Minster Developments Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07515798 (England and Wales)

MINSTER DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J L Lucas

Mrs S M Allsopp

Mr C J Bex

Mr R A Eden

REGISTERED OFFICE:

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

REGISTERED NUMBER:

07515798 (England and Wales)

ACCOUNTANTS:

ApC

Chartered Accountants

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

BANKERS:

Natwest

9 Church Street

Mansfield

Nottinghamshire

NG18 1HP

FIXED ASSETS

Tangible assets

4

448

-

CURRENT ASSETS

Stocks

5

815,148

-

Debtors

6

1,279,426

624,522

Cash at bank and in hand

602,162

165,130

2,696,736

789,652

CREDITORS

Amounts falling due within one year

7

2,693,340

784,211

NET CURRENT ASSETS

3,396

5,441

TOTAL ASSETS LESS CURRENT LIABILITIES

3,844

5,441

CAPITAL AND RESERVES

Called up share capital

105

100

Retained earnings

3,739

5,341

SHAREHOLDERS' FUNDS

3,844

5,441

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 31 January 2018 and were signed on its behalf by:

Mr J L Lucas - Director

1.	STATUTORY INFORMATION

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

company's registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

Turnover represents the value excluding Value Added Tax of property sales provided to customers during the

year. In respect of property sales provided, all income is taken to profit and loss at the same point as the right to

receive consideration has been acquired.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

Financial instruments

Financial instruments and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets

of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar

debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented

as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the

profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the

outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability

then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are

debited direct to equity.

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

673

At 31 October 2017

673

DEPRECIATION

Charge for year

225

At 31 October 2017

225

NET BOOK VALUE

At 31 October 2017

448

5.

STOCKS

2017

2016

£

£

Stocks

423,463

-

Work-in-progress

391,685

-

815,148

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

13,539

56,248

Amounts owed by related parties

1,256,540

66,993

Amounts recoverable on contract

-

270,275

Paypal account

-

23

Other debtors

-

225,000

VAT

5,403

5,983

Prepayments and accrued income

3,944

-

1,279,426

624,522

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

42,294

8,394

Amounts owed to related parties

234,536

68,544

Corporation tax

104,419

28,835

Other creditors

1,386,457

315,243

Directors' current accounts

4,048

69,692

Accruals and deferred income

921,586

293,503

2,693,340

784,211

8.	CAPITAL COMMITMENTS

The company had no capital commitments, or contingent liabilities at the balance sheet date.

9.	RELATED PARTY DISCLOSURES

The company paid dividends to directors and shareholders during the year as follows:

2017

2016

£

£

Mr J Lucas

28,000

110,000

Mrs S Allsop

67,297

-

Mr C Bex

73,859

-

Mr R Eden

73,720

-

Mr G Lucas

109,583

-

Mr A Hunt

83,035

-

435,494

110,000

During the period the company traded with the following companies and businesses in which Mr J Lucas is a

shareholder, director or partner as follows:

Financial assistance given to/(received from):

2017

2016

£

£

Forge Commercial Ltd

(8,623

)

24,993

Allseal Builders

150,037

(40

)

Birches Building Company Ltd

15,801

(18,504

)

Minster Building Contractors Ltd

(131,971

)

20,000

Minster Building Company Ltd

1,059,428

20,000

Sherwood Innovations Ltd

1,500

2,000

Birch Tree Homes Ltd

(2,000

)

(50,000

)

LPM Plant Hire & Sales Limited

(1,303

)

-

LPM Prestige Sales Limited

(8,639

)

-

Premspace Limited

(32,000

)

-

Forge Investments Limited

7,500

-

Lee Grenville Limited

184

-

Talbot House Investments Ltd

90

-

Purchased goods and services from:

2017

2016

£

£

Minster Building Contractors Ltd

770,000

-

LPM Plant Hire & Sales Limited

970

-

LPM Prestige Sales Limited

152,155

-

Premspace Limited

-

225,000

Talbot House Investments Ltd

262,500

-

At the balance sheet date the amounts owed to/(from) the below companies:

2017

2016

£

£

Forge Commercial Ltd

(8,623

)

24,993

Allseal Builders

150,037

(40

)

Birches Building Company Ltd

15,801

(18,504

)

Minster Building Contractors Ltd

(131,971

)

20,000

Minster Building Company Ltd

1,079,428

20,000

Sherwood Innovations Ltd

3,500

2,000

Birch Tree Homes Ltd

(2,000

)

(50,000

)

LPM Plant Hire & Sales Limited

(1,303

)

-

LPM Prestige Sales Limited

(8,639

)

-

Premspace Limited

(82,000

)

-

Forge Investments Limited

7,500

-

Lee Grenville Limited

184

-

Talbot House Investments Ltd

90

-

Debtors

1,256,540

66,993

Creditors

(234,536

)

(68,544

)

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J L Lucas.