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Registration number: 12010503

M W Properties (North West) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

M W Properties (North West) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

M W Properties (North West) Limited

Company Information

Director

W Hughes

Registered office

31 West Oak Hill Park
Liverpool
Merseyside
L13 4BN

Accountants

Duncan Boxwell & Company Limited
Chartered Accountants
Bretton House
Bell Meadow Business Park
Park Lane
Pulford
Chester
CH4 9EP

 

M W Properties (North West) Limited

(Registration number: 12010503)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

35,600

94,123

Investments

5

300,000

300,000

 

335,600

394,123

Current assets

 

Debtors

60,738

-

Cash at bank and in hand

 

49,214

1,233

 

109,952

1,233

Creditors: Amounts falling due within one year

6

(289,116)

(257,024)

Net current liabilities

 

(179,164)

(255,791)

Total assets less current liabilities

 

156,436

138,332

Creditors: Amounts falling due after more than one year

6

(4,848)

(7,516)

Net assets

 

151,588

130,816

Capital and reserves

 

Called up share capital

7

101

101

Revaluation reserve

150,000

150,000

Retained earnings

1,487

(19,285)

Shareholders' funds

 

151,588

130,816

For the financial year ending 31 December 2022 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 October 2023
 

 

M W Properties (North West) Limited

(Registration number: 12010503)
Balance Sheet as at 31 December 2022

.........................................
W Hughes
Director

 

M W Properties (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
31 West Oak Hill Park
Liverpool
Merseyside
L13 4BN

These financial statements were authorised for issue by the director on 11 October 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 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.

 

M W Properties (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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

Land and buildings

20% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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.

 

M W Properties (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

M W Properties (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2022

94,123

94,123

Disposals

(49,623)

(49,623)

At 31 December 2022

44,500

44,500

Depreciation

Charge for the year

8,900

8,900

At 31 December 2022

8,900

8,900

Carrying amount

At 31 December 2022

35,600

35,600

At 31 December 2021

94,123

94,123

Included within the net book value of land and buildings above is £35,600 (2021 - £94,123) in respect of freehold land and buildings.
 

5

Investments

2022
£

2021
£

Investments in subsidiaries

300,000

300,000

Subsidiaries

£

Cost or valuation

At 1 January 2022

300,000

Provision

Carrying amount

At 31 December 2022

300,000

At 31 December 2021

300,000

 

M W Properties (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

2,004

2,004

Taxation and social security

 

535

520

Other creditors

 

286,577

254,500

 

289,116

257,024

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

4,848

7,516

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

101

101

101

101

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

4,848

6,829

Other borrowings

-

687

4,848

7,516

2022
£

2021
£

Current loans and borrowings

Bank borrowings

2,004

2,004

 

M W Properties (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9

Related party transactions

At the balance sheet date the company was owed £29,938 (2021: -£686) by W Hughes. The loan was repaid within 9 months of year end and interest was charged at 2.5% per annum.

Summary of transactions with subsidiaries

At the balance sheet date the company was owed £286,577 (2021 - £254,500) by Comm Commerical Contractors Ltd. The loan is interest free and does not have a set repayment date