MNH (Haddington) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC493482 (Scotland)

MNH (Haddington) Limited

Unaudited Financial Statements

for the Year Ended 30 September 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K D Murdoch

J M Wilkie

SECRETARY:

K D Murdoch

REGISTERED OFFICE:

3 Forth Street Lane

North Berwick

EH39 4JB

REGISTERED NUMBER:

SC493482 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

36 St Andrew Square

Edinburgh

EH2 2AD

SOLICITORS:

DLA Piper Scotland LLP

Collins House

Rutland Square

Edinburgh

EH1 2AA

CURRENT ASSETS

Stocks

4

810,843

400,245

Debtors

5

309,892

79,766

Cash at bank

54,598

718

1,175,333

480,729

CREDITORS

Amounts falling due within one year

6

1,229,583

496,435

NET CURRENT LIABILITIES

(54,250

)

(15,706

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(54,250

)

(15,706

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(54,350

)

(15,806

)

SHAREHOLDERS' FUNDS

(54,250

)

(15,706

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 27 June 2018 and were signed on its behalf by:

K D Murdoch - Director

1.	STATUTORY INFORMATION

MNH (Haddington) Limited is a private company, limited by shares , registered in Scotland. The

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

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 September 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in

accordance with UK GAAP, the date of transition to FRS 102 Section 1A is 1 October 2015.

Turnover and revenue recognition

Turnover represents residential property sales, excluding value added tax, and is recognised with

reference to completion date.

Stocks

Stock represents the work in progress incurred on development properties. Properties in progress

at the year end are stated at realisable value, which takes into account any provisions for future

losses.

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

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and

subsequently measured at their settlement value.

All loans with related parties are repayable on demand.

Going concern

The financial statements have been prepared on the going concern principle, which assumes that

the company will continue to trade in the foreseeable future. The company requires the support of

its parent company, MNH Limited to continue and this support has been given.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL.

4.

STOCKS

2017

2016

£

£

Stocks

810,843

400,245

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

7,500

78,000

Amounts owed by group undertakings

3,400

-

Other debtors

298,992

1,766

309,892

79,766

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

-

80

Amounts owed to group undertakings

227,111

489,640

Taxation and social security

-

5,815

Other creditors

1,002,472

900

1,229,583

496,435

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other creditors

1,000,000

-

There is a standard security charge over the company's property, the George Hotel, Haddington, in

favour of the Hartley Family Investment Partnership.

8.	RELATED PARTY DISCLOSURES

LOANS WITH PARENT UNDERTAKING

The company has made a repayment of £262,529 (2016 - received additional funding of £201,799)

to its parent company, this loan is interest free, unsecured and has no fixed repayment term. At the

year end the amount due to the parent company was £227,111 (2016 - £489,640).

LOANS WITH FELLOW SUBSIDIARY UNDERTAKINGS

The company has made a loan of £3,400 (2016 - £Nil) to a fellow subsidiary, this loan is interest

free, unsecured and has no fixed repayment term. At the year end the amount due from the fellow

subsidiary company was £3,400 (2016 - £Nil).

9.	POST BALANCE SHEET EVENTS

The development was completed post year end and six apartments have now been sold.

10.	FIRST YEAR ADOPTION

In preparing the accounts, the directors have considered whether in applying the accounting

policies required by FRS 102 a restatement of comparative items was needed. No restatements

were required. Accordingly, no reconciliation of opening balances or net income / (expenditure) for

the period has been prepared.