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M & N Property Ltd

Unaudited Financial Statements for the Year Ended 31 May 2023






M & N Property Ltd (Registered number: 10173762)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M & N Property Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Mrs M Spencer





REGISTERED OFFICE: 48 - 52 Penny Lane
Mossley Hill
Liverpool
Merseyside
L18 1DG





REGISTERED NUMBER: 10173762 (England and Wales)





ACCOUNTANTS: Matthews Sutton & Co Ltd
Chartered Certified Accountants
48 - 52 Penny Lane
Mossley Hill
Liverpool
Merseyside
L18 1DG

M & N Property Ltd (Registered number: 10173762)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,180 1,573
Investment property 5 2,472,774 2,318,973
2,473,954 2,320,546

CURRENT ASSETS
Cash at bank 175,970 17,838

CREDITORS
Amounts falling due within one year 6 613,845 548,707
NET CURRENT LIABILITIES (437,875 ) (530,869 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,036,079

1,789,677

CREDITORS
Amounts falling due after more than one
year

7

(1,463,316

)

(1,546,961

)

PROVISIONS FOR LIABILITIES (103,416 ) (41,091 )
NET ASSETS 469,347 201,625

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 329,108 141,608
Retained earnings 140,139 59,917
469,347 201,625

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

M & N Property Ltd (Registered number: 10173762)

Balance Sheet - continued
31 May 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 December 2023 and were signed by:





Mrs M Spencer - Director


M & N Property Ltd (Registered number: 10173762)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

M & N Property Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the 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 1 (2022 - 1 ) .

M & N Property Ltd (Registered number: 10173762)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022
and 31 May 2023 3,726
DEPRECIATION
At 1 June 2022 2,153
Charge for year 393
At 31 May 2023 2,546
NET BOOK VALUE
At 31 May 2023 1,180
At 31 May 2022 1,573

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 2,318,973
Revaluations 250,000
Transfer to ownership (96,199 )
At 31 May 2023 2,472,774
NET BOOK VALUE
At 31 May 2023 2,472,774
At 31 May 2022 2,318,973

Investment properties were valued using market data by the director on 31/05/2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 35,119 26,942
Trade creditors 97 141
Taxation and social security 27,343 21,995
Other creditors 551,286 499,629
613,845 548,707

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,463,316 1,546,961

M & N Property Ltd (Registered number: 10173762)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,322,839 1,449,194

8. RESERVES
Fair
value
reserve
£   
At 1 June 2022 141,608
Retained earnings 187,500

At 31 May 2023 329,108