Registered number
08963869
Mall Properties Ltd
Unaudited Filleted Accounts
31 January 2023
Mall Properties Ltd
Registered number: 08963869
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,564,298 17,000,000
Current assets
Debtors 4 149,841 3,517
Cash at bank and in hand 41,751 60,024
191,592 63,541
Creditors: amounts falling due within one year 5 (1,095,986) (326,970)
Net current liabilities (904,394) (263,429)
Total assets less current liabilities 17,659,904 16,736,571
Creditors: amounts falling due after more than one year 6 (8,299,888) (7,420,365)
Provisions for liabilities (1,758,226) (1,758,226)
Net assets 7,601,790 7,557,980
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 8 7,495,593 7,495,593
Profit and loss account 105,197 61,387
Shareholders' funds 7,601,790 7,557,980
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Singh
Director
Approved by the board on 4 October 2023
Mall Properties Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2022 17,000,000
Additions 1,564,298
At 31 January 2023 18,564,298
Depreciation
At 31 January 2023 -
Net book value
At 31 January 2023 18,564,298
At 31 January 2022 17,000,000
Freehold land and buildings: 2023 2022
£ £
Historical cost 7,746,181 7,746,181
Cumulative depreciation based on historical cost - -
7,746,181 7,746,181
The fixed asset being held was revalued by David Wood MRICS and Susannah Philips MRICS on behalf of Savills in May 2022. The basis of valuation was current market value for the entire block of flats.
4 Debtors 2023 2022
£ £
Trade debtors 3,683 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 36,176 -
Other debtors 109,982 3,517
149,841 3,517
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,091,441 324,131
Taxation and social security costs 1,545 -
Other creditors 3,000 2,839
1,095,986 326,970
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 100,000 6,791,341
Amounts owed to group undertakings and undertakings in which the company has a participating interest 380,241 254,224
Other creditors 7,819,647 374,800
8,299,888 7,420,365
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 100,000 6,791,341
Secured bank loans 100,000 6,791,341
The bank loan is secured by way of first charge of the company's freehold properties. The loan is further secured by director's personal guarantee.
8 Revaluation reserve 2023 2022
£ £
At 1 February 2022 7,495,593 -
Gain on revaluation of land and buildings - 9,253,819
Deferred taxation arising on the revaluation of land and buildings - (1,758,226)
At 31 January 2023 7,495,593 7,495,593
9 Related party transactions
At the year end, the company was owed £36,176 (2021: the company owed £78,824) by Redsky Wholesalers Ltd. Both companies are under the common control of their directors.

The company also owed T&S Estates Ltd £378,600 (2021: £175,400). Both companies are under the common control of their directors.

During the year, the company was provided construction work by Redsky Rise Ltd on contract basis. The total value of the work amounted to £872,030 (2022: £3,000,900). Both companies are under the common control of their directors.
10 Controlling party
The company was under the control of the director by virtue of his shareholding in the issued share capital of the company.
11 Other information
Mall Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Ellerhow
The Greenway
Chalfont St. Peter
Gerrards Cross
SL9 8LX
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