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COMPANY REGISTRATION NUMBER: 10044257
MLT Property Holdings Limited
Unaudited financial statements
30 November 2023
MLT Property Holdings Limited
Statement of financial position
30 November 2023
30 Nov 23
31 Mar 23
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,050,000
1,100,000
Current assets
Debtors
6
481
11,299
Cash at bank and in hand
20,391
125,529
-------
---------
20,872
136,828
Creditors: Amounts falling due within one year
7
( 322,930)
( 456,389)
---------
---------
Net current liabilities
( 302,058)
( 319,561)
-----------
-----------
Total assets less current liabilities
747,942
780,439
Creditors: Amounts falling due after more than one year
8
( 201,050)
( 201,050)
Provisions
Taxation including deferred tax
( 100,836)
( 113,337)
---------
---------
Net assets
446,056
466,052
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
302,510
340,009
Profit and loss account
143,446
125,943
---------
---------
Shareholders funds
446,056
466,052
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 November 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MLT Property Holdings Limited
Statement of financial position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
W B Betts
Director
Company registration number: 10044257
MLT Property Holdings Limited
Notes to the financial statements
Period from 1 April 2023 to 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 61 Rattlers Road, Brandon, Suffolk, IP27 0HA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
4. Employee numbers
The average number of employees during the period was 4 (2023: 4 ).
5. Tangible assets
Investment properties
£
Cost or valuation
At 1 April 2023
1,100,000
Revaluations
( 50,000)
-----------
At 30 November 2023
1,050,000
-----------
Depreciation
At 1 April 2023 and 30 November 2023
-----------
Carrying amount
At 30 November 2023
1,050,000
-----------
At 31 March 2023
1,100,000
-----------
The directors have revalued the investment properties based on the open market value as at 30 November 2023. The original costs amount to £646,654 (31 March 2023: £646,654).
6. Debtors
30 Nov 23
31 Mar 23
£
£
Other debtors
481
11,299
----
-------
7. Creditors: Amounts falling due within one year
30 Nov 23
31 Mar 23
£
£
Trade creditors
34
270
Social security and other taxes
14,580
9,403
Other creditors
308,316
446,716
---------
---------
322,930
456,389
---------
---------
8. Creditors: Amounts falling due after more than one year
30 Nov 23
31 Mar 23
£
£
Bank loans and overdrafts
201,050
201,050
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £201,050 (2023: £201,050) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included in bank loans is an amount of £201,050 (31 March 2023: £201,050) which is secured by the company .