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Registration number: 13263781

MFC Property Investments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

MFC Property Investments Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

MFC Property Investments Ltd

Company Information

Director

Mr Thomas Curran

Registered office

1 Nelson Street
Southend-on-Sea
Essex
SS1 1EG

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

MFC Property Investments Ltd

(Registration number: 13263781)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

250,000

250,000

Current assets

 

Cash at bank and in hand

 

2,412

5,253

Creditors: Amounts falling due within one year

4

(509)

(6,510)

Net current assets/(liabilities)

 

1,903

(1,257)

Total assets less current liabilities

 

251,903

248,743

Creditors: Amounts falling due after more than one year

4

(245,492)

(243,936)

Provisions for liabilities

(2,713)

(2,713)

Net assets

 

3,698

2,094

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

11,566

11,566

Retained earnings

(8,868)

(10,472)

Shareholders' funds

 

3,698

2,094

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 5 September 2023
 

.........................................
Mr Thomas Curran
Director

 

MFC Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
1 Nelson Street
Southend-on-Sea
Essex
SS1 1EG

These financial statements were authorised for issue by the director on 5 September 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

MFC Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 1).

4

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

510

6,510

Other creditors

(1)

-

509

6,510

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

245,492

243,936

5

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior period were as follows:

 

MFC Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

5

Reserves (continued)

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

11,566

11,566

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

245,492

243,936