Registered number
11664242
MProperties Limited
Filleted Accounts
30 November 2023
MProperties Limited
Registered number: 11664242
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 741,781 782,095
Current assets
Debtors 4 3,412 3,412
Cash at bank and in hand 7,970 4,506
11,382 7,918
Creditors: amounts falling due within one year 5 (1,953) (1,130)
Net current assets 9,429 6,788
Total assets less current liabilities 751,210 788,883
Creditors: amounts falling due after more than one year 6 (706,789) (712,477)
Net assets 44,421 76,406
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 26,500 66,500
Profit and loss account 17,821 9,806
Shareholders' funds 44,421 76,406
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Miraj Patel
Director
Approved by the board on 9 August 2024
MProperties Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture 20% reducing balance
Mobile telephone 50% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Furniture Mobile telephone Total
£ £ £ £
Cost
At 1 December 2022 781,205 665 1,098 782,968
Additions - 379 - 379
Surplus on revaluation (40,000) - - (40,000)
At 30 November 2023 741,205 1,044 1,098 743,347
Depreciation
At 1 December 2022 - 324 549 873
Charge for the year - 144 549 693
At 30 November 2023 - 468 1,098 1,566
Net book value
At 30 November 2023 741,205 576 - 741,781
At 30 November 2022 781,205 341 549 782,095
Freehold land and buildings: 2023 2022
£ £
Historical cost 723,257 723,257
Cumulative depreciation based on historical cost - -
723,257 723,257
4 Debtors 2023 2022
£ £
Other debtors 3,412 3,412
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 1,953 1,130
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 523,672 523,672
Other creditors 183,117 188,805
706,789 712,477
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 523,672 523,672
8 Revaluation reserve 2023 2022
£ £
At 1 December 2022 66,500 133,983
Loss on revaluation of land and buildings (40,000) (67,483)
At 30 November 2023 26,500 66,500
9 Other information
MProperties Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Fox Grove
Walton-on-Thames
KT12 2AT
MProperties Limited 11664242 false 2022-12-01 2023-11-30 2023-11-30 VT Final Accounts April 2024 Mr Miraj Patel No description of principal activity 11664242 2021-12-01 2022-11-30 11664242 core:RevaluationReserve core:LandBuildings 2021-12-01 2022-11-30 11664242 core:WithinOneYear 2022-11-30 11664242 core:AfterOneYear 2022-11-30 11664242 core:ShareCapital 2022-11-30 11664242 core:OtherReservesSubtotal 2022-11-30 11664242 core:RetainedEarningsAccumulatedLosses 2022-11-30 11664242 core:RevaluationReserve 2021-11-30 11664242 2022-12-01 2023-11-30 11664242 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 11664242 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 11664242 bus:Director40 2022-12-01 2023-11-30 11664242 1 2022-12-01 2023-11-30 11664242 2 2022-12-01 2023-11-30 11664242 core:LandBuildings 2022-12-01 2023-11-30 11664242 core:PlantMachinery 2022-12-01 2023-11-30 11664242 core:Vehicles 2022-12-01 2023-11-30 11664242 core:RevaluationReserve core:LandBuildings 2022-12-01 2023-11-30 11664242 countries:England 2022-12-01 2023-11-30 11664242 bus:FRS102 2022-12-01 2023-11-30 11664242 bus:FilletedAccounts 2022-12-01 2023-11-30 11664242 2023-11-30 11664242 core:WithinOneYear 2023-11-30 11664242 core:AfterOneYear 2023-11-30 11664242 core:ShareCapital 2023-11-30 11664242 core:OtherReservesSubtotal 2023-11-30 11664242 core:RetainedEarningsAccumulatedLosses 2023-11-30 11664242 core:LandBuildings 2023-11-30 11664242 core:PlantMachinery 2023-11-30 11664242 core:Vehicles 2023-11-30 11664242 core:RevaluationReserve 2023-11-30 11664242 2022-11-30 11664242 core:LandBuildings 2022-11-30 11664242 core:PlantMachinery 2022-11-30 11664242 core:Vehicles 2022-11-30 11664242 core:RevaluationReserve 2022-11-30 iso4217:GBP xbrli:pure