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Company Registration No. 09312350 (England and Wales)







M CAREY PROPERTIES LIMITED

UNAUDITED
FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2023




































Riordan O'Sullivan & Co
Chartered Certified Accountants
40 Chamberlayne Road
London
NW10 3JE

 
M CAREY PROPERTIES LIMITED
REGISTERED NUMBER:09312350

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1,865,081
-

Investment property
 5 
6,085,938
6,281,243

  
7,951,019
6,281,243

Current assets
  

Debtors
 6 
88,072
21,951

Cash at bank and in hand
  
4,006
151,630

  
92,078
173,581

Creditors: amounts falling due within one year
 7 
(761,735)
(392,681)

Net current liabilities
  
 
 
(669,657)
 
 
(219,100)

Total assets less current liabilities
  
7,281,362
6,062,143

Creditors: amounts falling due after more than one year
 8 
(6,400,000)
(5,400,000)

  

Net assets
  
881,362
662,143


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
881,262
662,043

  
881,362
662,143


Page 1

 
M CAREY PROPERTIES LIMITED
REGISTERED NUMBER:09312350
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 July 2024.

___________________________
Martin John Carey
Director

Page 2

 
M CAREY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

M Carey Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit E1, The Courtyard, Alban Park, St Albans, AL4 0LA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and investment properties and certain financial instruments at fair value, unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company.
The following principal accounting poicies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

 
2.4

Turnover

Turnover represents rent from property lettings. Turnover is recognised at the fair value of the rent received or receivable excluding value added taxes.

 
2.5

Taxation

Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.

 
2.6

Investment properties

Investment properties are carried at fair value determined by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3

 
M CAREY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Fixed asset investment





Investments in subsidiary companies

£



Cost or valuation


Additions
1,865,081



At 30 November 2023
1,865,081




Fixed asset investment represents the acquisition of the entire share capital of P. A. L Carriers Limited, a company incorporated in England and Wales.


5.


Investment properties


Freehold investment property

£



Valuation


At 1 December 2022
6,281,243


Additions at cost
70,816


Disposals
(266,121)



At 30 November 2023
6,085,938

The director considers that the carrying amounts of the investment property approximate to its fair value.




Page 4

 
M CAREY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by related undertakings
66,121
-

Other debtors
21,951
21,951

88,072
21,951



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,782
2,690

Amounts owed to related undertaking
245,649
290,654

Corporation tax
65,312
68,157

Other taxation and social security
27,992
27,680

Other creditors
412,500
-

Accruals
7,500
3,500

761,735
392,681



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to related undertaking
6,400,000
5,400,000

6,400,000
5,400,000


Amounts owed to related undertaking is unsecured, payable on demand and interest payable at a nominal rate of 2%.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100


Page 5

 
M CAREY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Profit and loss reserves

2023
2022
£
£



Brought forward
662,043
371,484

Profit for the year
219,219
290,559

Carried forward
881,262
662,043


11.


Post balance sheet events

There were no events since the year end which materially affected the company.

 
Page 6