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Registration number: 09149759

Masters Property Group Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 August 2022 to 30 November 2023

 

Masters Property Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Masters Property Group Limited

Company Information

Director

Mrs Natalie Masters

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Masters Property Group Limited

(Registration number: 09149759)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

222

171

Other financial assets

6

50,000

50,000

 

50,222

50,171

Current assets

 

Stocks

7

-

6,594

Debtors

8

151,555

198,988

Cash at bank and in hand

 

945

806

 

152,500

206,388

Creditors: Amounts falling due within one year

9

(96)

(16,917)

Net current assets

 

152,404

189,471

Total assets less current liabilities

 

202,626

239,642

Creditors: Amounts falling due after more than one year

9

(317,988)

(264,063)

Net liabilities

 

(115,362)

(24,421)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(115,462)

(24,521)

Shareholders' deficit

 

(115,362)

(24,421)

For the financial period ending 30 November 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 accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 26 July 2024
 

.........................................
Mrs Natalie Masters
Director

 

Masters Property Group Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

These financial statements were authorised for issue by the director on 26 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Masters Property Group Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2 (2022 - 2).

 

Masters Property Group Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023 (continued)

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

224

176

 

Masters Property Group Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

4,180

4,180

Additions

275

275

At 30 November 2023

4,455

4,455

Depreciation

At 1 August 2022

4,009

4,009

Charge for the period

224

224

At 30 November 2023

4,233

4,233

Carrying amount

At 30 November 2023

222

222

At 31 July 2022

171

171

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at amortised cost

50,000

50,000

7

Stocks

2023
£

2022
£

Other inventories

-

6,594

8

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

138,016

197,147

Prepayments

 

158

-

Other debtors

 

13,381

1,841

   

151,555

198,988

 

Masters Property Group Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

95

-

Accruals and deferred income

-

950

Other creditors

1

15,967

96

16,917

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

317,988

264,063

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

37,658

44,663

Other borrowings

280,330

219,400

317,988

264,063

11

Dividends

2023

2022

£

£

Interim dividend of £Nil (2022 - £260.00) per ordinary share

41,500

26,000

 

 

2023

2022

£

£

Interim dividend of £Nil (2022 - £260) per ordinary share

41,500

26,000