Midland Assured Homes (1990) Limited - Accounts to registrar (filleted) - small 18.2
Midland Assured Homes (1990) Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
FOR |
MIDLAND ASSURED HOMES (1990) LIMITED |
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2018 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MIDLAND ASSURED HOMES (1990) LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
15 Colmore Row |
Birmingham |
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370) |
ABRIDGED BALANCE SHEET |
31 March 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 6 |
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. |
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370) |
ABRIDGED BALANCE SHEET - continued |
31 March 2018 |
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 |
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2018 |
1. | STATUTORY INFORMATION |
Midland Assured Homes (1990) Limited is a |
Wales. 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 |
The principal accounting policies adopted in the preparation of the financial statements are set out below and |
have remained unchanged from the previous year. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover comprises rents receivable net of value added tax. |
Tangible fixed assets |
Furniture and equipment | - |
Investment property |
Investment properties are carried in the balance sheet at valuations prepared by the directors on the basis of |
current market rental yields. The yields used in these valuations are reviewed annually by the directors to ensure |
that they remain appropriate to the market rates. |
The directors consider that this policy is necessary in order that the financial statements may give a true and fair |
view, because current market rental yields and changes in current market rental yields are of prime importance. |
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. |
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, |
financial instruments are measured at amortised cost using the effective interest rate method, less impairment. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the income statement. |
3. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
and 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2017 |
Additions |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2018 | 2017 |
£ | £ |
Cost | 3,393,714 | 3,392,120 |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Bank loans |
The bank loans are secured against the properties to which they relate. |
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
6. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2017 |
Transfer between reserves | (18,602 | ) |
At 31 March 2018 |
Deferred tax recognised on movements in fair value is allocated to the fair value reserve. |
7. | RELATED PARTY DISCLOSURES |
Midland Assured Estates Limited |
A company controlled by P J Davis. |
2018 | 2017 |
£ | £ |
Amount due from/(to) related party at the balance sheet date | 27,515 | (104,485 | ) |
Midland Assured Finance Limited |
A company controlled by P J Davis. |
During the year the company was charged £155,150 (2017 - £28,607) in respect of inter company loan interest |
by Midland Assured Finance Limited. |
2018 | 2017 |
£ | £ |
Amount due to related party at the balance sheet date | 2,548,081 | 1,773,015 |
8. | ULTIMATE PARENT COMPANY |
Midland Assured Holdings Limited is regarded by the director's as being the company's ultimate parent |
company. |