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Registration number: 09951633

MPC Properties (London) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2022

 

MPC Properties (London) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

MPC Properties (London) Limited

Company Information

Directors

M Lytton

P Bennett

N Nicholas

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Company Limited
590 Green Lanes
London
N13 5RY

 

MPC Properties (London) Limited

(Registration number: 09951633)
Balance Sheet as at 31 January 2022

Note

2022
£

2021
£

Fixed assets

 

Investment property

4

4,108,836

4,108,836

Current assets

 

Debtors

5

52,310

4,635

Cash at bank and in hand

 

44,147

70,437

 

96,457

75,072

Creditors: Amounts falling due within one year

6

(3,999,795)

(3,933,128)

Net current liabilities

 

(3,903,338)

(3,858,056)

Net assets

 

205,498

250,780

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

205,398

250,680

Shareholders' funds

 

205,498

250,780

For the financial year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 August 2022 and signed on its behalf by:
 

.........................................
M Lytton
Director

 

MPC Properties (London) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the Board on 31 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the period and is recognised at the date the rental period occured. This is stated after trade discounts and other sales taxes.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Depreciation

Asset class

Depreciation method and rate

Investment Properties

Not Depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

MPC Properties (London) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from tenants in respect of rents for the occupation of land and property in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

MPC Properties (London) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

4

Investment properties

2022
£

At 1 February

4,108,836

At 31 January

4,108,836

The investment property is recorded in the financial statements at historic cost which is considered by the directors to be equal to the fair value.

 

MPC Properties (London) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

5

Debtors

Current

2022
£

2021
£

Trade debtors

35,950

3,535

Prepayments

16,360

700

Other debtors

-

400

 

52,310

4,635

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

350

699

Taxation and social security

1,512

-

Accruals and deferred income

42,140

6,420

Other creditors

3,955,793

3,921,794

Corporation tax liability

-

4,215

3,999,795

3,933,128

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Included in other creditors is an amount of £2,116,230 (2021: £2116,230) owed to Clothing Direct (UK) Ltd, a company with common shareholders. Also included in other creditors is an amount of £1,100,000 owed to Repeat Clothing London Ltd, a company with common shareholders.