COMPANY REGISTRATION NO. 10498233 (England and Wales)
M&L INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
M&L INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
M&L INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,539
3,484
Investment properties
4
141,159
141,159
143,698
144,643
Current assets
Debtors
5
1,357
2,511
Cash at bank and in hand
28,646
48,897
30,003
51,408
Creditors: amounts falling due within one year
6
(73,122)
(90,281)
Net current liabilities
(43,119)
(38,873)
Total assets less current liabilities
100,579
105,770
Creditors: amounts falling due after more than one year
7
(82,929)
(85,750)
Net assets
17,650
20,020
Capital and reserves
Called up share capital
8
10
10
Revaluation reserve
14,250
14,250
Profit and loss reserves
3,390
5,760
Total equity
17,650
20,020

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 19 August 2022 and are signed on its behalf by:
Mr M Paterson
Director
Company Registration No. 10498233
M&L INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2019
10
-
0
22,959
22,969
Year ended 30 November 2020:
Loss and total comprehensive income for the year
-
-
(2,949)
(2,949)
Transfers
-
14,250
(14,250)
-
Balance at 30 November 2020
10
14,250
5,760
20,020
Year ended 30 November 2021:
Loss and total comprehensive income for the year
-
-
(2,370)
(2,370)
Balance at 30 November 2021
10
14,250
3,390
17,650
M&L INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 3 -
1
Accounting policies
Company information

M&L Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o UHY Hacker Young, Lanyon House, Mission Court, Newport, South Wales, United Kingdom, NP20 2DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Revenue from rental contracts is recognised over the period when, and to the extent that, the company obtains the right to consideration in exchange for rentals provided.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

M&L INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

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 profit and loss account in other administrative expenses.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
2
2
M&L INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 5 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 December 2020 and 30 November 2021
3,781
Depreciation and impairment
At 1 December 2020
297
Depreciation charged in the year
945
At 30 November 2021
1,242
Carrying amount
At 30 November 2021
2,539
At 30 November 2020
3,484
4
Investment property
2021
£
Fair value
At 1 December 2020 and 30 November 2021
141,159

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors as at the 30 November 2021. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,117
1,117
Other debtors
240
1,394
1,357
2,511
6
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
73,122
90,281

Included in creditors above is a mortgage balance of £2,169 (2020 - £1,473) secured on the companies investment property. This property is held in trust for the company by Mrs L Paterson.

M&L INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 6 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
82,929
85,750

Included in creditors above is a mortgage balance of £82,929 (2020 - £85,750) secured on the companies investment property. This property is held in trust for the company by Mrs L Paterson.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
82,929
85,750
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10
10
10
10
9
Directors' transactions

The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the directors was £69,933(2020 - £83,621), this amount being included in creditors: amounts falling due within one year.

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