Silverfin false 31/03/2023 01/04/2022 31/03/2023 B Mackin 28/03/2007 M Mackin 28/03/2007 J Mackin 14/03/2013 12 March 2024 The principal activity of the Company is that of property investment. 06188518 2023-03-31 06188518 bus:Director1 2023-03-31 06188518 bus:Director2 2023-03-31 06188518 bus:Director3 2023-03-31 06188518 2022-03-31 06188518 core:CurrentFinancialInstruments 2023-03-31 06188518 core:CurrentFinancialInstruments 2022-03-31 06188518 core:Non-currentFinancialInstruments 2023-03-31 06188518 core:Non-currentFinancialInstruments 2022-03-31 06188518 core:ShareCapital 2023-03-31 06188518 core:ShareCapital 2022-03-31 06188518 core:RevaluationReserve 2023-03-31 06188518 core:RevaluationReserve 2022-03-31 06188518 core:RetainedEarningsAccumulatedLosses 2023-03-31 06188518 core:RetainedEarningsAccumulatedLosses 2022-03-31 06188518 core:InvestmentPropertyIncludedWithinPPE 2022-03-31 06188518 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 06188518 2021-03-31 06188518 bus:OrdinaryShareClass1 2023-03-31 06188518 2022-04-01 2023-03-31 06188518 bus:FullAccounts 2022-04-01 2023-03-31 06188518 bus:SmallEntities 2022-04-01 2023-03-31 06188518 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06188518 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06188518 bus:Director1 2022-04-01 2023-03-31 06188518 bus:Director2 2022-04-01 2023-03-31 06188518 bus:Director3 2022-04-01 2023-03-31 06188518 2021-04-01 2022-03-31 06188518 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 06188518 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06188518 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06188518 (England and Wales)

MACKIN PROPERTY DEVELOPMENT LTD

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MACKIN PROPERTY DEVELOPMENT LTD

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MACKIN PROPERTY DEVELOPMENT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
MACKIN PROPERTY DEVELOPMENT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,560,000 2,560,000
2,560,000 2,560,000
Current assets
Debtors 4 316,516 304,632
Cash at bank and in hand 100,120 90,683
416,636 395,315
Creditors: amounts falling due within one year 5 ( 67,745) ( 85,552)
Net current assets 348,891 309,763
Total assets less current liabilities 2,908,891 2,869,763
Creditors: amounts falling due after more than one year 6 ( 1,711,911) ( 1,711,493)
Provision for liabilities 7 ( 205,172) ( 205,172)
Net assets 991,808 953,098
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 874,680 874,680
Profit and loss account 117,028 78,318
Total shareholders' funds 991,808 953,098

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

Directors' responsibilities:

The financial statements of Mackin Property Development Ltd (registered number: 06188518) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Mackin
Director

12 March 2024

MACKIN PROPERTY DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MACKIN PROPERTY DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mackin Property Development Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £1.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Investment property Total
£ £
Cost
At 01 April 2022 2,560,000 2,560,000
At 31 March 2023 2,560,000 2,560,000
Accumulated depreciation
At 01 April 2022 0 0
At 31 March 2023 0 0
Net book value
At 31 March 2023 2,560,000 2,560,000
At 31 March 2022 2,560,000 2,560,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.

Revaluation of tangible assets

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historical cost 1,480,147 1,480,147
Carrying value 1,480,147 1,480,147

4. Debtors

2023 2022
£ £
Other debtors 316,516 304,632

5. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 3,300 3,000
Taxation and social security 13,533 31,640
Other creditors 50,912 50,912
67,745 85,552

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 1,711,911 1,711,493

The bank loans are secured on the properties to which they relate.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 205,172) ( 205,172)
At the end of financial year ( 205,172) ( 205,172)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100