ACCOUNTS - Final Accounts

MARKET HOMES (NORTH) LTD - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-06-302017-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseafalse2016-07-01 09069423 2016-07-01 2017-06-30 09069423 2015-07-01 2016-06-30 09069423 2017-06-30 09069423 2016-06-30 09069423 c:Director1 2016-07-01 2017-06-30 09069423 d:CurrentFinancialInstruments 2017-06-30 09069423 d:CurrentFinancialInstruments 2016-06-30 09069423 d:CurrentFinancialInstruments d:WithinOneYear 2017-06-30 09069423 d:CurrentFinancialInstruments d:WithinOneYear 2016-06-30 09069423 d:ShareCapital 2017-06-30 09069423 d:ShareCapital 2016-06-30 09069423 d:RetainedEarningsAccumulatedLosses 2017-06-30 09069423 d:RetainedEarningsAccumulatedLosses 2016-06-30 09069423 c:OrdinaryShareClass1 2016-07-01 2017-06-30 09069423 c:OrdinaryShareClass1 2017-06-30 09069423 c:FRS102 2016-07-01 2017-06-30 09069423 c:AuditExempt-NoAccountantsReport 2016-07-01 2017-06-30 09069423 c:FullAccounts 2016-07-01 2017-06-30 09069423 c:PrivateLimitedCompanyLtd 2016-07-01 2017-06-30 xbrli:shares iso4217:GBP xbrli:pure

	MARKET HOMES (NORTH) LIMITED
	DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS PAGES FOR FILING WITH REGISTRAR
	FOR THE YEAR ENDED 30 JUNE 2017
	Company Registration No. 09069423 (England and Wales)

MARKET HOMES (NORTH) LIMITED

REGISTERED NUMBER:09069423

BALANCE SHEET

AS AT 30 JUNE 2017

		2017		2016
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	1,360		100
Cash at bank and in hand	5	876		43,677
		2,236		43,777
Creditors: amounts falling due within one year	6	(5,196)		(41,696)
Net current (liabilities)/assets			(2,960)		2,081

Net (liabilities)/assets			(2,960)		2,081

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(3,060)	1,981
Total shareholders' funds/(deficit)		(2,960)	2,081

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D G Nineberg

Director

Date: 19 March 2018

The notes on pages 2 to 4 form part of these financial statements.

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MARKET HOMES (NORTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

1.	General information

Market Homes (North) Ltd is a private company limited by shares and registered in England and Wales. The company’s registered number is 09069423 and the company’s registered office is Ground Floor Regent House, Theobald Street, Borehamwood, WD6 4RS

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The director is satisfied that the company has the contnued support of its principal creditor and that it
will continue to trade for at least 12 monhts from the approval of these financial statements.
Therefore the financial statements have been prepared on a going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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MARKET HOMES (NORTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

2.Accounting policies (continued)

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 1 (2016 - 2).

Debtors

					2017	2016
					£	£


Other debtors	1,260	-
Called up share capital not paid	100	100

5.	Cash and cash equivalents
		2017	2016
		£	£

	Cash at bank and in hand	876	43,677

Cash at bank and in hand is measured at fair value, which is calculated as amounts held on deposit at banks employed by the company less any impairments. No impairments to cash balances have been made in these accounts as all cash deposits are held at credible financial institutions.

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MARKET HOMES (NORTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

6.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	-	35,495
Other creditors	4,000	-
Accruals and deferred income	1,196	6,201
	5,196	41,696

7.	Share capital
		2017	2016
		£	£

Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

8.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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