Company Registration No. 05252868 (England and Wales)
M C C Developments Newcastle Limited
Unaudited accounts
for the year ended 31 December 2023
M C C Developments Newcastle Limited
Unaudited accounts
Contents
M C C Developments Newcastle Limited
Statement of financial position
as at 31 December 2023
Investment property
710,000
710,000
Cash at bank and in hand
20,769
18,744
Creditors: amounts falling due within one year
(163,869)
(82,307)
Net current liabilities
(143,100)
(63,085)
Total assets less current liabilities
566,900
646,915
Creditors: amounts falling due after more than one year
(31,766)
(135,467)
Provisions for liabilities
Deferred tax
(21,000)
(21,000)
Net assets
514,134
490,448
Called up share capital
126,208
126,208
Fair value reserve
83,756
83,756
Profit and loss account
304,170
280,484
Shareholders' funds
514,134
490,448
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2024 and were signed on its behalf by
Clare Dawn McCluskey
Director
Company Registration No. 05252868
M C C Developments Newcastle Limited
Notes to the Accounts
for the year ended 31 December 2023
M C C Developments Newcastle Limited is a private company, limited by shares, registered in England and Wales, registration number 05252868. The registered office is 14 Bell Villas, Ponteland, Newcastle upon Tyne, NE20 9BE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 January 2023
710,000
At 31 December 2023
710,000
Investment property comprises land and buildings at Freeman Way, North Seaton Industrial Estate, Northumberland and land at Crown Road, Sunderland. The fair value of the investment property has been arrived at on the basis of valuations carried out on both properties by Lambert Smith Hampton, Chartered Surveyors, who are not connected with the company, on 30 May 2023 in respect of Freeman Way and 4 May 2023 in respect of Crown Road.
The valuations were made on an open market value basis by reference to an expected initial yield of 8.5% and an equivalent yield of 8.38% in respect of Freeman Way and an expected initial yield of 12.44% and an equivalent yield of 8.96% in respect of Crown Road.
The gain on revaluation, less deferred tax, has been transferred to a fair value reserve.
M C C Developments Newcastle Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
31,767
31,767
Taxes and social security
7,175
8,514
Other creditors
77,939
7,292
Deferred income
15,911
15,911
Other creditors includes non-bank loans totalling £70,581 (2022: £nil). The bank loan is secured on the company's investment property.
7
Creditors: amounts falling due after more than one year
2023
2022
The bank loan is secured on the company's investment property.
8
Transactions with related parties
During the year the company repaid loans totalling £1,353 from a company under the control of an investor in the company. At the year-end, loans from that company, which carry interest and have no fixed repayment date, totalled £70,581. Interest totalling £6,137 was paid on the loan during the year.
During the year the company received consultancy services totalling £12,000 from a company under the control of an investor in the company.
9
Post balance sheet events
On 4 March 2024, the company sold part of the land and buildings situated at Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, to an unconnected third party.
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Average number of employees
During the year the average number of employees was 3 (2022: 3).