MAC Property (London) Ltd 13173726 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is 68209 Digita Accounts Production Advanced 6.30.9574.0 true true 13173726 2023-02-01 2024-01-31 13173726 2024-01-31 13173726 core:RetainedEarningsAccumulatedLosses 2024-01-31 13173726 core:RevaluationReserve 2024-01-31 13173726 core:ShareCapital 2024-01-31 13173726 core:CurrentFinancialInstruments 2024-01-31 13173726 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 13173726 core:Non-currentFinancialInstruments 2024-01-31 13173726 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 13173726 bus:SmallEntities 2023-02-01 2024-01-31 13173726 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 13173726 bus:FullAccounts 2023-02-01 2024-01-31 13173726 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 13173726 bus:RegisteredOffice 2023-02-01 2024-01-31 13173726 bus:Director1 2023-02-01 2024-01-31 13173726 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13173726 countries:EnglandWales 2023-02-01 2024-01-31 13173726 2023-01-31 13173726 2022-02-01 2023-01-31 13173726 2023-01-31 13173726 core:RetainedEarningsAccumulatedLosses 2023-01-31 13173726 core:RevaluationReserve 2023-01-31 13173726 core:ShareCapital 2023-01-31 13173726 core:CurrentFinancialInstruments 2023-01-31 13173726 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 13173726 core:Non-currentFinancialInstruments 2023-01-31 13173726 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 13173726

MAC Property (London) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

MAC Property (London) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

MAC Property (London) Ltd

Company Information

Director

Mr Mark Anthony Brown

Registered office

Highlands Cottage
Levens Green
Ware
Hertfordshire
SG11 1HD

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

MAC Property (London) Ltd

(Registration number: 13173726)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

600,000

120,000

Current assets

 

Debtors

5

609

125

Cash at bank and in hand

 

55,330

1,364

 

55,939

1,489

Creditors: Amounts falling due within one year

6

(10,468)

(148)

Net current assets

 

45,471

1,341

Total assets less current liabilities

 

645,471

121,341

Creditors: Amounts falling due after more than one year

6

(653,063)

(123,077)

Provisions for liabilities

(8,407)

(4,401)

Net liabilities

 

(15,999)

(6,137)

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

35,841

18,763

Retained earnings

(52,840)

(25,900)

Shareholders' deficit

 

(15,999)

(6,137)

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 2 August 2024
 

.........................................
Mr Mark Anthony Brown
Director

 

MAC Property (London) Ltd

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:
Highlands Cottage
Levens Green
Ware
Hertfordshire
SG11 1HD

These financial statements were authorised for issue by the director on 2 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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 profit or loss.

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.

 

MAC Property (London) Ltd

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

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 the director) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 February

120,000

Additions

458,916

Fair value adjustments

21,084

At 31 January

600,000

The fair value of the property at 31st January 2024 has been arrived at on the basis of a valuation carried out at that date by the director of the company, who is not a professionally qualified valuer. The valuation of £600,000.00 was arrived at by reference to the market evidence of transaction prices for similar properties in its location the property is situated.

 

MAC Property (London) Ltd

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

378

-

Prepayments

231

125

 

609

125

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

10,455

135

Accruals

 

13

13

 

10,468

148

Due after one year

 

Loans and borrowings

7

653,063

123,077

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

653,063

123,077