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Mallard Property (Exeter) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2023

Registration number: 09729264

 

Mallard Property (Exeter) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Mallard Property (Exeter) Limited

Company Information

Director

Mr A Trump

Registered office

Vici House
2 Mallard Road
Sowton
Exeter
Devon
EX2 7LD

Accountants

Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

Mallard Property (Exeter) Limited

Balance Sheet

31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

838,000

805,000

Current assets

 

Debtors

5

4,125

4,950

Cash at bank and in hand

 

15,921

17,264

 

20,046

22,214

Creditors: Amounts falling due within one year

6

(358,265)

(339,824)

Net current liabilities

 

(338,219)

(317,610)

Total assets less current liabilities

 

499,781

487,390

Creditors: Amounts falling due after more than one year

6

(263,228)

(292,475)

Provisions for liabilities

(30,360)

(24,090)

Net assets

 

206,193

170,825

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

206,093

170,725

Shareholders' funds

 

206,193

170,825

 

Mallard Property (Exeter) Limited

Balance Sheet

31 August 2023

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 February 2024
 

.........................................
Mr A Trump
Director

Company Registration Number: 09729264

 

Mallard Property (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 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:
Vici House
2 Mallard Road
Sowton
Exeter
Devon
EX2 7LD

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS102.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable in respect of rental amounts receivable during the year.

 

Mallard Property (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

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 corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment properties are measured at fair value annually with any change recognised in the profit and loss account. Fair value is determined by the director using his knowledge of current market prices, primarily driven by rental yields.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 September

805,000

Fair value adjustments

33,000

At 31 August

838,000

5

Debtors

2023
 £

2022
 £

Prepayments

4,125

4,950

4,125

4,950

 

Mallard Property (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Trade creditors

87

157

Other creditors

353,943

335,421

Accrued expenses

2,208

2,246

Corporation tax

2,027

2,000

358,265

339,824

Due after one year

Loans and borrowings

263,228

292,475

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

263,228

292,475

The bank loan is secured on the assets of the company by way of a legal mortgage over its investment property.

Creditors include bank loans repayable by instalments of £Nil (2022 - £292,475) due after more than five years.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Mallard Property (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

8

Related party transactions

Summary of transactions with other related parties

The company receives finance from a company under the control of its director, all amounts advanced are repayable on demand and attract interest at 3% per annum. During the period interest totalling £10,344 (2022: £9,661) was charged and other amounts totalling £8,180 (2022: £Nil) was advanced to the company. The balance outstanding at the period end was £353,943 (2022: £335,419).
 

9

Reserves

Included within the profit and loss account balance is £173,824 (2022: £147,094) of non-distributable reserves. These reserves represent the cumulative unrealised revaluation gains on investment property, net of the provision of deferred taxation thereon.