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Registration number: 10812928

Mallon Hind Properties Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Mallon Hind Properties Limited

(Registration number: 10812928)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

780,000

780,000

Current assets

 

Debtors

5

158

-

Cash at bank and in hand

 

77,912

50,978

 

78,070

50,978

Creditors: Amounts falling due within one year

6

(845,117)

(828,418)

Net current liabilities

 

(767,047)

(777,440)

Total assets less current liabilities

 

12,953

2,560

Provisions for liabilities

(158)

158

Net assets

 

12,795

2,718

Capital and reserves

 

Called up share capital

100

100

Retained earnings

12,695

2,618

Shareholders' funds

 

12,795

2,718

For the financial year ending 30 June 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 year 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

 

Mallon Hind Properties Limited

(Registration number: 10812928)
Balance Sheet as at 30 June 2023

.........................................
Mrs Alison Boyle
Director

.........................................
Mr Kevin Boyle
Director

 

Mallon Hind Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 2
Shaftsbury Industrial Estate
Letchworth
Hertfordshire
SG6 1HE
United Kingdom

These financial statements were authorised for issue by the Board on 15 March 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities of £767,047 (2022: £777,440). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis the directors feel it is appropriate to prepare these financial statements using the going concern assumption.

 

Mallon Hind Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the rental income of an investment property. Amounts are accrued and deferred as necessary to coincide with the company's year end. 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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors, following a formal valuation carried out in 2019. Changes in fair value are recognised in profit or loss. As a result no depreciation is necessary on investment properties.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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 at the transaction price.

 

Mallon Hind Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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 at the transaction price.

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 year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 July

780,000

At 30 June

780,000


There was an independent valuation carried out by an independent valuer in 2019. The Directors' consider these valuations to be the market value of the investment properties at the year end.

5

Debtors

Current

2023
£

2022
£

Other debtors

158

-

 

158

-

 

Mallon Hind Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

5,778

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

818,189

818,189

Taxation and social security

 

9,911

7,704

Accruals and deferred income

 

9,468

755

Other creditors

 

1,771

1,770

 

845,117

828,418

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

8

Related party transactions

Summary of transactions with parent

At the balance sheet date, the company owed £818,189 (2022: £818,189) to its parent company Mallon Hind Homes Limited. The loan is repayable on demand with no interest being charged.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Mallon Hind Holdings Limited, incorporated in United Kingdom.

 

The ultimate controlling party is Mr K Boyle and Mrs A Boyle, by virtue of their shareholding in the parent company.