Silverfin false 31/05/2023 01/06/2022 31/05/2023 David Maude 05/05/2022 Thomas Sellers 05/05/2022 05 February 2024 The principal activity of the Company during the financial period was that of property rental and property management. 14087128 2023-05-31 14087128 bus:Director1 2023-05-31 14087128 bus:Director2 2023-05-31 14087128 core:CurrentFinancialInstruments 2023-05-31 14087128 core:Non-currentFinancialInstruments 2023-05-31 14087128 core:ShareCapital 2023-05-31 14087128 core:RetainedEarningsAccumulatedLosses 2023-05-31 14087128 2022-05-31 14087128 core:MoreThanFiveYears 2023-05-31 14087128 bus:OrdinaryShareClass1 2023-05-31 14087128 2022-06-01 2023-05-31 14087128 bus:FullAccounts 2022-06-01 2023-05-31 14087128 bus:SmallEntities 2022-06-01 2023-05-31 14087128 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 14087128 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 14087128 bus:Director1 2022-06-01 2023-05-31 14087128 bus:Director2 2022-06-01 2023-05-31 14087128 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14087128 (England and Wales)

MASEL PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD ENDED 31 MAY 2023
PAGES FOR FILING WITH THE REGISTRAR

MASEL PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD ENDED 31 MAY 2023

Contents

MASEL PROPERTIES LTD

COMPANY INFORMATION

FOR THE FINANCIAL PERIOD ENDED 31 MAY 2023
MASEL PROPERTIES LTD

COMPANY INFORMATION (continued)

FOR THE FINANCIAL PERIOD ENDED 31 MAY 2023
DIRECTORS David Maude
Thomas Sellers
REGISTERED OFFICE C/O Mha Moore And Smalley Richard House
9 Winckley Square
Preston
PR1 3HP
United Kingdom
COMPANY NUMBER 14087128 (England and Wales)
ACCOUNTANT MHA Moore Smalley
Richard House
9 Winckley Square
Preston
Lancashire
PR1 3HP
MASEL PROPERTIES LTD

BALANCE SHEET

AS AT 31 MAY 2023
MASEL PROPERTIES LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023
£
Fixed assets
Investment property 3 189,869
189,869
Current assets
Cash at bank and in hand 26,309
26,309
Creditors: amounts falling due within one year 4 ( 4,794)
Net current assets 21,515
Total assets less current liabilities 211,384
Creditors: amounts falling due after more than one year 5 ( 213,122)
Net liabilities ( 1,738)
Capital and reserves
Called-up share capital 6 100
Profit and loss account ( 1,838 )
Total shareholders' deficit ( 1,738)

For the financial period ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Masel Properties Ltd (registered number: 14087128) were approved and authorised for issue by the Board of Directors on 05 February 2024. They were signed on its behalf by:

David Maude
Director
MASEL PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD ENDED 31 MAY 2023
MASEL PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD ENDED 31 MAY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Masel Properties Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rent receivable on investment properties.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2. Employees

2023
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Investment property

Investment property
£
Valuation
As at 01 June 2022 0
Additions 189,869
As at 31 May 2023 189,869

4. Creditors: amounts falling due within one year

2023
£
Other creditors 4,794

5. Creditors: amounts falling due after more than one year

2023
£
Bank loans (secured) 133,222
Other creditors 79,900
213,122

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023
£
Bank loans (secured) 133,222

6. Called-up share capital

2023
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100