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COMPANY REGISTRATION NUMBER: 09382050
Market Place Properties Limited
Filleted Unaudited Financial Statements
1 February 2023
Market Place Properties Limited
Statement of Financial Position
1 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,600,000
1,500,000
Current assets
Stocks
263,216
381,587
Debtors
6
4,811
40
Cash at bank and in hand
7,951
10,810
---------
---------
275,978
392,437
Creditors: amounts falling due within one year
7
702,955
699,112
---------
---------
Net current liabilities
426,977
306,675
------------
------------
Total assets less current liabilities
1,173,023
1,193,325
Creditors: amounts falling due after more than one year
8
1,055,440
1,121,691
Provisions
Taxation including deferred tax
111,700
91,700
------------
------------
Net assets/(liabilities)
5,883
( 20,066)
------------
------------
Capital and reserves
Called up share capital
1
1
Revaluation reserve
525,987
445,987
Profit and loss account
( 520,105)
( 466,054)
---------
---------
Shareholders funds/(deficit)
5,883
( 20,066)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 1 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Market Place Properties Limited
Statement of Financial Position (continued)
1 February 2023
These financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
Mr M L Waldman
Director
Company registration number: 09382050
Market Place Properties Limited
Notes to the Financial Statements
Year ended 1 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, NW11 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents monies received (excluding value added tax) from sale of proertty.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Land and buildings
£
Cost or valuation
At 1 February 2022
1,500,000
Revaluations
100,000
------------
At 1 February 2023
1,600,000
------------
Depreciation
At 1 February 2022 and 1 February 2023
------------
Carrying amount
At 1 February 2023
1,600,000
------------
At 31 January 2022
1,500,000
------------
Tangible assets held at valuation
The revaluation of the investment properties was made by the director on an open market value for existing use basis at the end of 31 January 2020 .
6. Debtors
2023
2022
£
£
Other debtors
4,811
40
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,966
Corporation tax
10,234
10,234
Amounts owed to related undertakings
50,506
73,489
Other creditors
638,249
615,389
---------
---------
702,955
699,112
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,055,440
1,121,691
------------
------------
9. Analysis of other comprehensive income
Revaluation reserve
£
Year ended 1 February 2023
Revaluation of tangible assets
80,000
--------
10. Related party transactions
The company was under the control of Mr M L Waldman and Mrs E Waldman throughout the current year. Mr Waldman is the managing director.