Registered number
10280841
Mac Family Properties Limited
Filleted Accounts
31 August 2023
Mac Family Properties Limited
Registered number: 10280841
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 888,400 343,812
Current assets
Debtors 5 1,984 2,280
Cash at bank and in hand 17,559 19,063
19,543 21,343
Creditors: amounts falling due within one year 6 (264,156) (155,395)
Net current liabilities (244,613) (134,052)
Total assets less current liabilities 643,787 209,760
Creditors: amounts falling due after more than one year 7 (549,162) (143,718)
Net assets 94,625 66,042
Capital and reserves
Called up share capital 60 60
Revaluation reserve 8 60,516 -
Profit and loss account 34,049 65,982
Shareholders' funds 94,625 66,042
The director is 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 director acknowledges his 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.
D McCaffrey
Director
Approved by the board on 8 March 2024
Mac Family Properties Limited
Notes to the Accounts
for the year ended 31 August 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).
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:
Property improvements over 5 years
Computer equipment 33% straight line basis
Fixtures, fittings, tools and equipment 10% straight line basis
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. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Property improvements Fixtures, fittings, tools and equipment Total
£ £ £ £
Cost
At 1 September 2022 339,484 22,839 76 362,399
Additions 488,400 - - 488,400
Surplus on revaluation 60,516 - - 60,516
Disposals - - (76) (76)
At 31 August 2023 888,400 22,839 - 911,239
Depreciation
At 1 September 2022 - 18,511 76 18,587
Charge for the year - 4,328 - 4,328
On disposals - - (76) (76)
At 31 August 2023 - 22,839 - 22,839
Net book value
At 31 August 2023 888,400 - - 888,400
At 31 August 2022 339,484 4,328 - 343,812
4 Investments
Other
investments
£
Cost
At 31 August 2023 -
Historical cost
At 1 September 2022 327,000
At 31 August 2023 327,000
5 Debtors 2023 2022
£ £
Debtors - corporation tax repayment 1,984 -
Prepayments - 2,280
1,984 2,280
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 29,051
Trade creditors, advance rent and accruals 14,240 444
Taxation and social security costs - 1,984
Other creditors - loan from connected party 2,500 43,916
Other creditors 247,416 80,000
264,156 155,395
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 540,375 143,718
Tenant deposits 8,787 -
549,162 143,718
8 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings 60,516 -
At 31 August 2023 60,516 -
9 Other information
Mac Family Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Woodthorpe
Nightingale Road
Godalming
Surrey
GU7 2HX
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