MAF Property Limited - Accounts to registrar (filleted) - small 17.3
MAF Property Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2017 |
| for |
| MAF Property Limited |
| MAF Property Limited (Registered number: 09269830) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MAF Property Limited |
| Company Information |
| for the Year Ended 31 August 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 14 Clarendon Street |
| Nottingham |
| Nottinghamshire |
| NG1 5HQ |
| MAF Property Limited (Registered number: 09269830) |
| Balance Sheet |
| 31 August 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| Investments | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| MAF Property Limited (Registered number: 09269830) |
| Balance Sheet - continued |
| 31 August 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| MAF Property Limited (Registered number: 09269830) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2017 |
| 1. | STATUTORY INFORMATION |
| MAF Property Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| MAF Property Limited prepares its first set of financial statements that comply with FRS 102 section 1A for the |
| year ended 31 August 2017. The date of transition for the company is 1 September 2015. |
| MAF Property Limited previously held the property within freehold property. As the property is used by its |
| subsidiary and a commercial rent is paid, under FRS 102 1A the property is now classified as investment |
| property and has been reclassified in previous balance sheets. |
| Preparation of consolidated financial statements |
| The financial statements contain information about MAF Property Limited as an individual company and do not |
| contain consolidated financial information as the parent of a group. The company has taken the option under |
| Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
| Turnover |
| Turnover represents net rental income for the period under review, excluding value added tax. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
| fair value is recognised in profit or loss. |
| 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. |
| MAF Property Limited (Registered number: 09269830) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 September 2016 |
| and 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2016 |
| and 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| MAF Property Limited (Registered number: 09269830) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2017 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 September 2016 |
| and 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Directors' loan accounts | - | 10 |
| Accruals |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Tax |
| VAT | 1,025 | 911 |
| Other creditors |
| Accrued expenses |
| Within Other creditors is £55,351 due to Midlands Asset Finance Limited, a subsidiary company. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr payable |
| by instalments |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr payable |
| by instalments | 91,024 | 78,509 |
| 91,024 | 78,509 |
| MAF Property Limited (Registered number: 09269830) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2017 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| The company's bank loan is secured against the freehold property shown in the financial statements. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| A Ordinary shares | £1 | 100 | 100 |
| B Ordinary shares | £1 | 100 | 100 |
| 200 | 200 |
| . |
| 11. | CONTINGENT LIABILITIES |
| MAF Property Limited has given unlimited guarantees to Lloyds Bank PLC in respect of liabilities of Midlands |
| Asset Finance Limited to the bank. The potential liability under this guarantee at the balance sheet date |
| amounted to £38,747 (2016 - nil). Midlands Asset Finance Limited also gave unlimited guarantees in respect of |
| the liabilities that MAF Property Limited may have to Lloyds Bank PLC. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by the directors, S K Chapman and D G Chapman. |