Company registration number 14136999 (England and Wales)
L C MASON PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
L C MASON PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
L C MASON PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
185,000
172,950
Current assets
Debtors
-
0
1,087
Cash at bank and in hand
398
10,863
398
11,950
Creditors: amounts falling due within one year
4
(52,870)
(62,663)
Net current liabilities
(52,472)
(50,713)
Total assets less current liabilities
132,528
122,237
Creditors: amounts falling due after more than one year
5
(125,495)
(125,495)
Provisions for liabilities
(1,758)
-
0
Net assets/(liabilities)
5,275
(3,258)
Capital and reserves
Called up share capital
6
1
1
Revaluation reserve
9,037
-
0
Profit and loss reserves
(3,763)
(3,259)
Total equity
5,275
(3,258)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 29 July 2024
Miss L C Mason
Director
Company registration number 14136999 (England and Wales)
L C MASON PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 27 May 2022
-
0
-
0
-
0
-
Period ended 31 May 2023:
Loss and total comprehensive income
-
-
(3,259)
(3,259)
Issue of share capital
6
1
-
-
1
Balance at 31 May 2023
1
-
0
(3,259)
(3,258)
Year ended 31 May 2024:
Profit
-
-
8,533
8,533
Other comprehensive income:
Tax relating to other comprehensive income
-
(3,013)
3,013
-
Total comprehensive income
-
(3,013)
11,546
8,533
Transfers
-
12,050
(12,050)
-
Balance at 31 May 2024
1
9,037
(3,763)
5,275
L C MASON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

L C Mason Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 214 Newport Road, Caldicot, NP26 4AE.

1.1
Reporting period

The previous financial statements covered a period of 53 weeks and as a result the figures are not comparable.

 

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for promotional services provided. Turnover represents the value of goods and services provided in the normal course of business excluding VAT.

 

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss account in other admin expenses.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

L C MASON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 June 2023
172,950
Revaluations
12,050
At 31 May 2024
185,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
52,870
62,663
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
125,495
125,495

Included in other creditors is a mortgage of £125,495 secured over the investment property.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
125,495
125,495
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
L C MASON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Called up share capital
(Continued)
- 5 -
7
Directors' transactions

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. The amount outstanding to the director at the year end was £51,305 (2023: £61,463). This amount being included in creditors; amounts falling due within one year.

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