Masada Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03923842 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Masada Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A M Dicken

REGISTERED OFFICE:

Unit 2a Malleable Way

Stockton-on-Tees

TS18 2QX

REGISTERED NUMBER:

03923842 (England and Wales)

ACCOUNTANTS:

APC Accountancy

Chartered Accountants

Queens Court Business Centre

Newport Road

Middlesbrough

TS1 5EH

FIXED ASSETS

Tangible assets

4

2,899,642

2,911,681

CURRENT ASSETS

Debtors

5

784,654

781,374

Cash at bank

12,616

18,880

797,270

800,254

CREDITORS

Amounts falling due within one year

6

1,651,922

1,608,225

NET CURRENT LIABILITIES

(854,652

)

(807,971

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,044,990

2,103,710

CREDITORS

Amounts falling due after more than one year

7

(198,399

)

(301,600

)

PROVISIONS FOR LIABILITIES

9

(105,827

)

(107,253

)

NET ASSETS

1,740,764

1,694,857

CAPITAL AND RESERVES

Called up share capital

10

450

450

Share premium

299,850

299,850

Revaluation reserve

454,961

454,961

Retained earnings

985,503

939,596

SHAREHOLDERS' FUNDS

1,740,764

1,694,857

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 6 August 2019 and were signed by:

A M Dicken - Director

1.	STATUTORY INFORMATION

Masada Developments Limited is a private company, limited by shares , registered in England and Wales. The

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net income from rental property, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost and 15% on cost

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.

Investment property

Investment properties are included on an open market basis on 31st March 2019 by the director.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

2,883,700

87,007

2,970,707

DEPRECIATION

At 1 April 2018

-

59,026

59,026

Charge for year

-

12,039

12,039

At 31 March 2019

-

71,065

71,065

NET BOOK VALUE

At 31 March 2019

2,883,700

15,942

2,899,642

At 31 March 2018

2,883,700

27,981

2,911,681

Land and buildings are stated at their market value per an independent valuation undertaken in August 2015 by

Lambert Smith Hampton, Commercial Property Consultants. The director considers this to be a fair value as at

31 March 2019.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

48,516

45,288

Other debtors

736,138

736,086

784,654

781,374

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

2,528

199

Taxation and social security

19,930

10,087

Other creditors

1,629,464

1,597,939

1,651,922

1,608,225

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Other creditors

198,399

301,600

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Other loans

301,600

402,122

Marcusan LLP owned by Marcus and Ann Dicken, have provided third party security on £40,342 of the above

balance to the Dicken Executive Pension Scheme by way of legal charge over the property at 3 Portrack Grange

Road, Stockton-on-Tees held by Marcusan LLP. The charge is dated 14 May 2015.

Masada Developments Limited have provided security on £261,258 of the above balance by way of a legal

charge over the property at 2A Malleable Way, Portrack Lane, Stockton-on-Tees. The charge is dated 13

December 2017.

9.	PROVISIONS FOR LIABILITIES

31.3.19

31.3.18

£

£

Deferred tax

105,827

107,253

Deferred

tax

£

Balance at 1 April 2018

107,253

Timing differences

(1,426

)

Balance at 31 March 2019

105,827

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

450

Ordinary

£1

450

450

11.	RELATED PARTY DISCLOSURES

Mr A M Dicken is also the director of At Home Furnishings Outlet Limited and Kuyt Limited.

During the reporting period the company invoiced At Home Furnishings Outlet Limited £77,213 (2018:

£22,979).

As at 31 March 2019 At Home Furnishings Outlet Limited owed the company £Nil (2018: £7,494).

As at 31 March 2019 Kuyt Limited owed the company £734,365 (2018: £734,365).

Mr A M Dicken is a trustee of the Dicken Executive Pension Scheme. As at 31 March 2019 the company owed

the Dicken Executive Pension Scheme £301,600 (2018: £402,122).

As at 31 March 2019 the company owed Mr A M Dicken £1,489,347 (2018: £1,460,725).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is A M Dicken.