Montash Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00976973 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2019

FOR

MONTASH PROPERTIES LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

FIXED ASSETS

Investment property

5

330,000

330,000

CURRENT ASSETS

Stocks

369,352

364,134

Debtors

6

77,500

81,668

Cash at bank

181,846

192

628,698

445,994

CREDITORS

Amounts falling due within one year

7

1,296,668

1,118,718

NET CURRENT LIABILITIES

(667,970

)

(672,724

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(337,970

)

(342,724

)

CAPITAL AND RESERVES

Called up share capital

12,150

12,150

Revaluation reserve

8

69,960

69,960

Retained earnings

(420,080

)

(424,834

)

(337,970

)

(342,724

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2020 and were signed on its behalf by:

C K Stevens - Director

1.	STATUTORY INFORMATION

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

company's registered number and registered office address are as below:

Registered number:

00976973

Registered office:

Edgehill

Mayfield Lane

Wadhurst

Kent

TN5 6HX

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and

the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or

receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also

be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current

market rents and investment property yields for comparable real estate, adjusted if necessary for any difference

in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are

recognised in the Statement of Comprehensive Income.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other

accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently

at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one

year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount

of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term

instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business

terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at

market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow

discounted at a market rate or interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is

the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between

an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount

that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when

there is an 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.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of

Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other

comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive

income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or

substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the Statement of Financial Position date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have

been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business

combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and

the future tax deductions available for them and the differences between the fair values of liabilities acquired and

the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been

enacted or substantively enacted by the reporting date.

4.	EMPLOYEES AND DIRECTORS

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

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2018

and 30 November 2019

330,000

NET BOOK VALUE

At 30 November 2019

330,000

At 30 November 2018

330,000

The 2019 valuations were made by the director on an open market value for existing use basis.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

2,144

8,164

Amounts owed by group undertakings

63,185

57,294

Other debtors

12,171

16,210

77,500

81,668

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

8,445

4,809

Amounts owed to group undertakings

1,108,807

1,105,825

Taxation and social security

1,516

832

Other creditors

177,900

7,252

1,296,668

1,118,718

8.

RESERVES

Revaluation

reserve

£

At 1 December 2018

and 30 November 2019

69,960

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company was owed £3,796 (2018: £3,998) by the directors. The amounts advanced

are interest free and repayable on demand.

10.	ULTIMATE PARENT COMPANY

Sheppy Industries Limited, a company incorporated in England and Wales, is regarded by the directors as being

the company's immediate parent company, with its registered office at Edgehill, Mayfield Lane, Wadhurst,

England TN5 6HX.

Sheppy Limited, a company incorporated in England and Wales, is regarded by the directors as being the

company's ultimate parent company, with its registered office at Edgehill, Mayfield Lane, Wadhurst, England

TN5 6HX.