REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 October 2022 |
for |
Club MB Property Estates Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 October 2022 |
for |
Club MB Property Estates Limited |
Club MB Property Estates Limited (Registered number: 08231217) |
Contents of the Financial Statements |
for the Year Ended 30 October 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Club MB Property Estates Limited |
Company Information |
for the Year Ended 30 October 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
28 Church Road |
Stanmore |
Middlesex |
HA7 4XR |
Club MB Property Estates Limited (Registered number: 08231217) |
Statement of Financial Position |
30 October 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Club MB Property Estates Limited (Registered number: 08231217) |
Notes to the Financial Statements |
for the Year Ended 30 October 2022 |
1. | STATUTORY INFORMATION |
Club MB Property Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year/period, and also have been consistently applied within the same accounts. |
Turnover |
Turnover represents rents receivable, and interest received and related fees in respect of development loans advanced to the company's clients. |
Investment property |
The company's investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is recognised in the income statement. The director considers that this policy results in the accounts showing a true and fair view. Depreciation is only one of the factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified nor quantified. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
Club MB Property Estates Limited (Registered number: 08231217) |
Notes to the Financial Statements - continued |
for the Year Ended 30 October 2022 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31 October 2021 |
and 30 October 2022 |
NET BOOK VALUE |
At 30 October 2022 |
At 30 October 2021 |
In the opinion of the Director the company's investment property is valued in the accounts at a value not materially different to its market value. |
Fair value at 30 October 2022 is represented by: |
£ |
Valuation in 2017 | 490,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans over 5 years | - | 6,825 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
The bank loan was secured by a debenture over the company's investment property and other assets.It was repaid in full after date. |
Club MB Property Estates Limited (Registered number: 08231217) |
Notes to the Financial Statements - continued |
for the Year Ended 30 October 2022 |
9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 31 October 2021 | 295,941 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 October 2022 | 180,552 |
The fair value reserve is represented by the investment property revaluation, net of a deferred tax provision. |