REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
M C Investments Lincoln Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
M C Investments Lincoln Limited |
M C Investments Lincoln Limited (Registered number: 11577011) |
Contents of the Financial Statements |
for the year ended 30 September 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
M C Investments Lincoln Limited |
Company Information |
for the year ended 30 September 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
70 High Street |
LINCOLN |
Lincolnshire |
LN5 8AD |
M C Investments Lincoln Limited (Registered number: 11577011) |
Abridged Statement of Financial Position |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their 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 C Investments Lincoln Limited (Registered number: 11577011) |
Abridged Statement of Financial Position - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
M C Investments Lincoln Limited (Registered number: 11577011) |
Notes to the Financial Statements |
for the year ended 30 September 2023 |
1. | STATUTORY INFORMATION |
M C Investments Lincoln Limited is a |
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 represents rents receivable. |
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. |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. |
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 statement of financial position date. |
Rental income |
The rents received relate to the fixed asset investment property. Rental income from operating leases is recognised on a straight line basis over the term of the lease. |
M C Investments Lincoln Limited (Registered number: 11577011) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
Additions |
Disposals | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Fair value at 30 September 2023 is represented by: |
£ |
Valuation in 2023 | 309,643 |
If the investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 256,400 | 341,090 |
Aggregate depreciation | (32,383 | ) | (27,255 | ) |
The investment properties have been valued by the Directors in line with the market rate which has been based upon properties of a similar nature, in the local area. |
5. | RELATED PARTY DISCLOSURES |
Included in creditors is a balance of £224,625 (2022: £341,865) representing amounts owed to Mr M Cheetham £144,150 (2022: £264,150) and Mr P Truelove £80,475 (2022: £77,715), directors of the company. These loans are interest free and not secured. |