Madeira Lets Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC295073 (Scotland)

Unaudited Financial Statements for the Year Ended 31 January 2018

for

Madeira Lets Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A M Mackie

SECRETARY:

A M Mackie

REGISTERED OFFICE:

Platinum House

23 Eagle Street

Glasgow

G4 9XA

REGISTERED NUMBER:

SC295073 (Scotland)

ACCOUNTANTS:

Lamont Blair Chartered Accountants

1A Berwick Drive

Rutherglen

South Lanarkshire

G73 3JP

FIXED ASSETS

Tangible assets

4

383

511

Investment property

5

214,517

214,900

215,028

CURRENT ASSETS

Cash at bank

108

-

CREDITORS

Amounts falling due within one year

80,069

83,435

NET CURRENT LIABILITIES

(79,961

)

(83,435

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

134,939

131,593

CREDITORS

Amounts falling due after more than one
year

196,673

NET LIABILITIES

(61,734

)

(65,080

)

CAPITAL AND RESERVES

Called up share capital

7

2

Retained earnings

(61,736

)

(65,082

)

SHAREHOLDERS' FUNDS

(61,734

)

(65,080

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 January 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 11 October 2018 and were signed by:

A M Mackie - Director

1.	STATUTORY INFORMATION

Madeira Lets 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

During the year to 31st January 2018 the company made a profit of £3,346 but had net liabilities of £61,734. The

directors have agreed to support the company for the foreseeable future and will not ask for the repayment of

their loans until the company has sufficient funds.

Based on this the accounts are prepared as a going concern.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances. Although

these estimates are based on management's best knowledge of the amount, events or actions, actual results

ultimately may differ from those estimates.

Turnover

Turnover represents rental income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

No depreciation is provided in respect of investment properties in accordance with the Financial Reporting

Standard for Smaller Entities (effective April 2008). Such properties are held for their investment potential and

not for consumption within the business. This is a departure from the Companies Act 2006 which requires all

properties to be depreciated and the directors consider that to depreciate them would not enable the financial

statements to give a true and fair view. Investment properties are stated at their market value at the balance sheet

date.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash and deposits with financial institutions repayable without penalty on notice of not

more than twenty four 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2017

and 31 January 2018

7,779

DEPRECIATION

At 1 February 2017

7,268

Charge for year

128

At 31 January 2018

7,396

NET BOOK VALUE

At 31 January 2018

383

At 31 January 2017

511

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2017

and 31 January 2018

214,517

NET BOOK VALUE

At 31 January 2018

214,517

At 31 January 2017

214,517

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

Other creditors

196,673

Included within other creditors falling due after more than one year is an amount of £196,673 in respect of

liabilities which fall due for payment after more than 5 years from the balance sheet date. The liability has a

standard security in favour of Mortgage Trust Limited.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

2

Ordinary

£1

2

8.	ULTIMATE CONTROLLING PARTY

The controlling party is A M Mackie.

Madeira Lets Limited - Accounts to registrar (filleted) - small 18.2

Madeira Lets Limited - Accounts to registrar (filleted) - small 18.2