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Registration number: 11079370

MM Property Solutions (South West) Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2024

 

MM Property Solutions (South West) Limited
(Registration number: 11079370)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

MM Property Solutions (South West) Limited
(Registration number: 11079370)

Company Information

Director

Mr M Margrie

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

MM Property Solutions (South West) Limited
(Registration number: 11079370)

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

5,174

Investment property

5

2,055,000

1,959,293

 

2,055,000

1,964,467

Current assets

 

Debtors

6

23,559

53,222

Cash at bank and in hand

 

(267)

2,641

 

23,292

55,863

Creditors: Amounts falling due within one year

7

(15,844)

(40,837)

Net current assets

 

7,448

15,026

Total assets less current liabilities

 

2,062,448

1,979,493

Creditors: Amounts falling due after more than one year

7

(1,623,145)

(1,619,324)

Provisions for liabilities

(149,002)

(104,366)

Net assets

 

290,301

255,803

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

447,012

517,122

Profit and loss account

(156,811)

(261,419)

Total equity

 

290,301

255,803

For the financial year ending 31 January 2024 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 year in question in accordance with section 476; and

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

 

MM Property Solutions (South West) Limited
(Registration number: 11079370)

Balance Sheet as at 31 January 2024

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 August 2024
 

.........................................
Mr M Margrie
Director

 

MM Property Solutions (South West) Limited
(Registration number: 11079370)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

MM Property Solutions (South West) Limited
(Registration number: 11079370)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Asset class

Depreciation method and rate

Investment Property

Not depreciated

Fixtures and fittings

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

MM Property Solutions (South West) Limited
(Registration number: 11079370)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 year, was 1 (2023 - 1).

 

MM Property Solutions (South West) Limited
(Registration number: 11079370)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

30,724

30,724

At 31 January 2024

30,724

30,724

Depreciation

At 1 February 2023

25,550

25,550

Charge for the year

5,174

5,174

At 31 January 2024

30,724

30,724

Carrying amount

At 31 January 2024

-

-

At 31 January 2023

5,174

5,174

5

Investment properties

2024
£

At 1 February 2023

1,959,293

Additions

16,813

Fair value adjustments

78,894

At 31 January 2024

2,055,000

The investment properties were revalued on 31 January 2024 by the director, on an open market basis.
This class of assets has a current value of £2,055,000 (2023: £1,959,293) and a carrying amount at historical cost of £1,458,554 (2023 : £1,441,741).

6

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

10,886

-

Other debtors

 

1,170

39,515

Prepayments and accrued income

 

11,503

13,707

Total current trade and other debtors

 

23,559

53,222

 

MM Property Solutions (South West) Limited
(Registration number: 11079370)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

-

31,946

Other creditors

 

4,579

1,440

Accrued expenses

 

2,636

1,736

Deferred income

 

8,629

5,715

 

15,844

40,837

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,623,145

1,619,324

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

1,623,145

1,619,324

-

-

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,623,145

1,619,324

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years not by instalments

1,623,145

1,619,324

 

MM Property Solutions (South West) Limited
(Registration number: 11079370)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Related party transactions

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Director 1 - Interest Free Loan

38,345

16,696

(55,041)

-

         

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Director 1 - Interest Free Loan

32,148

91,721

(85,524)

38,345