MAP_INVESTMENTS_LIMITED - Accounts


Company Registration No. 04056791 (England and Wales)
MAP INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
MAP INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
MAP INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,100,000
1,100,000
Current assets
Debtors
4
31,435
1,949
Cash at bank and in hand
33,381
42,103
64,816
44,052
Creditors: amounts falling due within one year
5
(45,230)
(80,418)
Net current assets/(liabilities)
19,586
(36,366)
Total assets less current liabilities
1,119,586
1,063,634
Creditors: amounts falling due after more than one year
6
-
(7,721)
Net assets
1,119,586
1,055,913
Capital and reserves
Called up share capital
7
6
6
Other reserves
125,546
125,546
Profit and loss reserves
994,034
930,361
Total equity
1,119,586
1,055,913

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year 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.

MAP INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 March 2020 and are signed on its behalf by:
J J Nokes
Director
Company Registration No. 04056791
MAP INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2018
6
25,546
855,785
881,337
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
174,576
174,576
Transfers
-
100,000
(100,000)
-
Balance at 31 December 2018
6
125,546
930,361
1,055,913
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
63,673
63,673
Balance at 31 December 2019
6
125,546
994,034
1,119,586
MAP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
1
Accounting policies
Company information

MAP Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Camp Road, Farnborough, Hampshire, GU14 6EW and business address of 1 Alexandra Road, Farnborough, Hampshire, GU14 6EW.

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 amounts 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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income in the normal course of business, and is shown net of VAT.

1.3
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 at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

MAP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3).

3
Investment property
2019
£
Fair value
At 1 January 2019 and 31 December 2019
1,100,000

Investment property comprises of properties on Alexander Road and Kings Parade. The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2019 by J J Nokes, a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

MAP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
24,976
542
Other debtors
6,459
1,407
31,435
1,949
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
-
59,304
Corporation tax
14,937
17,470
Other creditors
30,293
3,644
45,230
80,418

The aggregate amount of creditors for which security has been given amounted to £nil (2018 - £59,304). Security is provided by a legal charge over the investment properties and fixed and floating charges over the assets of the company.

6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
-
7,721

The aggregate amount of creditors for which security has been given amounted to £nil (2018 - £7,721). Security is provided by a legal charge over the investment properties and fixed and floating charges over the assets of the company.

7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
6Ordinary shares of £1 each
6
6
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