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Company No: 12911255 (England and Wales)

MALLION PROPERTY LTD

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

MALLION PROPERTY LTD

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

MALLION PROPERTY LTD

COMPANY INFORMATION

For the financial year ended 30 September 2023
MALLION PROPERTY LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTORS Mrs Sally Ann Lambert
Mr Simon Lambert
REGISTERED OFFICE 22 Balmoral Drive
Newark
NG24 2FZ
United Kingdom
COMPANY NUMBER 12911255 (England and Wales)
ACCOUNTANT Duncan & Toplis Limited
14 London Road
Newark
NG24 1TW
UK
MALLION PROPERTY LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
MALLION PROPERTY LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 620,000 590,000
620,000 590,000
Current assets
Debtors 4 371 353
Cash at bank and in hand 11,420 79,589
11,791 79,942
Creditors: amounts falling due within one year 5 ( 554,290) ( 339,609)
Net current liabilities (542,499) (259,667)
Total assets less current liabilities 77,501 330,333
Creditors: amounts falling due after more than one year 6 0 ( 287,851)
Provision for liabilities ( 13,187) ( 7,487)
Net assets 64,314 34,995
Capital and reserves
Called-up share capital 7 100 100
Revaluation reserve 56,218 31,918
Profit and loss account 7,996 2,977
Total shareholders' funds 64,314 34,995

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Mallion Property Ltd (registered number: 12911255) were approved and authorised for issue by the Board of Directors on 20 March 2024. They were signed on its behalf by:

Mrs Sally Ann Lambert
Director
MALLION PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
MALLION PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mallion Property Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Balmoral Drive, Newark, NG24 2FZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises of rents received and is recognised when the significant risks and rewards are considered to have been transferred to the customer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, and that the costs incurred, or to be incurred, in respect of the transaction, can be measured reliably.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 October 2022 590,000
Fair value movement 30,000
As at 30 September 2023 620,000

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 550,595 550,595

4. Debtors

2023 2022
£ £
Other debtors 371 353

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 675 664
Taxation and social security 2,585 698
Other creditors 551,030 338,247
554,290 339,609

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 0 287,851

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100