| NetMC Estates Limited |
| Registered number: |
09194922 |
| Abbreviated Balance Sheet |
| as at 31 August 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
608,121 |
|
|
600,000 |
|
| Current assets |
| Debtors |
|
|
256 |
|
|
3,205 |
| Cash at bank and in hand |
|
|
38,041 |
|
|
9,785 |
|
|
|
38,297 |
|
|
12,990 |
|
| Creditors: amounts falling due within one year |
|
|
(33,305) |
|
|
(15,122) |
|
| Net current assets/(liabilities) |
|
|
|
4,992 |
|
|
(2,132) |
|
| Total assets less current liabilities |
|
|
|
613,113 |
|
|
597,868 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(758,000) |
|
|
(700,000) |
|
|
|
| Net liabilities |
|
|
|
(144,887) |
|
|
(102,132) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
3 |
|
|
2 |
|
|
2 |
| Revaluation reserve |
|
|
|
(164,658) |
|
|
(106,658) |
| Profit and loss account |
|
|
|
19,769 |
|
|
4,524 |
|
| Shareholders' funds |
|
|
|
(144,887) |
|
|
(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 24 February 2017 |
|
| NetMC Estates Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 August 2016 |
|
| 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 £144,887, (2015 £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 2015 |
600,000 |
|
Additions |
66,121 |
|
Surplus on revaluation |
(58,000) |
|
Disposals |
- |
|
At 31 August 2016 |
608,121 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2015 |
- |
|
Charge for the year |
- |
|
Surplus on revaluation |
- |
|
On disposals |
- |
|
At 31 August 2016 |
- |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2016 |
608,121 |
|
At 31 August 2015 |
600,000 |
|
|
|
|
|
|
|
|
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 remain 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 |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
2 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
