Registered number
05817979
Maak Properties Limited
Filleted Accounts
31 May 2023
Maak Properties Limited
Registered number: 05817979
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 183,004 183,004
Current assets
Debtors 4 62 54
Cash at bank and in hand 521 360
583 414
Creditors: amounts falling due within one year 5 (75,552) (74,740)
Net current liabilities (74,969) (74,326)
Total assets less current liabilities 108,035 108,678
Creditors: amounts falling due after more than one year 6 (58,892) (63,706)
Net assets 49,143 44,972
Capital and reserves
Called up share capital 200 200
Profit and loss account 48,943 44,772
Shareholders' funds 49,143 44,972
The directors are 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 directors acknowledge their 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.
Mrs A C Waite
Director
Approved by the board on 22 January 2024
Maak Properties Limited
Notes to the Accounts
for the year ended 31 May 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:
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 183,003 3,647 186,650
At 31 May 2023 183,003 3,647 186,650
Depreciation
At 1 June 2022 - 3,646 3,646
At 31 May 2023 - 3,646 3,646
Net book value
At 31 May 2023 183,003 1 183,004
At 31 May 2022 183,003 1 183,004
4 Debtors 2023 2022
£ £
Other debtors 62 54
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,907 7,000
Taxation and social security costs 1,769 787
Other creditors 67,876 66,953
75,552 74,740
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 58,892 63,706
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 36,588 41,402
Instalments falling due for payment after more than five years 64,799 70,706
101,387 112,108
8 Other information
Maak Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Lilac Avenue
Lytham St Annes
Lancashire
FY8 4LG
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