Company Registration No. 09833332 (England and Wales)
M & C Residential Ltd.
Unaudited accounts
for the year ended 30 November 2023
M & C Residential Ltd.
Unaudited accounts
Contents
M & C Residential Ltd.
Company Information
for the year ended 30 November 2023
Directors
Alexandra Blair Paton
Christopher Paton
Company Number
09833332 (England and Wales)
Registered Office
40 Warton Terrace
Newcastle upon Tyne
NE6 5LS
England
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
M & C Residential Ltd.
Accountants' report
Accountants' report to the board of directors of M & C Residential Ltd. on the preparation of the unaudited statutory accounts for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
M & C Residential Ltd. for the year ended
30 November 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of M & C Residential Ltd., as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of M & C Residential Ltd. and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M & C Residential Ltd. and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that M & C Residential Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of M & C Residential Ltd.. You consider that M & C Residential Ltd. 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 accounts of M & C Residential Ltd.. 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 accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
2 May 2024
M & C Residential Ltd.
Statement of financial position
as at 30 November 2023
Investment property
2,339,228
2,233,000
Cash at bank and in hand
8,445
9,123
Creditors: amounts falling due within one year
(41,376)
(45,688)
Net current assets
553,417
491,463
Total assets less current liabilities
2,892,645
2,724,463
Creditors: amounts falling due after more than one year
(1,544,097)
(1,550,213)
Net assets
1,348,548
1,174,250
Called up share capital
100
100
Revaluation reserve
953,051
846,823
Profit and loss account
395,397
327,327
Shareholders' funds
1,348,548
1,174,250
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 30 August 2024 and were signed on its behalf by
Christopher Paton
Director
Company Registration No. 09833332
M & C Residential Ltd.
Notes to the Accounts
for the year ended 30 November 2023
M & C Residential Ltd. is a private company, limited by shares, registered in England and Wales, registration number 09833332. The registered office is 40 Warton Terrace, Newcastle upon Tyne, NE6 5LS, 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% on cost
Computer equipment
25% on cost
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
M & C Residential Ltd.
Notes to the Accounts
for the year ended 30 November 2023
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2022
9,354
10,243
3,221
22,818
At 30 November 2023
9,354
10,243
3,221
22,818
At 1 December 2022
9,354
10,243
3,221
22,818
At 30 November 2023
9,354
10,243
3,221
22,818
At 30 November 2023
-
-
-
-
Fair value at 1 December 2022
2,233,000
Net gain from fair value adjustments
106,228
At 30 November 2023
2,339,228
The properties were valued on an open market basis by the Director. Properties still in the process of construction are valued at cost.
Amounts falling due within one year
Amounts falling due after more than one year
Other debtors
578,548
520,228
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
27,337
25,242
Other creditors
7,800
8,550
Loans from directors
6,239
11,896
M & C Residential Ltd.
Notes to the Accounts
for the year ended 30 November 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,544,097
1,550,213
Aggregate of amounts that fall due for payment after five years
1,544,097
1,506,345
In October 2020, the company received a Bounce Back Loan of £50,000, which is a 100% UK Government backed loan.
Under the terms of the loan, the fees and interest incurred in the first 12 months are settled on behalf of the company by the UK Government.
After the first 12 months, an interest rate of 2.5% is applicable.
The initial length of the loan is for six years, with an option to extend to ten years under the Bounce Back Loan Scheme.
9
Transactions with related parties
Included in long term debtors are amounts of £578,546 (2022 - £520,228) owed by related companies. No interest has been charged.
10
Average number of employees
During the year the average number of employees was 1 (2022: 0).