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Registered number: 04509237










MASON ENTERPRISES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
MASON ENTERPRISES LIMITED
REGISTERED NUMBER: 04509237

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
2,232
-

Investment property
 5 
5,690,144
5,406,452

  
5,692,376
5,406,452

Current assets
  

Debtors: amounts falling due within one year
 6 
7,375
6,790

Cash at bank and in hand
 7 
165,373
406,149

  
172,748
412,939

Creditors: amounts falling due within one year
 8 
(1,429,417)
(1,441,054)

Net current liabilities
  
 
 
(1,256,669)
 
 
(1,028,115)

Total assets less current liabilities
  
4,435,707
4,378,337

Creditors: amounts falling due after more than one year
 9 
(389,221)
(389,221)

Provisions for liabilities
  

Deferred tax
 10 
(196,380)
(194,314)

Net assets
  
3,850,106
3,794,802


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,850,006
3,794,702

  
3,850,106
3,794,802

Page 1

 
MASON ENTERPRISES LIMITED
REGISTERED NUMBER: 04509237
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Lee Mason
Director

Date: 9 April 2024


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MASON ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Mason Enterprises Limited is a private limited company, incorporated in England and Wales.
The registered office address is Moorgate House, Silbury Boulevard, Milton Keynes, MK9 1LZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP presented to the nearest round £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Turnover

Turnover comprises of revenue recognised by the company in respect of rental income and management charges due during the year, exclusive of Value Added Tax.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MASON ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the
current market rents and investment property yields for comparable real estate, adjusted if
necessary for any difference in the nature, location or condition of the specific asset. No depreciation
is provided. Changes in fair value are recognised in profit and loss.

Page 4

 
MASON ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
MASON ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
2,363



At 31 August 2023

2,363



Depreciation


Charge for the year on owned assets
131



At 31 August 2023

131



Net book value



At 31 August 2023
2,232



At 31 August 2022
-


5.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 September 2022
4,529,936
876,516
5,406,452


Additions at cost
283,692
-
283,692



At 31 August 2023
4,813,628
876,516
5,690,144


Comprising


Cost
4,813,628
876,516
5,690,144

At 31 August 2023
4,813,628
876,516
5,690,144

The 2023 valuations were made by the Directors, on an open market value for existing use basis.




Page 6

 
MASON ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Debtors

2023
2022
£
£


Trade debtors
-
447

Other debtors
840
828

Prepayments and accrued income
6,535
5,515

7,375
6,790



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
165,373
406,149



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
1,492

Corporation tax
16,184
27,260

Other creditors
1,325,000
1,325,000

Accruals and deferred income
88,233
87,302

1,429,417
1,441,054


Page 7

 
MASON ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
389,221
389,221


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Mortgages
389,221
389,221

The bank mortgages are secured on the investment properties to which they relate.


10.


Deferred taxation




2023
2022


£

£






At beginning of year
194,314
194,314


Charged to profit or loss
2,066
-



At end of year
196,380
194,314

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movement on investment properties
196,380
194,314


11.


Related party transactions

At 31 August 2023 the directors owed £840 (2022: £828) to the Company. Interest has been accrued on this account during previous years at 8%, no interest has been charged this year and at 31 August 2023 there is an amount of £80,420 (2022 : £80,420) included within accruals for this interest.
At 31 August 2023 an amount of £nil (2022: £1,325,000) was due to Assure Consulting (Holdings) Limited a company with common directors. This loan has been assigned to the Directors and £1,325,000 was due to the Directors. This loan is interest free and is repayable on demand.

 
Page 8