NetMC Estates Limited - Abbreviated accounts

Registered number

09194922

NetMC Estates Limited

Abbreviated Accounts

31 August 2015

NetMC Estates Limited
Registered number:		09194922
Abbreviated Balance Sheet
as at 31 August 2015

Notes			2015
£
Fixed assets
Tangible assets	2		600,000

Current assets
Debtors		3,205
Cash at bank and in hand		9,785
		12,990

Creditors: amounts falling due within one year		(15,122)

Net current liabilities			(2,132)

Total assets less current liabilities			597,868

Creditors: amounts falling due after more than one year			(700,000)



Net liabilities			(102,132)

Capital and reserves
Called up share capital	3		2
Revaluation reserve			(106,658)
Profit and loss account			4,524

Shareholders' funds			(102,132)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



M Butterworth
Director
Approved by the board on 25 May 2016

NetMC Estates Limited
Notes to the Abbreviated Accounts
for the year ended 31 August 2015

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of rents receivable and reimbursed costs. All of the company's turnover arose in the UK.

	Going concern
	The net liabilities of the company amount to £102,132 and arise as a direct consequence of the revaluation of its freehold land and building for the reasons provided in the note to Tangible Fixed Assets below. Notwithstanding that, the financial statements have been prepared on a going concern basis. The directors consider this to be appropriate because the shareholders have injected sufficient working capital with flexibility in terms of repayment dates to enable the company to honour its normal trading commitments as they fall due.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. The potential deferred tax asset arising from the revaluation of the company's freehold land and buildings has been ignored for the purposes of these accounts on the basis that the directors consider its crystallisation point uncertain in relation to the company's profits in the realistically foreseeable future.


2	Tangible fixed assets					£

	Cost
	At 1 September 2014					-
	Additions					706,658
	Surplus on revaluation					(106,658)
	Disposals					-
	At 31 August 2015					600,000

	Depreciation
	At 1 September 2014					-
	Charge for the year					-
	Surplus on revaluation					-
	On disposals					-
	At 31 August 2015					-

	Net book value
	At 31 August 2015					600,000
	At 31 August 2014					-

	The freehold land and buildings are stated at the directors' fair market valuation to reflect the current office, retail and residential usage. The historical cost value reflects the developer premium paid at the time of purchase where a change of use from commercial to residential without extensive planning permission had been approved under the relevant government scheme now expired.

	The directors are of the opinion that in the medium term the depletion of quality office accommodation within the area will ultimately provide both a higher rental return and an increased asset value.


3	Share capital	Nominal		2015		2015
value			Number		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		2		2

Nominal			Number		Amount
value			£
	Shares issued during the period:
	Ordinary shares	£1 each		2		2