REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MM5 INVESTMENTS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MM5 INVESTMENTS LTD |
MM5 INVESTMENTS LTD (REGISTERED NUMBER: 11730029) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Report of the Accountants | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
MM5 INVESTMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
MM5 INVESTMENTS LTD |
REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF |
MM5 INVESTMENTS LTD |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on page nil and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
MM5 INVESTMENTS LTD (REGISTERED NUMBER: 11730029) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 | 6,371,826 | 4,971,826 |
CURRENT ASSETS |
Debtors | 5 | 110,658 | 99,402 |
Cash at bank | 14,722 | 7,088 |
125,380 | 106,490 |
CREDITORS |
Amounts falling due within one year | 6 | 1,375,966 | 1,347,504 |
NET CURRENT LIABILITIES | (1,250,586 | ) | (1,241,014 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | 5,121,240 | 3,730,812 |
CREDITORS |
Amounts falling due after more than one year | 7 | (4,705,500 | ) | (3,743,000 | ) |
PROVISIONS FOR LIABILITIES | 9 | (87,048 | ) | - |
NET ASSETS/(LIABILITIES) | 328,692 | (12,188 | ) |
CAPITAL AND RESERVES |
Called up share capital | 1 | 1 |
Revaluation reserve | 10 | 371,098 | - |
Retained earnings | 10 | (42,407 | ) | (12,189 | ) |
SHAREHOLDERS' FUNDS | 328,692 | (12,188 | ) |
The director acknowledges his 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. |
MM5 INVESTMENTS LTD (REGISTERED NUMBER: 11730029) |
BALANCE SHEET - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
MM5 INVESTMENTS LTD (REGISTERED NUMBER: 11730029) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
MM5 Investments Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rent receivable, net of value added tax. |
Turnover is recognised when the company has a right to consideration. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 |
MM5 INVESTMENTS LTD (REGISTERED NUMBER: 11730029) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
Revaluations | 458,146 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
In the opinion of the director the fair value of the investment properties as at 31 March 2023 is not significantly different to that stated above. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by connected companies | 350 | 5,456 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to connected companies | 1,360,389 | 1,335,465 |
Directors' current accounts | 2,996 | - |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans more 5 yrs non-inst | 4,705,500 | 3,743,000 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
MM5 INVESTMENTS LTD (REGISTERED NUMBER: 11730029) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured by a fixed charge over the investment properties of the company and a guarantee from the director limited to the amount of bank loans. The rate of interest charged is 3.79% per annum. The bank loans are repayable by November 2029. |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 87,048 | - |
Deferred |
tax |
£ |
Provided during year | 87,048 |
Balance at 31 March 2023 |
10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | (12,189 | ) | - | (12,189 | ) |
Profit for the year | 340,880 | 340,880 |
Fair value adjustment | (371,098 | ) | 371,098 | - |
At 31 March 2023 | (42,407 | ) | 371,098 | 328,691 |
|
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
12. | ULTIMATE CONTROLLING PARTY |
The company is a subsidiary of Emperor Property (Group) Limited, a company registered in England and Wales. |
The director is the ultimate controller by virtue of his shareholding in Emperor Property (Group) Limited. |