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Registration number: 01078744

M.K. Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

M.K. Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

M.K. Properties Limited

Company Information

Directors

H Kerekes

Z M Kerekes

Company secretary

H Kerekes

Registered office

27 Mallory Road
Hove
East Sussex
BN3 6TD

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

M.K. Properties Limited

(Registration number: 01078744)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

670,000

670,000

Current assets

 

Debtors

6

-

1,403

Cash at bank and in hand

 

17,782

25,235

 

17,782

26,638

Creditors: Amounts falling due within one year

7

(32,337)

(37,020)

Net current liabilities

 

(14,555)

(10,382)

Total assets less current liabilities

 

655,445

659,618

Provisions for liabilities

(51,362)

(51,362)

Net assets

 

604,083

608,256

Capital and reserves

 

Called up share capital

9

100

100

Other reserves

504,478

504,478

Retained earnings

99,505

103,678

Shareholders' funds

 

604,083

608,256

For the financial year ending 31 December 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.

 

M.K. Properties Limited

(Registration number: 01078744)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:



 

.........................................

H Kerekes

Company secretary and director

 

M.K. Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
27 Mallory Road
Hove
East Sussex
BN3 6TD

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 current 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.

 

M.K. Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives. The company's assets consist solely of investment properties, so no depreciation has been provided.

Asset class

Depreciation method and rate

Investment properties

none

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

4

Tangible assets

Cost or valuation

Depreciation

Carrying amount

At 31 December 2023

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

 

M.K. Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investment properties

2023
£

At 1 January

670,000

At 31 December

670,000

6

Debtors

Current

2023
£

2022
£

Prepayments

-

1,403

 

-

1,403

 

M.K. Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

7,853

Accruals and deferred income

1,128

9,330

Other creditors

31,209

19,837

32,337

37,020

8

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £1.00) per ordinary share

 

-

 

-

Interim dividend of £Nil (2022 - £280.00) per ordinary share

 

-

 

28,000

   

-

 

28,000

         

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Helen Kerekes of £1 each

54

54

54

54

Zsolt Michael Kerekes of £1 each

23

23

23

23

James Huggett of £1 each

12

12

12

12

Laura Pearce-Huggett of £1 each

11

11

11

11

 

100

100

100

100