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REGISTERED NUMBER: 11349523 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

MCFARLANES PROPERTIES LTD

MCFARLANES PROPERTIES LTD (REGISTERED NUMBER: 11349523)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MCFARLANES PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Ms J E Mcfarlane





SECRETARY: Ms J E Mcfarlane





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 11349523 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

MCFARLANES PROPERTIES LTD (REGISTERED NUMBER: 11349523)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 581,000 581,000

CURRENT ASSETS
Cash at bank 39,308 29,160

CREDITORS
Amounts falling due within one year 4 83,216 72,987
NET CURRENT LIABILITIES (43,908 ) (43,827 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

537,092

537,173

CREDITORS
Amounts falling due after more than one
year

5

492,598

492,598
NET ASSETS 44,494 44,575

CAPITAL AND RESERVES
Called up share capital 100 100
Non distributable reserve 49,014 49,014
Retained earnings (4,620 ) (4,539 )
44,494 44,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 director and authorised for issue on 3 October 2023 and were signed by:





Ms J E Mcfarlane - Director


MCFARLANES PROPERTIES LTD (REGISTERED NUMBER: 11349523)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover
Turnover represents the following types of income
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 taxation is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets and liabilities are not discounted.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 581,000
NET BOOK VALUE
At 31 May 2023 581,000
At 31 May 2022 581,000

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2019 18,014
Valuation in 2022 31,000
Cost 531,986
581,000

MCFARLANES PROPERTIES LTD (REGISTERED NUMBER: 11349523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Directors' loan accounts 82,257 72,080
Accrued expenses 959 907
83,216 72,987

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans more 5 yr by instal 292,598 292,598
Directors' loan accounts 200,000 200,000
492,598 492,598

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 292,598 292,598

6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, Ms J E Mcfarlane increased her loan to the company. As at 31 May 2023, the company owed her £282,257 (2022: £272,080). This balance represent the maximum amount outstanding during the year and the loan is interest free.£200,000 of the loan is non repayable within 12 months of the year end, with the balance of £82,257 repayable on demand.

7. ULTIMATE CONTROLLING PARTY

The controlling party is Ms J E Mcfarlane.

This was by virtue of her 100% holding of the issued share capital.

8. ACCOUNTING BASIS

As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. During the year the current liabilities exceeded current assets by £43,908.

The validity of this basis depends upon the continued support of the company's director. The director confirms that she will give the required support.