Marwood Flooring Company Limited - Filleted accounts

Marwood Flooring Company Limited - Filleted accounts


Marwood Flooring Company Limited
Registered number: 01291081
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Investment Properties 3 110,000 110,000
Current assets
Debtors 4 396 396
Cash at bank and in hand 3,561 4,132
3,957 4,528
Creditors: amounts falling due within one year 5 (43,954) (44,121)
Net current liabilities (39,997) (39,593)
Net assets 70,003 70,407
Capital and reserves
Called up share capital 999 999
Profit and loss account 69,004 69,408
Shareholders' funds 70,003 70,407
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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
F Margiotta
Director
Approved by the board on 7 August 2017
Marwood Flooring Company Limited
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment properties
Investment properties are those properties that are held either to earn rental income or for capital appreciation or both.
Investment properties are measured initially at cost including transaction costs and thereafter stated at fair value, which reflects market conditions at the balance sheet date. Surpluses and deficits arising from changes in the fair value of investment properties are recognised in the Profit and loss account in the year in which they arise.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2016 2015
Number Number
Average number of persons employed by the company 2 2
3 Investment properties
Freehold
property
investments
£
Valuation
At 1 January 2016 110,000
At 31 December 2016 110,000
Investment properties are stated at fair value as determined by the Directors. The fair value of the investment properties is not based upon external valuations and is inherently subjective. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms length transaction at the date of valuation. In determining the fair value of investment properties, the diretors make use of historical and current market data as well as existing lease agreements.

As a result of the level of judgement used in arriving at the market valuations, the amounts which may ultimately be realised in respect of any given property may differ from the valuations shown in the balance sheet.

The key assumptions made in the valuation of investment properties are:

- the amount and timing of future income streams,
- anticipated maintenance costs and other landlord's liabilities, and
- an appropriate yeild

Valuations of similar investment properties on the market have been considered and used as a basis for the valuation of investment properties shown in the balance sheet.
4 Debtors 2016 2015
£ £
Other debtors 396 396
5 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 1,675 1,675
Corporation tax 1,399 1,277
Other creditors 40,880 41,169
43,954 44,121
6 Other information
Marwood Flooring Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9, Gemini Business Park
Sheepscar Way
Leeds
West Yorkshire
LS7 3JB
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