Registered number
10805673
MAB Property Developments Limited
Unaudited Filleted Accounts
30 June 2023
MAB Property Developments Limited
Registered number: 10805673
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 1,750,000 1,750,000
Current assets
Debtors 4 1,418 1,238
Cash at bank and in hand 9,291 12,638
10,709 13,876
Creditors: amounts falling due within one year 5 (21,251) (26,725)
Net current liabilities (10,542) (12,849)
Total assets less current liabilities 1,739,458 1,737,151
Creditors: amounts falling due after more than one year 6 (1,488,029) (1,511,693)
Provisions for liabilities (29,000) (23,972)
Net assets 222,429 201,486
Capital and reserves
Called up share capital 3 3
Profit and loss account 222,426 201,483
Shareholders' funds 222,429 201,486
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J S Barrett
Director
Approved by the board on 26 September 2023
MAB Property Developments Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue received from rental income.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Investments
Other
investments
£
Fair value
At 1 July 2022 1,750,000
At 30 June 2023 1,750,000
Historical cost
At 1 July 2022 1,623,828
At 30 June 2023 1,623,828
1 Ewellhurst Road, Ilford Essex was purchased in February 2018 and 8 Vista Drive, Ilford, Essex was purchased in May 2018. The directors consider that the fair value of the properties at the balance sheet date was £1,750,000.
4 Debtors 2023 2022
£ £
Other debtors 1,418 1,238
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,160 1,770
Taxation and social security costs 6,456 12,320
Other creditors 12,635 12,635
21,251 26,725
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,029,032 805,240
Other creditors 458,997 706,453
1,488,029 1,511,693
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,029,032 805,240
Secured bank loans 1,029,032 805,240
The company has provided legal charges over 8 Vista Drive, Ilford, Essex and 1 Ewellhurst Road, Ilford, Essex to secure the mortgages. The mortgages were refinanced in Januray 2023 and each loan is interest only and for a 25 year term.
8 Controlling party
The ultimate controlling parties are J S Barrett, and A Trehan.
9 Other information
MAB Property Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tudor Court
High Street
Hatfield Broad Oak
Hertfordshire
CM22 7HF
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