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REGISTERED NUMBER: 08504881 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2022

for

Model Properties Limited

Model Properties Limited (Registered number: 08504881)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Model Properties Limited

Company Information
for the Year Ended 31 March 2022







DIRECTORS: S Patel
Mrs P Patel





REGISTERED OFFICE: 5 Old Hatch Manor
Ruislip
Middlesex
HA4 8QG





REGISTERED NUMBER: 08504881 (England and Wales)





ACCOUNTANTS: Kumar Strategic Consultants Ltd
Chartered Accountants
255 - 261 Horn Lane
London
W3 9EH

Model Properties Limited (Registered number: 08504881)

Balance Sheet
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 172 345
Investment property 5 1,300,000 1,300,000
1,300,172 1,300,345

CURRENT ASSETS
Debtors 6 7,356 4,631
Cash at bank 53,688 50,944
61,044 55,575
CREDITORS
Amounts falling due within one year 7 282,751 279,493
NET CURRENT LIABILITIES (221,707 ) (223,918 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,078,465 1,076,427

CREDITORS
Amounts falling due after more than one year 8 (963,701 ) (958,425 )

PROVISIONS FOR LIABILITIES 11 (55,985 ) (55,985 )
NET ASSETS 58,779 62,017

CAPITAL AND RESERVES
Called up share capital 12 2 2
Revaluation reserve 13 238,675 238,675
Retained earnings 13 (179,898 ) (176,660 )
SHAREHOLDERS' FUNDS 58,779 62,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

Model Properties Limited (Registered number: 08504881)

Balance Sheet - continued
31 March 2022


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

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 and authorised for issue on 8 August 2022 and were signed on its behalf by:




S Patel - Director



Mrs P Patel - Director


Model Properties Limited (Registered number: 08504881)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Model Properties Limited is a private company, limited by shares , registered in England and 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Rent receivables
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised on an accrual basis. Rents receivable from tenants represents rents and service charges receivable in the period.

Where a rent-free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earliest termination date.

Rental income from fixed and minimum guaranteed rent reviews is recognised on a straight-line basis over the shorter of the entire lease term or the period to the first break option. Where such rental income is recognised ahead of the related cash flow, an adjustment is made to ensure the carrying value of the related property including the accrued rent does not exceed the external valuation. Initial direct costs incurred in negotiating and arranging a new lease are amortised on a straight-line basis over the period from the date of lease commencement to the earliest termination date.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

Model Properties Limited (Registered number: 08504881)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021
and 31 March 2022 518
DEPRECIATION
At 1 April 2021 173
Charge for year 173
At 31 March 2022 346
NET BOOK VALUE
At 31 March 2022 172
At 31 March 2021 345

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021
and 31 March 2022 1,300,000
NET BOOK VALUE
At 31 March 2022 1,300,000
At 31 March 2021 1,300,000

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2019 294,660
Cost 1,005,340
1,300,000

If investment properties had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 1,005,340 1,005,340

Investment properties were valued on an open market basis on 31 March 2022 by the directors of the company .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 7,356 4,631

Model Properties Limited (Registered number: 08504881)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other creditors 5,950 5,950
Directors' current accounts 273,289 271,443
Accruals and deferred income 1,400 -
Accrued expenses 2,112 2,100
282,751 279,493

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans (see note 9) 963,701 958,425

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 963,701 958,425

9. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 963,701 958,425

10. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 963,701 958,425

Bank loans are secured by a fixed and floating charge over the assets of the company.

11. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 55,985 55,985

Deferred
tax
£   
Balance at 1 April 2021 55,985
Balance at 31 March 2022 55,985

Model Properties Limited (Registered number: 08504881)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

12. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
2 Ordinary 1 2 2

13. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2021 (176,660 ) 238,675 62,015
Deficit for the year (3,238 ) (3,238 )
At 31 March 2022 (179,898 ) 238,675 58,777