Company Registration No. 10471014 (England and Wales)
2 Me 2 You Property Development Ltd
Unaudited accounts
for the year ended 30 November 2021
2 Me 2 You Property Development Ltd
Unaudited accounts
Contents
2 Me 2 You Property Development Ltd
Company Information
for the year ended 30 November 2021
Directors
Charlie Trimmings
Michael Bray
Company Number
10471014 (England and Wales)
Registered Office
25 East Street
Bromley
BR11QE
England
Accountants
Anumerate Limited
25 East Street
Bromley
BR11QE
2 Me 2 You Property Development Ltd
Statement of financial position
as at 30 November 2021
Investment property
641,098
641,098
Cash at bank and in hand
19,642
12,110
Creditors: amounts falling due within one year
(270,900)
(272,202)
Net current liabilities
(251,258)
(260,092)
Total assets less current liabilities
389,840
381,006
Creditors: amounts falling due after more than one year
(441,600)
(435,000)
Net liabilities
(51,760)
(53,994)
Called up share capital
1
1
Profit and loss account
(51,761)
(53,995)
Shareholders' funds
(51,760)
(53,994)
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2022 and were signed on its behalf by
Michael Bray
Director
Company Registration No. 10471014
2 Me 2 You Property Development Ltd
Notes to the Accounts
for the year ended 30 November 2021
2 Me 2 You Property Development Ltd is a private company, limited by shares, registered in England and Wales, registration number 10471014. The registered office is 25 East Street, Bromley, BR11QE, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Inventories represent property held for sale in the ordinary course of business and have been valued at the lower of cost and net realisable value.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted. 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.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold when future profits are reasonably certain to be achieved.
The Directors are of the opinion that the Company is a going concern.
Fair value at 1 December 2020
641,098
At 30 November 2021
641,098
The properties were reclassified from Inventory to Investment Property in the prior year and as at 30 November 2021 the Directors are of the view that this represents a reasonable fair value for the investment properties.
2 Me 2 You Property Development Ltd
Notes to the Accounts
for the year ended 30 November 2021
5
Creditors: amounts falling due within one year
2021
2020
Other creditors
270,000
270,000
Other creditors as at 30 November 2021 of £270,000 (2019: £270,000) comprised:
The Practical Ciso Limited - £135,000 (2020: £135,000)
MB Security & Risk Consultancy Limited - £nil (2020: £135,000)
Michael Bray (Director) - £67,500 (2020: nil)
Gemma Bray - £67,500 (2020: nil)
All creditors due within one year are unsecured, interest-free and with no fixed terms of repayment.
6
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
441,600
435,000
Amounts falling due after more than one year relate to mortgages held over the properties with Charter Court Financial Services Limited. The mortgages are interest-only with no capital repayments, and incur interest at 3.5%.
Allotted, called up and fully paid:
100 Ordinary shares of £0.01 each
1
1
8
Transactions with related parties
MB Security & Risk Consultancy Limited and The Practical Ciso Limited are related parties of the Company by virtue of having Directors in common.
During the year, the loan amount owed to MB Security & Risk Consultancy Limited of £135,000 was transferred to a Director, Michael Bray, and his wife Gemma Bray, in equal parts.
The balance of £135,000 owed to The Practical Ciso Ltd remained unchanged from the previous year.
The loans are unsecured, interest-free and with no fixed terms of repayment.
9
Average number of employees
During the year the average number of employees was 0 (2020: 0).