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Maghull Estates Limited

Registration number : 12775657



















Annual Report and Unaudited Financial Statements

for the year ended 31 July 2023

 

Maghull Estates Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Maghull Estates Limited

Company Information

Directors

Mr Ian Paul Kemp

Mrs Gaynor Louise Kemp

Registered office

86 Buckingham Road
Maghull
Merseyside
L31 7DR

Accountants

McParland Williams Limited
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Maghull Estates Limited

(Registration number: 12775657)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

375,405

197,500

Current assets

 

Cash at bank and in hand

 

3,399

3,495

Creditors: Amounts falling due within one year

6

(239,726)

(52,769)

Net current liabilities

 

(236,327)

(49,274)

Total assets less current liabilities

 

139,078

148,226

Creditors: Amounts falling due after more than one year

6

(104,986)

(104,986)

Provisions for liabilities

(7,885)

(7,885)

Net assets

 

26,207

35,355

Capital and reserves

 

Called up share capital

2

2

Other reserves

33,615

33,615

Profit and loss account

(7,410)

1,738

Total equity

 

26,207

35,355

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 February 2024 and signed on its behalf by:
 

.........................................
Mr Ian Paul Kemp
Director

.........................................
Mrs Gaynor Louise Kemp
Director

 
     
 

Maghull Estates Limited

Notes to the Unaudited Financial Statements for the year ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
86 Buckingham Road
Maghull
Merseyside
L31 7DR

These financial statements were authorised for issue by the Board on 12 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Maghull Estates Limited

Notes to the Unaudited Financial Statements for the year ended 31 July 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 August

197,500

Additions

177,905

At 31 July

375,405

 

Maghull Estates Limited

Notes to the Unaudited Financial Statements for the year ended 31 July 2023

The fair value of the investment property was determined using an external third party.

The external third party provided a price range for the property and we used the average range.

5

Debtors

2023
£

2022
£

-

-

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

236,161

50,000

Taxation and social security

 

-

410

Accruals and deferred income

 

720

720

Other creditors

 

2,845

1,639

 

239,726

52,769

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

104,986

104,986

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

104,986

104,986