Company Registration No. 11450480 (England and Wales)
MODEL PROPERTY LIMITED
Unaudited accounts
for the year ended 31 July 2022
MODEL PROPERTY LIMITED
Unaudited accounts
Contents
MODEL PROPERTY LIMITED
Company Information
for the year ended 31 July 2022
Director
MR MUHAMMAD ASHFAQ
Company Number
11450480 (England and Wales)
Registered Office
11 BLENHEIM CLOSE
HALE
ALTRINCHAM
WA14 2RX
ENGLAND
Accountants
THE TAXCOM ACCOUNTANTS LLP
109 CHEETHAM HILL ROAD
MANCHESTER
M8 8PY
MODEL PROPERTY LIMITED
Statement of financial position
as at 31 July 2022
Investment property
-
569,125
Cash at bank and in hand
67,058
3,865
Creditors: amounts falling due within one year
(93,798)
(367,592)
Net current assets/(liabilities)
4,560
(368,676)
Total assets less current liabilities
804,560
200,449
Creditors: amounts falling due after more than one year
(613,500)
(232,990)
Provisions for liabilities
Net assets/(liabilities)
147,194
(32,541)
Called up share capital
2
2
Revaluation reserve
187,009
-
Profit and loss account
(39,817)
(32,543)
Shareholders' funds
147,194
(32,541)
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 October 2023 and were signed on its behalf by
MR MUHAMMAD ASHFAQ
Director
Company Registration No. 11450480
MODEL PROPERTY LIMITED
Notes to the Accounts
for the year ended 31 July 2022
MODEL PROPERTY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11450480. The registered office is 11 BLENHEIM CLOSE, HALE, ALTRINCHAM, WA14 2RX, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
MODEL PROPERTY LIMITED
Notes to the Accounts
for the year ended 31 July 2022
4
Tangible fixed assets
Land & buildings
Cost or valuation
At valuation
Transfer from investment property
569,125
Fair value at 1 August 2021
569,125
Transfers to tangible fixed assets
(569,125)
Amounts falling due after more than one year
Accrued income and prepayments
-
(4,949)
7
Creditors: amounts falling due within one year
2022
2021
Loans from directors
87,849
366,842
8
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
607,500
226,990
Other creditors
6,000
6,000
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
MODEL PROPERTY LIMITED
Notes to the Accounts
for the year ended 31 July 2022
10
Transactions with related parties
Long-term other creditors' amount of £6,000 is the loan received from a related company, Proficient Medics Limited.
Long-term other debtors' amount of £31,300 is the loan provided to a related company, Model Homes Limited.
11
Average number of employees
During the year the average number of employees was 0 (2021: 0).