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COMPANY REGISTRATION NUMBER: 13276826
Maddox Properties Limited
Filleted Unaudited Abridged Financial Statements
31 March 2023
Maddox Properties Limited
Abridged Financial Statements
Year Ended 31 March 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Maddox Properties Limited
Abridged Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed Assets
Investment Property
7
906,380
906,380
Current Assets
Debtors
3,815
Cash at bank and in hand
6,296
41,771
--------
--------
10,111
41,771
Creditors: amounts falling due within one year
642,941
691,620
---------
---------
Net Current Liabilities
632,830
649,849
---------
---------
Total Assets Less Current Liabilities
273,550
256,531
Creditors: amounts falling due after more than one year
251,213
251,213
---------
---------
Net Assets
22,337
5,318
---------
---------
Capital and Reserves
Called up share capital
9
100
100
Profit and loss account
22,237
5,218
--------
-------
Shareholders Funds
22,337
5,318
--------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Maddox Properties Limited
Abridged Statement of Financial Position (continued)
31 March 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 3 November 2023 , and are signed on behalf of the board by:
Miss S L Fisher
Director
Company registration number: 13276826
Maddox Properties Limited
Notes to the Abridged Financial Statements
Year Ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, S40 1LA, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Rental income represents the rents due for the year under operating leases all of which relate to properties in the United Kingdom.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Investments
Investment property is carried at fair value determined annually. No depreciation is provided. Changes in fair value are recognised in the profit and loss for the period.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Turnover
Turnover for the year amounted to £53,074 (2022:£28,452).
6. Creditors: Amounts falling due after more than one year
Included within creditors falling due in more than one year is an amount of £251,213(2022: £251,213) in respect of liabilities which fall due for payment after more than five year from the balance sheet date
7. Investment property
Investment property
£
Cost
At 1 April 2022 and 31 March 2023
906,380
---------
Impairment
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
906,380
---------
At 31 March 2022
906,380
---------
The fair value of the properties were made in the year by the directors, who have experience in the location and class of properties, on an open market value for existing basis. No further input from an independent valuer was deemed to be required.
8. Security
There are legal charges over the properties operated by the company.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Related party transactions
During the year the company received loans from related parties. The balances outstanding due to related parties at 31 March 2023 are as follows:
2023 2022
£ £
Amounts due to companies under common control (62,020)