Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30false2022-12-01No description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03667678 2022-12-01 2023-11-30 03667678 2021-12-01 2022-11-30 03667678 2023-11-30 03667678 2022-11-30 03667678 c:Director1 2022-12-01 2023-11-30 03667678 d:FurnitureFittings 2022-12-01 2023-11-30 03667678 d:FurnitureFittings 2023-11-30 03667678 d:FurnitureFittings 2022-11-30 03667678 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03667678 d:FreeholdInvestmentProperty 2023-11-30 03667678 d:FreeholdInvestmentProperty 2022-11-30 03667678 d:FreeholdInvestmentProperty 2 2022-12-01 2023-11-30 03667678 d:CurrentFinancialInstruments 2023-11-30 03667678 d:CurrentFinancialInstruments 2022-11-30 03667678 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 03667678 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 03667678 d:ShareCapital 2023-11-30 03667678 d:ShareCapital 2022-11-30 03667678 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 03667678 d:RetainedEarningsAccumulatedLosses 2023-11-30 03667678 d:RetainedEarningsAccumulatedLosses 2022-11-30 03667678 c:FRS102 2022-12-01 2023-11-30 03667678 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 03667678 c:FullAccounts 2022-12-01 2023-11-30 03667678 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 03667678 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 03667678 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 03667678 d:OtherDeferredTax 2023-11-30 03667678 d:OtherDeferredTax 2022-11-30 03667678 2 2022-12-01 2023-11-30 03667678 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 03667678










M.A.D. PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
M.A.D. PROPERTIES LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF M.A.D. PROPERTIES LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M.A.D. Properties Limited for the year ended 30 November 2020 which comprise  the Balance sheet 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 https://www.icaew.com /regulation.

This report is made solely to the director of M.A.D. Properties Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of M.A.D. Properties Limited and state those matters that we have agreed to state to the director of M.A.D. Properties Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M.A.D. Properties Limited and its director for our work or for this report. 

It is your duty to ensure that M.A.D. Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M.A.D. Properties Limited. You consider that M.A.D. Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of M.A.D. Properties 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 financial statements.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff on Sea
Essex
SS0 9PE
27 August 2024
Page 1

 
M.A.D. PROPERTIES LIMITED
REGISTERED NUMBER: 03667678

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,904
1,737

Investment property
 5 
1,350,000
1,275,000

  
1,351,904
1,276,737

Current assets
  

Cash at bank and in hand
 6 
49,965
60,158

  
49,965
60,158

Creditors: amounts falling due within one year
 7 
(82,765)
(110,699)

Net current liabilities
  
 
 
(32,800)
 
 
(50,541)

Total assets less current liabilities
  
1,319,104
1,226,196

Provisions for liabilities
  

Deferred tax
 8 
(111,947)
(81,952)

  
 
 
(111,947)
 
 
(81,952)

Net assets
  
1,207,157
1,144,244


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 9 
1,207,057
1,144,144

  
1,207,157
1,144,244


Page 2

 
M.A.D. PROPERTIES LIMITED
REGISTERED NUMBER: 03667678

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 her 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 statement of income and retained earnings 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 27 August 2024.




M. Bean
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
M.A.D. PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

M.A.D Properties Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03667678. The registered office is: 
Kingsridge House,
601 London Road,
Westcliff on Sea,
Essex, 
SS0 9PE. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
M.A.D. PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment
-
15% reducing balance.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

 Investment property is carried at fair value determined annually by the director 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 the Statement of income and retained earnings.

Page 5

 
M.A.D. PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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

Page 6

 
M.A.D. PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Fixtures, fittings & equipment

£



Cost 


At 1 December 2022
4,157


Additions
453



At 30 November 2023

4,610



Depreciation


At 1 December 2022
2,420


Charge for the year on owned assets
286



At 30 November 2023

2,706



Net book value



At 30 November 2023
1,904



At 30 November 2022
1,737

Page 7

 
M.A.D. PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
1,275,000


Surplus on revaluation
75,000



At 30 November 2023
1,350,000


Comprising


Cost
595,900

Annual revaluation surplus/(deficit):


Pre 2015
679,100

2023
75,000

At 30 November 2023
1,350,000

The 2023 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
595,900
595,900

595,900
595,900


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
49,965
60,158

49,965
60,158


Page 8

 
M.A.D. PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,849
1,795

Corporation tax
14,957
11,988

Other creditors
55,959
86,916

Accruals and deferred income
10,000
10,000

82,765
110,699


Page 9

 
M.A.D. PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Deferred taxation




2023


£






At beginning of year
81,952


Charged to profit or loss
29,995



At end of year
111,947

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
438
330

Property revaluation
111,509
81,622

111,947
81,952


9.


Reserves

Profit and loss account

The profit and loss account comprises the retained profits of the company. Included within this reserve is £642,591 (2022 £597,478) relating to the fair value adjustment of investment properties, net of potential deferred tax thereon, which is undistributable.


10.


Related party transactions

During the year the company paid dividends in the amount of £40,000 (2022 £40,000) to the director.
 


Page 10