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COMPANY REGISTRATION NUMBER: 08791188
MSN Property Investment Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
MSN Property Investment Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
1,366,951
1,106,941
Current assets
Debtors
5
16,150
5,365
Investments
6
6,471
62,706
Cash at bank and in hand
6,757
10,937
--------
--------
29,378
79,008
Creditors: amounts falling due within one year
7
710,543
469,197
---------
---------
Net current liabilities
681,165
390,189
------------
------------
Total assets less current liabilities
685,786
716,752
Creditors: amounts falling due after more than one year
8
475,000
475,000
Provisions
Taxation including deferred tax
52,407
61,282
---------
---------
Net assets
158,379
180,470
---------
---------
MSN Property Investment Limited
Statement of Financial Position (continued)
30 November 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1
1
Revaluation reserve
159,891
184,516
Profit and loss account
( 1,513)
( 4,047)
---------
---------
Shareholders funds
158,379
180,470
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 August 2024 , and are signed on behalf of the board by:
M Hayes
Director
Company registration number: 08791188
MSN Property Investment Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Barrington House, Leake Road, Costock, Loughborough, Leicestershire, LE12 6XA. The company name was changed from Madison Summer Properties Limited to MSN Property Investment Limited on 13 March 2024.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Going concern
The company has net liabilities however it has the support from the director. For this reason the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 December 2022
1,106,000
3,767
1,109,767
Additions
296,451
296,451
Revaluations
( 35,500)
( 35,500)
------------
-------
------------
At 30 November 2023
1,366,951
3,767
1,370,718
------------
-------
------------
Depreciation
At 1 December 2022
2,826
2,826
Charge for the year
941
941
------------
-------
------------
At 30 November 2023
3,767
3,767
------------
-------
------------
Carrying amount
At 30 November 2023
1,366,951
1,366,951
------------
-------
------------
At 30 November 2022
1,106,000
941
1,106,941
------------
-------
------------
Investment properties are revalued annually by the directors.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 November 2023
Aggregate cost
1,157,325
Aggregate depreciation
(81,681)
------------
Carrying value
1,075,644
------------
At 30 November 2022
Aggregate cost
860,874
Aggregate depreciation
(62,345)
---------
Carrying value
798,529
---------
5. Debtors
2023
2022
£
£
Trade debtors
12,850
Other debtors
3,300
5,365
--------
-------
16,150
5,365
--------
-------
6. Investments
2023
2022
£
£
Other investments
6,471
62,706
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,875
12,875
Social security and other taxes
921
1,736
Other creditors
688,747
454,586
---------
---------
710,543
469,197
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
475,000
475,000
---------
---------
Bank loans are secured on assets to which they relate.
9. Related party transactions
During the year the director transferred an interest in an investment property and its mortgage to the company. The cost of the property was £296,451 and the outstanding mortgage at the year end is £105,228.