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REGISTERED NUMBER: 12229402 (England and Wales)















MARE NOSTRUM PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023






MARE NOSTRUM PROPERTY LIMITED (REGISTERED NUMBER: 12229402)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

MARE NOSTRUM PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTOR: D J Pickering





REGISTERED OFFICE: 39 East Parade
Harrogate
HG1 5LQ





REGISTERED NUMBER: 12229402 (England and Wales)





ACCOUNTANTS: Cox Costello & Horne
Chartered Accountants and Tax Advisors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

MARE NOSTRUM PROPERTY LIMITED (REGISTERED NUMBER: 12229402)

BALANCE SHEET
30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £ £ £ £
FIXED ASSETS
Investment property 4 492,000 492,000

CURRENT ASSETS
Debtors 5 20,100 80,100
Cash at bank 191,049 146,085
211,149 226,185
CREDITORS
Amounts falling due within one year 6 17,066 15,856
NET CURRENT ASSETS 194,083 210,329
TOTAL ASSETS LESS CURRENT LIABILITIES 686,083 702,329

CREDITORS
Amounts falling due after more than one year 7 (402,619 ) (481,759 )

PROVISIONS FOR LIABILITIES (7,500 ) (5,700 )
NET ASSETS 275,964 214,870

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 22,500 24,300
Retained earnings 253,364 190,470
SHAREHOLDERS' FUNDS 275,964 214,870

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 April 2024 and were signed by:





D J Pickering - Director


MARE NOSTRUM PROPERTY LIMITED (REGISTERED NUMBER: 12229402)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Mare Nostrum Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern basis
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be 12 months from signing the financial statements. No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the director. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Investment property
Investment property consist of commercial property held for long-term rental yields or for capital appreciation or both, and not held for the social benefit or for use in the business. Investment property is measured at cost, including related transaction costs, on initial recognition and subsequently at fair value as at the year end, with changes in fair value recognised in profit and loss. Subsequent expenditure is capitalised to the asset's carrying value only when it is probable that future economic benefits associated with the expenditure will flow to the company. All other repairs and maintenance costs are expensed when incurred. Fair value is determined by either independent professional third party valuers or company officers, such as the directors. Depreciation is not provided in respect of the investment property. Fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.

Financial instruments
a) Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

b) Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

c) Cash at bank
Cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Cash and bank balances are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.


MARE NOSTRUM PROPERTY LIMITED (REGISTERED NUMBER: 12229402)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 October 2022
and 30 September 2023 492,000
NET BOOK VALUE
At 30 September 2023 492,000
At 30 September 2022 492,000

Investment property has been valued internally by the director, using market values of properties of similar nature and similar location of the property. Based on these valuations a gain of £NIL (2022: £30,000) was recognised in the year. The assumptions used in valuing the property are supported by market evidence, and the director is confident the value of the investment property is accurately reflected above.

Fair value at 30 September 2023 is represented by:
£
Valuation in 2022 30,000
Cost 462,000
492,000

If investment property had not been revalued it would have been included at the following historical cost:

30.9.23 30.9.22
£ £
Cost 462,000 462,000
Aggregate depreciation (36,960 ) (27,720 )

MARE NOSTRUM PROPERTY LIMITED (REGISTERED NUMBER: 12229402)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£ £
Trade debtors 20,000 80,000
Other debtors 100 100
20,100 80,100

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£ £
Taxation and social security 16,106 15,036
Other creditors 960 820
17,066 15,856

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.23 30.9.22
£ £
Other creditors 402,619 481,759

8. RESERVES
Fair value
reserve
£
At 1 October 2022 24,300
Transfer deferred tax on investment property (1,800 )

At 30 September 2023 22,500

9. RELATED PARTY DISCLOSURES

At the reporting date, the company owed £402,619 (2022: £481,759) to a related party. The director is a common member of key management personnel. The amount is unsecured, interest free, has no fixed terms of repayment and is considered to be payable on demand.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MARE NOSTRUM PROPERTY LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mare Nostrum Property Limited for the year ended 30 September 2023 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Mare Nostrum Property Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mare Nostrum Property Limited and state those matters that we have agreed to state to the director of Mare Nostrum Property Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mare Nostrum Property Limited and its director for our work or for this report.

It is your duty to ensure that Mare Nostrum Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mare Nostrum Property Limited. You consider that Mare Nostrum Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mare Nostrum Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cox Costello & Horne
Chartered Accountants and Tax Advisors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ


9 April 2024