Registered number
10959722
MYP Estates Limited
Filleted Accounts
31 March 2023
MYP Estates Limited
Registered number: 10959722
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 364,099 100,000
Current assets
Debtors 4 753 402
Cash at bank and in hand 11,834 243,377
12,587 243,779
Creditors: amounts falling due within one year 5 (323,796) (285,432)
Net current liabilities (311,209) (41,653)
Total assets less current liabilities 52,890 58,347
Creditors: amounts falling due after more than one year 6 (4,050) (6,000)
Net assets 48,840 52,347
Capital and reserves
Called up share capital 100 100
Profit and loss account 48,740 52,247
Shareholder's funds 48,840 52,347
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Y Patel
Director
Approved by the board on 22 December 2023
MYP Estates Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received, net of discounts and value added taxes. Turnover relates to rental income received on properties owned by the company, rental income is recognised when it is received by the tenant in order to allow for any potential bad or doubtful debts.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Investments
Other
investments
£
Fair value
At 1 April 2022 100,000
Additions 264,099
At 31 March 2023 364,099
Historical cost
At 1 April 2022 89,423
At 31 March 2023 353,522
Property investments are revalued by the director annually based upon current estimated market value.
4 Debtors 2023 2022
£ £
Prepayments 399 152
Other debtors 354 250
753 402
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,800 1,800
Taxation and social security costs - 1,039
Accruals 840 840
Directors loan account 321,156 281,753
323,796 285,432
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 4,050 6,000
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr M Y Patel
Directors loan account (281,753) 132,672 (172,075) (321,156)
(281,753) 132,672 (172,075) (321,156)
8 Controlling party
The company is controlled by Mr M Y Patel by virtue of his 100% shareholding.
9 Other information
MYP Estates Limited is a private company limited by shares and incorporated in England. Its registered office is:
251a Ashworth Lane
Bolton
BL1 8RX
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