (REGISTERED NUMBER: 04800926) |
|
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2017 |
|
1. | STATUTORY INFORMATION |
|
Mitchwick Commercial Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 June 2017 are the first that are prepared in accordance with FRS |
102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of |
transition to FRS 102 Section 1A is 1 July 2015. |
|
Turnover |
Turnover represents net rental income, excluding value added tax. |
|
Tangible fixed assets |
|
Fixtures and fittings | - |
|
|
Investment property |
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are |
initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can |
be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and |
losses arising from changes in the fair value of investment properties are included in profit or loss in the period |
in which they arise. |
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
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. |
|
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2016 - NIL). |
MITCHWICK COMMERCIAL LIMITED (REGISTERED NUMBER: 04800926) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2017 |
|
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2016 |
and 30 June 2017 |
|
DEPRECIATION |
At 1 July 2016 |
|
Charge for year |
|
At 30 June 2017 |
|
NET BOOK VALUE |
At 30 June 2017 |
|
At 30 June 2016 |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2016 |
|
Additions |
|
At 30 June 2017 |
|
NET BOOK VALUE |
At 30 June 2017 |
|
At 30 June 2016 |
|
|
The investment properties are included at their existing use open market value. The valuation was made by Mr I |
Kahn, who is a director and shareholder of the company. |
|
Fair value at 30 June 2017 is represented by: |
|
£ |
Valuation in 2016 | 467,630 |
Cost | 1,275,950 |
1,743,580 |
|
Investment property was valued on an open market basis on 30 June 2016 by the director of the company . |
|
6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2017 | 2016 |
£ | £ |
Repayable by instalments |
Bank loans | 108,109 | 128,988 |
MITCHWICK COMMERCIAL LIMITED (REGISTERED NUMBER: 04800926) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2017 |
|
7. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Bank loans |
|
|
|
8. | FIRST YEAR ADOPTION |
|
The Company has adopted FRS 102 for the year ended 30 June 2017, with the date of transition being 1 July |
2015. On transition management have considered the effect of any changes in accounting treatment from UK |
GAAP to FRS 102 for this company. Any changes considered necessary have been adjusted in the current year. |
A transition adjustment of £88,850 for deferred tax, considered to be the portion of deferred tax on the uplift in |
value of the investment property has been recognised in the profit and loss account to comply with FRS102 |
Section 1A. |