Mansbridge and Balment (Plymouth) Limited - Period Ending 2016-12-31

Registration number: 04665429

Mansbridge and Balment (Plymouth) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Condy Mathias
Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Mansbridge and Balment (Plymouth) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Mansbridge and Balment (Plymouth) Limited

(Registration number: 04665429)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	5	26,069	29,622
Current assets
Debtors	6	106,107	104,692
Investments	7	400	400
Cash at bank and in hand		68,255	94,580
		174,762	199,672
Creditors: Amounts falling due within one year	8	(139,863)	(183,396)
Net current assets		34,899	16,276
Total assets less current liabilities		60,968	45,898
Provisions for liabilities		(2,826)	-
Net assets		58,142	45,898
Capital and reserves
Called up share capital		5,001	5,001
Capital redemption reserve		45,000	45,000
Profit and loss account		8,141	(4,103)
Total equity		58,142	45,898

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Mansbridge and Balment (Plymouth) Limited

(Registration number: 04665429)
Balance Sheet as at 31 December 2016

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to small companies subject to the small company regime and the option not to file the Statement of Income and Retained Earnings and the Directors report has been taken.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 15 June 2017 and signed on its behalf by:
 

Mr D J Lawson

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Mansbridge and Balment (Plymouth) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in UK.

The address of its registered office is:
6 Mannamead Road
Plymouth
Devon
PL4 7AA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of Compliance
These financial statements have been prepared using the historic cost convention except that as disclosed in the accounting policies certain times are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These are the company's first set of financial statements prepared in accordance with FRS102. No adjustments have been necessary in making the transition.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold Property	8 Years Straight Line
Improvements to Property	20% Reducing Balance
Fixture & Fittings	20% Reducing Balance
Motor Vehicles	25% Reducing Balance
Office Equipment	25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 3

Mansbridge and Balment (Plymouth) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 4

Mansbridge and Balment (Plymouth) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2015 - 22).

4	Profit before tax

Arrived at after charging/(crediting)

	2016 £	2015 £
Depreciation expense	7,427	8,492

Page 5

Mansbridge and Balment (Plymouth) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Property improvements  £	Total £
Cost or valuation
At 1 January 2016	50,000	88,329	1,400	84,660	224,389
Additions	-	2,124	-	1,750	3,874
At 31 December 2016	50,000	90,453	1,400	86,410	228,263
Depreciation
At 1 January 2016	50,000	67,831	1,368	75,568	194,767
Charge for the year	-	5,249	8	2,170	7,427
At 31 December 2016	50,000	73,080	1,376	77,738	202,194
Carrying amount
At 31 December 2016	-	17,373	24	8,672	26,069
At 31 December 2015	-	20,498	32	9,092	29,622

Included within the net book value of land and buildings above is £Nil (2015 - £Nil) in respect of freehold land and buildings.
 

Page 6

Mansbridge and Balment (Plymouth) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

6

Debtors

	2016 £	2015 £
Trade debtors	56,090	48,783
Other debtors	50,017	55,909
Total current trade and other debtors	106,107	104,692

7	Current asset investments

	2016 £	2015 £
Other investments	400	400

8

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		15,999	22,367
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	65,708	48,862
Taxation and social security		38,545	22,305
Other creditors		19,611	89,862
		139,863	183,396

9	Related party transactions

During the year the company made advances totalling £29,769 to Mr & Mrs Lawson. This amount was cleared in the year. Interest is charged at 3.25%/3% per annum and is calculated on a monthly basis. Interest of £364 was charged on the outstanding balance during the year.

Included within creditors is £65,708(2015: £40,707) due to the Mansbridge & Balment Holdings Limited, the parent company.

During the year Grosvenor Provincial Developments Limited, a company of which Mr & Mrs Lawson are also directors of, repaid the £23,391 loan (2015: £23,391)

 

Page 7