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Registration number: 04586416

Mocrown Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Mocrown Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Mocrown Properties Limited

Company Information

Directors

N. A. Mousley

P. S. Mousley

A. Mousley

A. B. Mousley

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Mocrown Properties Limited

(Registration number: 04586416)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

495,000

495,000

Current assets

 

Debtors

5

4,588

10,401

Cash at bank and in hand

 

18,104

14,705

 

22,692

25,106

Creditors: Amounts falling due within one year

6

(44,388)

(65,531)

Net current liabilities

 

(21,696)

(40,425)

Total assets less current liabilities

 

473,304

454,575

Provisions for liabilities

(8,000)

(8,000)

Net assets

 

465,304

446,575

Capital and reserves

 

Called up share capital

7

96

96

Revaluation reserve

196,957

196,957

Retained earnings

268,251

249,522

Shareholders' funds

 

465,304

446,575

 

Mocrown Properties Limited

(Registration number: 04586416)
Balance Sheet as at 31 January 2024

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................
N. A. Mousley
Director

 

Mocrown Properties Limited

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 and Wales.

The address of its registered office is:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board on 14 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the lease of the investment property in the ordinary course of the company’s activities. Turnover is shown net of value added tax, 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 current and deferred tax. Tax is recognised in the profit and loss account, 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.

 

Mocrown Properties Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. 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 the profit and loss account.

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 2).

 

Mocrown Properties Limited

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

4

Investment properties

£

At 1 February 2023

495,000

At 31 January 2024

495,000

The latest valuation of the investment property was carried out on an open market basis as at 19 June 2019 by APB Leicester LLP, Chartered Surveyors.

The directors are of the opinion that the valuation of the investment property as at the balance sheet date is not materially different from the above valuation.

5

Debtors

Current

2024
£

2023
£

Prepayments

4,588

4,601

Other debtors

-

5,800

 

4,588

10,401

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

5,184

7,170

Amounts owed to connected company

8

30,335

48,500

Taxation and social security

 

7,185

8,933

Accruals and deferred income

 

1,684

928

 

44,388

65,531

 

Mocrown Properties Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

96

96

96

96

         

8

Related party transactions

Summary of transactions with other related parties

The company has received rent of £60,000 (2023 - £54,200) from a company of which the directors of Mocrown Properties Limited are directors.

At 31 January 2024 the company owed £30,335 (2023 - £48,500) to this related party.