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MSA PROPERTY DEVELOPMENTS LIMITED

Registered Number
04962431
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

MSA PROPERTY DEVELOPMENTS LIMITED
Company Information
for the year from 1 August 2022 to 31 July 2023

Directors

GRAHAM, Kenneth
MORRIS, Philip Anthony
SYERS, Colin David

Company Secretary

SYERS, Colin David

Registered Address

3 Barrow Way
Wetherby
LS22 6BL

Registered Number

04962431 (England and Wales)
MSA PROPERTY DEVELOPMENTS LIMITED
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property3830,000830,000
830,000830,000
Current assets
Debtors252,195255,464
Cash at bank and on hand21,32023,529
273,515278,993
Creditors amounts falling due within one year6(186,534)(60,344)
Net current assets (liabilities)86,981218,649
Total assets less current liabilities916,9811,048,649
Creditors amounts falling due after one year7(100,410)(274,332)
Net assets816,571774,317
Capital and reserves
Called up share capital100100
Profit and loss account816,471774,217
Shareholders' funds816,571774,317
The financial statements were approved and authorised for issue by the Board of Directors on 15 February 2024, and are signed on its behalf by:
GRAHAM, Kenneth
Director
SYERS, Colin David
Director

Registered Company No. 04962431
MSA PROPERTY DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 31 July 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents rents received from the company's investment properties net of VAT.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20232022
Average number of employees during the year00
3.Investment property
Investment property comprises buildings held by the company for the purpose of generating rental income. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at the balance sheet date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties,

£
Fair value at 01 August 22830,000
At 31 July 23830,000
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables9,15712,425
Total9,15712,425
5.Debtors: amounts due after one year

2023

2022

££
Other debtors243,039243,039
Total243,039243,039
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables15,08816,254
Bank borrowings and overdrafts20,26022,020
Taxation and social security14,20615,519
Other creditors130,0004,670
Accrued liabilities and deferred income6,9801,881
Total186,53460,344
The bank loan is secured on the company's freehold investment property.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts100,410274,332
Total100,410274,332
The bank loan is secured on the company's freehold investment property.