Middlebright Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03416222 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2014

FOR

MIDDLEBRIGHT LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

C J Phoenix

SECRETARY:

R A Veerman

REGISTERED OFFICE:

Capstone House

Prospect Park, Dunston Way

Dunston Road

Chesterfield

Derbyshire

S41 9RD

REGISTERED NUMBER:

03416222 (England and Wales)

ACCOUNTANTS:

Hollis and Co Limited

Chartered Accountants

35 Wilkinson Street

Sheffield

South Yorkshire

S10 2GB

FIXED ASSETS

Investments

2

5

5

CREDITORS

Amounts falling due within one year

4,845,412

4,773,278

NET CURRENT LIABILITIES

(4,845,412

)

(4,773,278

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,845,407

)

(4,773,273

)

CAPITAL AND RESERVES

Called up share capital

3

5,892,024

5,892,024

Profit and loss account

(10,737,431

)

(10,665,297

)

SHAREHOLDERS' FUNDS

(4,845,407

)

(4,773,273

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 16 December 2014 and were signed by:

C J Phoenix - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Group financial statements

The company is exempt from the requirement to prepare group financial statements on the basis that the group is

a small group. These financial statements present information about the company as an individual undertaking

and not about it's group.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of

certain items for taxation and accounting purposes which have arisen but not reversed at the balance sheet date,

except as otherwise required by Financial Reporting Standard 19. Deferred tax assets are provided only to the

extent that they are considered recoverable in the foreseeable future.

Going concern

The entity is part of a group of entities ('group companies'), that are subject to common control by virtue of the

common key management team and common beneficial ownership (the latter being referred to as ‘ultimate

beneficiaries’), which includes, but is not limited to; Hargreaves Estates and Management Services Limited,

Middlebright Limited, Alchemy Environmental Limited, Anglo United Environmental Limited, Anglo United

Properties Limited, Neville (ACL) Limited (collectively the ‘Middlebright group of companies’), Carisbrooke

Suon Developments General Partner Limited, Carisbrooke Suon Developments Limited Partnership (collectively

the Carisbroke Suon Developments group), Carisbrooke Suon General Partner Limited and Carisbrooke Suon

Limited Partnership (collectively the ‘Carisbrooke Suon group’). The overall indebtedness of these entities and

the cross guarantees entered into by them mean that in effect this entity is a going concern only if all the entities

under common control are a going concern, given that the recoverability of the debtors of this entity, and hence

the ability of the entity to settle its debts as they fall due, relies upon the financial performance of these entities

under common control. The Middlebright group of companies has entered into a cross guarantee relating to

certain liabilities of Anglo United Limited, an entity subject to common control subsequently placed in creditors

voluntary liquidation (see the Contingent Liabilities note in these financial statements).In addition, the

Carisbrooke Suon group, together with the Carisbrooke Suon Developments group and Hargreaves Estates and

Management Services Limited, have entered into a cross guarantee which relates to a loan of £27 million (‘the

loan’) pertaining to Carisbrooke Suon Limited Partnership and Carisbrooke Suon Developments Limited

Partnership. This bank loan, which is in default and is therefore repayable on demand at the option of the lender,

is secured on the properties to which it relates.

The financial statements of the entity and of the group companies have not been prepared on a going concern

basis. This is on the basis that funds generated from the operations of the entities are, in principle, due to the

bank in full as a consequence of the loans being in default and repayable on demand at the option of the lender.

At present the bank is permitting the directors to utilise an appropriate proportion of these funds (after interest

payments) to meet the day to day obligations of the group. However the Directors and/or Partners of the group

companies are of the opinion that they cannot conclude with reasonable certainty that the bank will continue to

do so for the foreseeable future, nor that the funds made available in such way can meet the obligations of the

group companies as and when they fall due. Accordingly these financial statements are drawn up on a breakup

basis. Appropriate adjustments have been made to the carrying values of assets and liabilities to reflect this basis

of preparation.

Investments

Fixed asset investments are valued at cost except where there is evidence of an impairment in value in which

case a provision for impairment is made.

2.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2013

and 31 March 2014

5

NET BOOK VALUE

At 31 March 2014

5

At 31 March 2013

5

The company's investments at the balance sheet date in the share capital of companies include the following:

Anglo United Limited (in liquidation)

Nature of business: Holding Company

%

Class of shares:

holding

Ordinary

83.00

Hargreaves Estates and Management Services Limited

Nature of business: Property holding

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Aggregate capital and reserves

2,128,113

1,137,433

Loss for the year

(497,566

)

(223

)

Neville (ACL) Limited

Nature of business: Property holding

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Aggregate capital and reserves

(1,343,174

)

(1,388,175

)

Profit for the year

45,001

-

Anglo United Properties Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Profit for the year

-

39,849

Anglo United Environmental Limited

Nature of business: Site management

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Aggregate capital and reserves

2,486,866

(2,473,070

)

(Loss)/profit for the year

(13,796

)

11,449

Alchemy Environmental Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Profit for the year

-

153,506

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

5,892,024

Ordinary

£1

5,892,024

5,892,024