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REGISTERED NUMBER: 09204508 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

Mersenne Properties Limited

Mersenne Properties Limited (Registered number: 09204508)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Report of the Accountant 9

Mersenne Properties Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: R Laing
S Laing





SECRETARY: G J Owen





REGISTERED OFFICE: The Beeches
Checkley
Hereford
Herefordshire
HR1 4ND





REGISTERED NUMBER: 09204508 (England and Wales)





ACCOUNTANT: Giles Owen Chartered Accountant
1 Croft Lane
Temple Grafton
Alcester
Warwickshire
B49 6PA

Mersenne Properties Limited (Registered number: 09204508)

Statement of Financial Position
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Property Fixtures and Fittings , Plant and
Equipment

4

36,540

47,035
Investments 5 1 1
Investment property 6 15,860,000 16,085,000
15,896,541 16,132,036

CURRENT ASSETS
Debtors 7 291,139 314,859
Cash at bank 1,049,844 3,107,890
1,340,983 3,422,749
CREDITORS
Amounts falling due within one year 8 12,139,029 9,758,968
NET CURRENT LIABILITIES (10,798,046 ) (6,336,219 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,098,495

9,795,817

CREDITORS
Amounts falling due after more than one
year

9

(1,300,000

)

(6,597,550

)

PROVISIONS FOR LIABILITIES (494,907 ) (334,039 )
NET ASSETS 3,303,588 2,864,228

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 12 772,445 619,154
Retained earnings 12 2,531,142 2,245,073
SHAREHOLDERS' FUNDS 14 3,303,588 2,864,228

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Mersenne Properties Limited (Registered number: 09204508)

Statement of Financial Position - continued
30 September 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:





R Laing - Director


Mersenne Properties Limited (Registered number: 09204508)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Mersenne Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognized in the income statement. Unrealized gains or losses (net of related deferred tax) are transferred from retained earnings to a separate revaluation reserve.

Taxation
Taxation expense for the period comprises current and deferred tax recognized in the period. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case tax is also recognized in other comprehensive income or directly in equity respectively.

Current tax is the amount of UK corporation tax payable in respect of the taxable profit for the year or prior years calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Critical accounting adjustments and estimates
In preparing the financial statements the directors are required to make a number of accounting judgements and make estimates and assumptions concerning the future. The following judgements and estimates are deemed significant in the context of these financial statements:

i) Investment properties are recognised at their fair value. The company's investment properties were revalued on 30 September 2023 at fair value, determined by external property valuaton consultants Colliers.

Mersenne Properties Limited (Registered number: 09204508)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. EMPLOYEES AND DIRECTORS

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

4. PROPERTY FIXTURES AND FITTINGS , PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 October 2022 95,865
Additions 1,685
At 30 September 2023 97,550
DEPRECIATION
At 1 October 2022 48,830
Charge for year 12,180
At 30 September 2023 61,010
NET BOOK VALUE
At 30 September 2023 36,540
At 30 September 2022 47,035

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 October 2022
and 30 September 2023 1
NET BOOK VALUE
At 30 September 2023 1
At 30 September 2022 1

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Associated company

Emersons Green Management Company Limited
Registered office: The Old Council Chambers, Halford Street, Tamworth B79 7RB
Nature of business: Management Company
%
Class of shares: holding
Ordinary 16.00

Mersenne Properties Limited (Registered number: 09204508)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 16,085,000
Disposals (511,459 )
Revaluations 286,459
At 30 September 2023 15,860,000
NET BOOK VALUE
At 30 September 2023 15,860,000
At 30 September 2022 16,085,000

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2020 487,468
Valuation in 2021 415,616
Valuation in 2022 (73,524 )
Valuation in 2023 286,459
Cost 14,743,981
15,860,000

If Investment properties had not been revalued they would have been included at the following historical cost:

30.9.23 30.9.22
£    £   
Cost 14,743,981 15,255,440

Investment properties were valued on an open market basis on 30 September 2023 by external property consultants Colliers .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 250,211 258,200
Other debtors 40,928 56,659
291,139 314,859

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts (see note 10) 3,407,650 134,600
Trade creditors 1,145 3,879
Amounts owed to group undertakings 8,334,299 9,144,399
Taxation and social security 151,386 206,719
Other creditors 244,549 269,371
12,139,029 9,758,968

Mersenne Properties Limited (Registered number: 09204508)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.23 30.9.22
£    £   
Bank loans (see note 10) 1,300,000 6,597,550

10. LOANS

An analysis of the maturity of loans is given below:

30.9.23 30.9.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 3,407,650 134,600

Amounts falling due between one and two years:
Bank loans - 1-2 years 1,300,000 3,407,650

Amounts falling due between two and five years:
Bank loans - 2-5 years - 3,189,900

Bank loans payable at the year end amounted to £4,707,650 (2022 - £6,732,150).

The loans are secured by fixed and floating charges over the company's investment properties. Interest rates payable on the principal amount of the mortgages range from 2.30% to 5.80% and are payable to the funders on a quarterly basis.

11. LEASING AGREEMENTS
The company holds twenty nine investment properties as disclosed in the notes to the financial statements. These are let under non cancellable leases which have remaining terms of 6 months to 22 years.

Minimum lease payments receivable under non-cancellable operating leases fall due as follows:

30.09.23 30.09.22
£ £
Within one year 434,097 494,062
Between one and five years 1,554,210 1,796,439
In more than five years 2,738,146 3,217,548
4,726,453 5,508,049

Mersenne Properties Limited (Registered number: 09204508)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2022 2,245,073 619,154 2,864,227
Profit for the year 439,360 439,360
Transfer in respect of
property revaluation gains
(net of deferred tax) (153,291 ) 153,291 -
At 30 September 2023 2,531,142 772,445 3,303,587

The retained earnings reserve represents cumulative profits and losses net of transfers of investment property revaluations, dividends paid and other adjustments.

The revaluation reserve represents the cumulative effect of revaluations of investment properties which are revalued to fair value at each reporting date.

13. ULTIMATE CONTROLLING PARTY

The controlling party is R Laing.

14. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
30.9.23 30.9.22
£    £   
Profit for the financial year 439,360 942,121
Net addition to shareholders' funds 439,360 942,121
Opening shareholders' funds 2,864,228 1,922,107
Closing shareholders' funds 3,303,588 2,864,228

Mersenne Properties Limited

Report of the Accountant to the Directors of
Mersenne Properties Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 30 September 2023 set out on pages three to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to me.






Giles Owen Chartered Accountant
1 Croft Lane
Temple Grafton
Alcester
Warwickshire
B49 6PA


Date: .............................................