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COMPANY REGISTRATION NUMBER: 04698578
Mack Propco Limited
Filleted Unaudited Abridged Financial Statements
31 August 2023
Mack Propco Limited
Abridged Financial Statements
Year ended 31 August 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Mack Propco Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Mack Propco Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Mack Propco Limited for the year ended 31 August 2023, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Mack Propco Limited. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Mack Propco Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mack Propco Limited and its director for our work or for this report.
It is your duty to ensure that Mack Propco Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mack Propco Limited. You consider that Mack Propco Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Mack Propco Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
28 August 2024
Mack Propco Limited
Abridged Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,437,044
1,386,518
Current assets
Debtors
8,811
333,658
Cash at bank and in hand
43,104
7,068
--------
---------
51,915
340,726
Creditors: amounts falling due within one year
1,027,460
428,497
------------
---------
Net current liabilities
975,545
87,771
------------
------------
Total assets less current liabilities
1,461,499
1,298,747
Creditors: amounts falling due after more than one year
6
487,870
487,870
Provisions
107,188
------------
------------
Net assets
866,441
810,877
------------
------------
Capital and reserves
Called up share capital
1
1
Other reserves
595,277
Profit and loss account
271,163
810,876
---------
---------
Shareholders funds
866,441
810,877
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the year ending 31 August 2023 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Mack Propco Limited
Abridged Statement of Financial Position (continued)
31 August 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
Mr K Loughnane
Director
Company registration number: 04698578
Mack Propco Limited
Notes to the Abridged Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Bath Road, Cheltenham, Gloucestershire, GL53 7HG.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Revenue from the rent of investment property is measured at the fair value of consideration received or receivable, stated net of discounts and of Value Added Tax, and recognised on a straight line-basis over the lease term.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
The above employee numbers includes unremunerated directors
5. Tangible assets
£
Valuation
At 1 September 2022
1,386,518
Additions
1,050,526
------------
At 31 August 2023
2,437,044
------------
Depreciation
At 1 September 2022 and 31 August 2023
------------
Carrying amount
At 31 August 2023
2,437,044
------------
At 31 August 2022
1,386,518
------------
Included within the above is investment property as follows:
£
At 1 September 2022
1,386,518
Additions
1,050,526
------------
At 31 August 2023
2,437,044
------------
Investment property was valued on an open market basis as at 31 August 2023 by the director. Fair value at 31 August 2023 is represented by:
£
Cost b/fwd 684,053
Valuation b/fwd 702,465
Additions 2023 1,050,526
------------
2,437,044
------------
6. Creditors: amounts falling due after more than one year
Creditors falling due after more than one year includes interest only mortgages of £487,870 (2022: £487,870) which are secured debts by way of fixed and floating charges over the mortgaged properties.
7. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2023
2022
£
£
Reclassification from fair value reserve to profit and loss account
595,277
---------
----
At end of year
595,277
---------
----
The balance of the fair value reserve represents unrealised gains on investment property and is therefore non-distributable
8. Director's advances, credits and guarantees
There were no transactions in the year.
9. Related party transactions
The company was under the control of Mr K Loughnane throughout the current and previous year. The company holds 100% of the share capital of its subsidiary Independent Community Living (Holdings) Limited. No amount is included within the balance sheet in respect of this investment as it was acquired for negligible value. During the year the company entered into transactions with the following companies which are related by virtue of common directorships and control. As at the year end Mack Residential Limited owed the company £8,811 (2022 - £158,705). Mack Residential Limited leases property from the company. As at the year end the company owed B 13 B Unlimited £945,674 (2022 - £Nil). The above related party loans are interest free with no fixed repayment terms.