MAP_INVESTMENTS_LIMITED - Accounts


Company Registration No. 04056791 (England and Wales)
MAP INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
MAP INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
N P Hockley
J C Hollis
J J Nokes
Secretary
N P Hockley
Company number
04056791
Registered office
30 Camp Road
Farnborough
Hampshire
GU14 6EW
Accountants
Haines Watts Farnborough LLP
30 Camp Road
Farnborough
Hampshire
GU14 6EW
Business address
1 Alexandra Road
Farnborough
Hampshire
GU14 6BU
Bankers
The Royal Bank of Scotland plc
Lawrie House
Victoria Road
Farnborough
Hampshire
GU14 7NR
MAP INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MAP INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
1,000,000
1,000,000
Current assets
Debtors
3
2,760
447
Cash at bank and in hand
25,580
11,403
28,340
11,850
Creditors: amounts falling due within one year
4
(79,332)
(78,714)
Net current liabilities
(50,992)
(66,864)
Total assets less current liabilities
949,008
933,136
Creditors: amounts falling due after more than one year
5
(67,671)
(126,774)
Net assets
881,337
806,362
Capital and reserves
Called up share capital
6
6
6
Other reserves
25,546
25,546
Profit and loss reserves
855,785
780,810
Total equity
881,337
806,362

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

MAP INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 February 2018 and are signed on its behalf by:
N P Hockley
J J Nokes
Director
Director
Company Registration No. 04056791
MAP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information

MAP Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Camp Road, Farnborough, Hampshire, GU14 6EW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income in the normal course of business, and is shown net of VAT.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

MAP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Investment property
2017
£
Fair value
At 1 January 2017 and 31 December 2017
1,000,000

Investment property comprises of properties on Alexander Road and Kings Parade. The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2010 by Jeremy Nokes, a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

MAP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,377
447
Other debtors
1,383
-
2,760
447
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
57,819
56,659
Corporation tax
17,869
16,700
Other creditors
3,644
5,355
79,332
78,714

The aggregate amount of creditors for which security has been given amounted to £57,819 (2016 - £56,659). Security is provided by a legal charge over the investment properties and fixed and floating charges over the assets of the company.

5
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
67,671
126,774

The aggregate amount of creditors for which security has been given amounted to £67,671 (2016 - £126,774). Security is provided by a legal charge over the investment properties and fixed and floating charges over the assets of the company.

6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
6Ordinary of £1 each
6
6
6
6
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