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Registration number: 08490058

INM & MC Properties Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Period from 30 April 2022 to 28 April 2023

 

INM & MC Properties Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

INM & MC Properties Ltd

Company Information

Directors

Mrs Loretta Goldsmith

Mr Mark Cromby

Registered office

1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

INM & MC Properties Ltd

(Registration number: 08490058)
Balance Sheet as at 28 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

107,635

108,542

Investment property

5

48,448

40,768

 

156,083

149,310

Current assets

 

Stocks

6

20,468

20,468

Debtors

7

13,254

8,556

Cash at bank and in hand

 

19,985

39,372

 

53,707

68,396

Creditors: Amounts falling due within one year

8

(84,249)

(110,609)

Net current liabilities

 

(30,542)

(42,213)

Net assets

 

125,541

107,097

Capital and reserves

 

Called up share capital

2

2

Retained earnings

125,539

107,095

Shareholders' funds

 

125,541

107,097

For the financial period ending 28 April 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 period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 April 2024 and signed on its behalf by:
 

.........................................
Mrs Loretta Goldsmith
Director

 

INM & MC Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 30 April 2022 to 28 April 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:
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE
United Kingdom

These financial statements were authorised for issue by the Board on 16 April 2024.

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.

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.

 

INM & MC Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 30 April 2022 to 28 April 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, as follows:

Asset class

Depreciation method and rate

Leasehold Premium

Straight line over 125 years

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

INM & MC Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 30 April 2022 to 28 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

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

 

INM & MC Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 30 April 2022 to 28 April 2023

4

Tangible assets

Long leasehold land and buildings
£

Total
£

Cost or valuation

At 30 April 2022

113,062

113,062

At 28 April 2023

113,062

113,062

Depreciation

At 30 April 2022

4,520

4,520

Charge for the period

907

907

At 28 April 2023

5,427

5,427

Carrying amount

At 28 April 2023

107,635

107,635

At 29 April 2022

108,542

108,542

Included within the net book value of land and buildings above is £107,636 (2022 - £108,542) in respect of long leasehold land and buildings.
 

5

Investment properties

2023
£

At 30 April

40,768

Acquired through business combinations

7,680

At 28 April

48,448

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Other inventories

20,468

20,468

7

Debtors

Current

2023
£

2022
£

Trade debtors

9,747

4,886

Other debtors

3,507

3,670

 

13,254

8,556

 

INM & MC Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 30 April 2022 to 28 April 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and other borrowings

9

2,999

3,000

Trade creditors

 

5,155

5,231

Taxation and social security

 

281

1,447

Other creditors

 

75,814

100,931

 

84,249

110,609

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

2,999

3,000