Registered number
10408297
M&K Property Management Ltd
Filleted Accounts
31 October 2023
M&K Property Management Ltd
Registered number: 10408297
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 190,000 190,000
Current assets
Cash at bank and in hand 1,824 796
Creditors: amounts falling due within one year 4 (46,158) (49,178)
Net current liabilities (44,334) (48,382)
Total assets less current liabilities 145,666 141,618
Creditors: amounts falling due after more than one year 5 (104,045) (104,045)
Provisions for liabilities (9,099) (9,099)
Net assets 32,522 28,474
Capital and reserves
Called up share capital 4 4
Profit and loss account 32,518 28,470
Shareholders' funds 32,522 28,474
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Morgan N Kimberley
Directors
Approved by the board on 25 July 2024
M&K Property Management Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the profit & loss account.
Debtors and Creditors receivable/payable within one year
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 the profit and loss account in administrative expenses.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment Property
£
Cost
At 1 November 2022 190,000
At 31 October 2023 190,000
Depreciation
At 31 October 2023 -
Net book value
At 31 October 2023 190,000
At 31 October 2022 190,000
4 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 46,158 49,178
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 104,045 104,045
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 104,045 104,045
A charge was created in February 2017 over the investment property by the mortgage provider.
7 Related party transactions
As at 31.10.2023, the directors were owed the following amounts:- N Kimberley £22,846, G Morgan £22,832.
8 Controlling party
The company is controlled by the Directors.
9 Other information
M&K Property Management Ltd is a private company limited by shares and incorporated in England & Wales. Its registered office is:
3 Cunningham Close
Cardiff
CF23 5QE
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