2014 Companies House Accounts - pinacle (P14IXCHSE)

2014 Companies House Accounts - pinacle (P14IXCHSE)

MIDWEST ESTATES (MANCHESTER) LIMITED - Company Information

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MIDWEST ESTATES (MANCHESTER) LIMITED
 
 
 
 
 
 
ABBREVIATED ACCOUNTS
 
 
 
 
 
YEAR ENDED 31 MARCH 2014
 
 
 
 
 
 
 
 
 
 
 
COMPANY REGISTRATION NUMBER - 4388594
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                                                                                                           
 
                                                                                                                                                                           
1 .
MIDWEST ESTATES (MANCHESTER) LIMITED
Company Number - 4388594
 
ABBREVIATED BALANCE SHEET
 
31 March 2014
 
2014 2013
Notes £ £ £ £
 
FIXED ASSETS
 
Tangible assets 2 457,267 458,482
Cost of Investments,
-Joint Syndicates 3 595 595
Investments-Joint Syndicates 4 521,152 689,377
979,014 1,148,454
 
CURRENT ASSETS
 
Debtors 1,585,518 1,600,140
Cash at Bank 4,079 3,113
1,589,597 1,603,253
CURRENT LIABILITIES
 
Creditors - Amounts falling
due within one year 5 1,939,142 1,975,722
NET CURRENT LIABILITIES (349,545 ) (372,469 )
TOTAL ASSETS LESS CURRENT LIABILITIES 629,469 775,985
CREDITORS - Amounts falling
due after more than one year 5 285,013 288,928
NET ASSETS 344,456 487,057
                                                                                                                                                                           
2 .
MIDWEST ESTATES (MANCHESTER) LIMITED
Company Number - 4388594
 
ABBREVIATED BALANCE SHEET
 
31 March 2014
 
2014 2013
Notes £ £ £ £
 
 
CAPITAL AND RESERVES
 
Called up share capital 6 2 2
Profit and loss account 344,454 487,055
SHAREHOLDERS' FUNDS 344,456 487,057
 
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
 
For the financial year ended 31 March 2014, the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.
The members have not required the company to obtain an audit.
 
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
 
 
Approved by the board on 10 March 2015.
 
)
......................... ) B WEISS
Director
 
                                                                                                                                                                           
3 .
MIDWEST ESTATES (MANCHESTER) LIMITED
 
NOTES TO THE ABBREVIATED ACCOUNTS
 
FOR THE YEAR ENDED 31 MARCH 2014
 
1 . ACCOUNTING POLICIES
 
BASIS OF ACCOUNTING
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
 
TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible assets other than freehold land and investment properties are depreciated at the following annual rates in order to write off each asset over its estimated useful life.
 
Fixtures and fittings - 10% reducing balance
 
TANGIBLE FIXED ASSETS-INVESTMENT PROPERTY
No depreciation is provided on property owned by the company in accordance with
the Financial Reporting Standard for Smaller Entities as this is investment property.
In so doing the company is invoking the true and fair override permitted by the
Financial Reporting Standard For Smaller Entities.
 
PROVISIONS
Provisions are set up only where it is probable that a present obligation exists as a
result of an event prior to the balance sheet date and that a payment will be required
in settlement that can be estimated reliably. Where material, provisions are
calculated on a discount basis.
 
COMPANY PROPERTIES
The properties are valued annually by the directors at the end of the financial year
on an open market basis assuming they are tenanted, with the company's share of
any resulting surplus or deficit being transferred to the revaluation reserve.
 
DEFERRED TAXATION
No provision for taxation or deferred taxation is made in respect of the liability
which would arise if the company's properties were sold at their net book value.
Provision is made in respect of deferred taxation when there is a reasonable
probability that a liability will crystallise in the foreseeable future.
 
TURNOVER
Turnover represents commissions and rental income.
   
 
INVESTMENTS IN JOINT PROPERTY SYNDICATES
This represents capital introduced by the company into the syndicates plus accrued
surpluses less deficiencies but without revaluing the syndicate properties.
 
Some of the syndicates in which the company is a participator have borrowings
which are secured on the syndicate's properties.
 
The company accounts for its syndicate investments under the "equity accounting"
basis and thus the company's share of such borrowings is not included in these
accounts.
 
                                                                                                                                                                           
4 .
MIDWEST ESTATES (MANCHESTER) LIMITED
 
NOTES TO THE ABBREVIATED ACCOUNTS
 
FOR THE YEAR ENDED 31 MARCH 2014
 
2 . FIXED ASSETS
Tangible
fixed
assets
£
Cost or valuation
At 1 April 2013 458,482
and 31 March 2014
 
Depreciation
Charge for year 1,215
At 31 March 2014 1,215
 
Net Book Values
At 31 March 2014 457,267
 
At 1 April 2013 458,482
 
3 . COST OF INVESTMENTS IN JOINT PROPERTY SYNDICATES
 
This represents the cost of the company's investment
in various joint property syndicates.
 
4 . INVESTMENT IN JOINT PROPERTY SYNDICATES
 
Investment at 1 April 2013 689,377
Additions 10,674
Deficit for the Year (81,208 )
618,843
Repaid (97,691 )
Investment at 31 March 2014 521,152
 
                                                                                                                                                                           
5 .
MIDWEST ESTATES (MANCHESTER) LIMITED
 
NOTES TO THE ABBREVIATED ACCOUNTS
 
FOR THE YEAR ENDED 31 MARCH 2014
 
2014 2013
£ £
5 . CREDITORS
 
Included in creditors are the following:
Bank Loan
repayable after one year 285,013 288,928
285,013 288,928
Bank overdraft 22,954 21,985
307,967 310,913
 
 
 
6 . CALLED UP SHARE CAPITAL
2014 2013
£ £
 
There was no change in share capital during the year.
 
Allotted, called up and fully paid
Ordinary shares of £1 each 2 2