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REGISTERED NUMBER: 03817412 (England and Wales)















Financial Statements

for the Year Ended 31 July 2023

for

MEGADEAL PROPERTIES LIMITED

MEGADEAL PROPERTIES LIMITED (REGISTERED NUMBER: 03817412)

Contents of the Financial Statements
for the year ended 31 July 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MEGADEAL PROPERTIES LIMITED

Company Information
for the year ended 31 July 2023







Directors: Ms S Skanthan
Mr R Sivanithy





Secretary: Mr R Sivanithy





Registered office: 68 Chartfield Avenue
Putney
London
SW15 6HQ





Registered number: 03817412 (England and Wales)





Accountants: Haines Watts North London LLP
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

MEGADEAL PROPERTIES LIMITED (REGISTERED NUMBER: 03817412)

Balance Sheet
31 July 2023

2023 2022
as restated
Notes £ £ £ £
Fixed assets
Investment property 4 1,750,000 1,888,000

Current assets
Debtors 5 4,561 1,538
Cash at bank 37,627 71,714
42,188 73,252
Creditors
Amounts falling due within one year 6 18,392 13,112
Net current assets 23,796 60,140
Total assets less current liabilities 1,773,796 1,948,140

Creditors
Amounts falling due after more than one year 7 (326,160 ) (373,507 )

Provisions for liabilities (166,474 ) (200,974 )
Net assets 1,281,162 1,373,659

Capital and reserves
Called up share capital 9 2 2
Fair value reserve 1,200,810 1,304,310
Retained earnings 80,350 69,347
Shareholders' funds 1,281,162 1,373,659

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

MEGADEAL PROPERTIES LIMITED (REGISTERED NUMBER: 03817412)

Balance Sheet - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





Ms S Skanthan - Director


MEGADEAL PROPERTIES LIMITED (REGISTERED NUMBER: 03817412)

Notes to the Financial Statements
for the year ended 31 July 2023


1. Statutory information

Megadeal Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

Turnover
Turnover is measured at the fair value of the consideration received from property rental income and development, excluding discounts, rebates, value added tax and other tax sales.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

MEGADEAL PROPERTIES LIMITED (REGISTERED NUMBER: 03817412)

Notes to the Financial Statements - continued
for the year ended 31 July 2023


2. Accounting policies - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

4. Investment property
Total
£
Fair value
At 1 August 2022 1,888,000
Revaluations (138,000 )
At 31 July 2023 1,750,000
Net book value
At 31 July 2023 1,750,000
At 31 July 2022 1,888,000

Fair value at 31 July 2023 is represented by:
£
Valuation in 2018 769,731
Valuation in 2022 618,000
Valuation in 2023 (138,000 )
Cost 500,269
1,750,000

Investment property was valued on an open market basis on 31 July 2023 by the directors .

MEGADEAL PROPERTIES LIMITED (REGISTERED NUMBER: 03817412)

Notes to the Financial Statements - continued
for the year ended 31 July 2023


5. Debtors: amounts falling due within one year
2023 2022
as restated
£ £
Trade debtors 3,755 884
Other debtors 806 654
4,561 1,538

6. Creditors: amounts falling due within one year
2023 2022
as restated
£ £
Trade creditors 6,519 160
Taxation and social security 2,581 4,989
Other creditors 9,292 7,963
18,392 13,112

7. Creditors: amounts falling due after more than one year
2023 2022
as restated
£ £
Bank loans 326,160 373,507

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years. 326,160 373,507

8. Secured debts

The following secured debts are included within creditors:

2023 2022
as restated
£ £
Bank loans 326,160 373,507

A legal charge in favour of The Mortgage Works (UK) PLC is registered over the company's freehold premises.

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£ £
2 Ordinary £1 2 2

MEGADEAL PROPERTIES LIMITED (REGISTERED NUMBER: 03817412)

Notes to the Financial Statements - continued
for the year ended 31 July 2023


10. Related party disclosures

Included in Trade creditors is an amount of £4,417 owed to a company having common directors and shareholders.

Included in Other creditors more than one year is a loan of £110,393 owed to a company having common directors and shareholders.