Company Registration No. 10471014 (England and Wales)
2 Me 2 You Property Development Ltd
Unaudited accounts
for the year ended 30 November 2023
2 Me 2 You Property Development Ltd
Unaudited accounts
Contents
2 Me 2 You Property Development Ltd
Company Information
for the year ended 30 November 2023
Directors
Charles Trimmings
Michael Bray
Company Number
10471014 (England and Wales)
Registered Office
c/o Anumerate Office 2.05 Clockwise
Old Town Hall, 30 Tweedy Road
Bromley
BR1 3FE
England
Accountants
Anumerate Limited
Office 2.05, Clockwise
Old Town Hall
30 Tweedy Road
Bromley
BR13FE
2 Me 2 You Property Development Ltd
Statement of financial position
as at 30 November 2023
Investment property
670,000
680,000
Cash at bank and in hand
29,091
25,970
Creditors: amounts falling due within one year
(1,050)
(1,625)
Net current assets
28,041
24,345
Total assets less current liabilities
698,041
704,345
Creditors: amounts falling due after more than one year
(711,570)
(711,570)
Net liabilities
(13,529)
(7,225)
Called up share capital
1
1
Profit and loss account
(13,530)
(7,226)
Shareholders' funds
(13,529)
(7,225)
For the year ending 30 November 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 16 August 2024 and were signed on its behalf by
Michael Bray
Director
Company Registration No. 10471014
2 Me 2 You Property Development Ltd
Notes to the Accounts
for the year ended 30 November 2023
2 Me 2 You Property Development Ltd is a private company, limited by shares, registered in England and Wales, registration number 10471014. The registered office is c/o Anumerate Office 2.05 Clockwise, Old Town Hall, 30 Tweedy Road, Bromley, BR1 3FE, England.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
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. 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.
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.
The Directors are of the opinion that the Company is a going concern.
Fair value at 1 December 2022
680,000
Net loss from fair value adjustments
(10,000)
At 30 November 2023
670,000
2 Me 2 You Property Development Ltd
Notes to the Accounts
for the year ended 30 November 2023
5
Creditors: amounts falling due within one year
2023
2022
Creditors due within one year is comprised of accounting fees £1,050 (2021: £1,625).
The related parties loans are now due after one year.
6
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
441,570
441,570
Other creditors
270,000
270,000
£441,570 (2022: £441,570) of this balance relates to the mortgages on the investment properties with Charter Court Financial Services Limited. The mortgages are interest-only with no capital repayments, and incur interest at 3.5%. The remaining mortgage terms are 22 years on all properties.
Other creditors as at 30 November 2023 of £270,000 (2022: £270,000) comprised:
The Practical Ciso Limited - £135,000 (2022: £135,000)
Michael Bray (Director) - £67,500 (2022: £67,500)
Gemma Bray - £67,500 (2022: £67,500)
The loan balances owed to The Practical Ciso Ltd, Michael Bray and Gemma Bray remained unchanged from the previous year.
The loans are unsecured, interest-free and with no fixed terms of repayment.
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
8
Transactions with related parties
The Practical Ciso Limited is a related party of the Company by virtue of having a Director in common.
The balance of £135,000 owed to The Practical Ciso Ltd remained unchanged from the previous year.
The balance of £135,000 owed in equal parts to Michael Bray, a director, and his wife Gemma Bray, remain unchanged from the previous year.
The loans are unsecured, interest-free and with no fixed terms of repayment.
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).