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Registration number: 05097161

Mastersons Properties Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Mastersons Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Mastersons Properties Limited

Company Information

Directors

Mrs M Pursey

Mr S Pursey

Company secretary

Mrs M Pursey

Registered office

202 Field End Road
Eastcote
Pinner
Middlesex
HA5 1RD

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Mastersons Properties Limited

(Registration number: 05097161)
Balance Sheet as at 30 June 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

4

 

-

 

593

Tangible assets

5

 

96,408

 

118,244

   

96,408

 

118,837

Current assets

   

 

Debtors

6

122,426

 

107,437

 

Cash at bank and in hand

 

588,597

 

354,286

 

 

711,023

 

461,723

 

Creditors: Amounts falling due within one year

7

(304,893)

 

(183,934)

 

Net current assets

   

406,130

 

277,789

Total assets less current liabilities

   

502,538

 

396,626

Creditors: Amounts falling due after more than one year

7

 

(19,114)

 

-

Provisions for liabilities

 

(13,950)

 

(19,937)

Net assets

   

469,474

 

376,689

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

469,374

 

376,589

 

Total equity

   

469,474

 

376,689

For the financial year ending 30 June 2023 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.

 

Mastersons Properties Limited

(Registration number: 05097161)
Balance Sheet as at 30 June 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

.........................................
Mr S Pursey
Director

 

Mastersons Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 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:
202 Field End Road
Eastcote
Pinner
Middlesex
HA5 1RD
England

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

Mastersons Properties Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Furniture, fittings & equipment

25% straight line

Intangible assets

Separately acquired customer-related intangible assets are shown at historical cost.

Customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Contractual customer relationships

Over 5 years from 3 October 2016

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 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.

 

Mastersons Properties Limited

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

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.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 13).

4

Intangible assets

Contractual customer relationships
 £

Total
£

Cost or valuation

At 1 July 2022

26,319

26,319

At 30 June 2023

26,319

26,319

Amortisation

At 1 July 2022

25,726

25,726

Amortisation charge

593

593

At 30 June 2023

26,319

26,319

Carrying amount

At 30 June 2023

-

-

At 30 June 2022

593

593

 

Mastersons Properties Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

67,937

89,374

157,311

Additions

6,317

-

6,317

At 30 June 2023

74,254

89,374

163,628

Depreciation

At 1 July 2022

37,205

1,862

39,067

Charge for the year

10,651

17,502

28,153

At 30 June 2023

47,856

19,364

67,220

Carrying amount

At 30 June 2023

26,398

70,010

96,408

At 30 June 2022

30,732

87,512

118,244

6

Debtors

Current

2023
£

2022
£

Trade debtors

91,607

74,818

Prepayments

13,037

7,587

Other debtors

17,782

25,032

 

122,426

107,437

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

33,737

23,011

Taxation and social security

130,391

56,723

Other creditors

140,765

104,200

304,893

183,934

Due after one year

Other non-current financial liabilities

19,114

-

 

Mastersons Properties Limited

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

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £227,353 (2022 - £125,020). This represents the lease rentals commitments.

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £1,603 (2022 - £1,176).