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REGISTERED NUMBER: 13039334 (England and Wales)










Financial Statements

for the Year Ended 30 November 2023

for

Mac Properties Ltd

Mac Properties Ltd (Registered number: 13039334)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mac Properties Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: J Mcintyre
J Mcintyre





REGISTERED OFFICE: 2, Wetherby Close
Shotley Bridge
Consett
Durham
DH8 0UE





REGISTERED NUMBER: 13039334 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
21 Sherburn Terrace
Consett
Co. Durham
DH8 6ND

Mac Properties Ltd (Registered number: 13039334)

Balance Sheet
30 November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 3 198 415
Investment property 4 390,000 390,000
390,198 390,415

CURRENT ASSETS
Debtors 5 3,063 2,730
Cash at bank 2,778 2,648
5,841 5,378
CREDITORS
Amounts falling due within one year 6 (68,719 ) (84,773 )
NET CURRENT LIABILITIES (62,878 ) (79,395 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

327,320

311,020

CREDITORS
Amounts falling due after more than one year 7 (267,000 ) (267,000 )

PROVISIONS FOR LIABILITIES (4,173 ) (4,173 )
NET ASSETS 56,147 39,847

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 21,962 21,962
Retained earnings 34,085 17,785
56,147 39,847

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Mac Properties Ltd (Registered number: 13039334)

Balance Sheet - continued
30 November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





J Mcintyre - Director


Mac Properties Ltd (Registered number: 13039334)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes the rental income receivable from revenue generated from the company's investment property. Amounts received prior to the year end which relate in full or in part to the next financial period are accounted for on an accruals basis and deferred accordingly.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Mac Properties Ltd (Registered number: 13039334)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 December 2022
and 30 November 2023 650
DEPRECIATION
At 1 December 2022 235
Charge for year 217
At 30 November 2023 452
NET BOOK VALUE
At 30 November 2023 198
At 30 November 2022 415

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 390,000
NET BOOK VALUE
At 30 November 2023 390,000
At 30 November 2022 390,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2021 21,962
Cost 368,038
390,000

The directors have considered the fair value of the company's investment property held at 30 November 2023 in conjunction with a external desktop valuation performed in April 2024.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 3,063 2,730

Mac Properties Ltd (Registered number: 13039334)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 3,874 2,763
Other creditors 64,845 82,010
68,719 84,773

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 267,000 267,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgage 267,000 267,000

8. RESERVES
Revaluation
reserve
£   
At 1 December 2022
and 30 November 2023 21,962

9. RELATED PARTY DISCLOSURES

During the year the company repaid all of a loan from the spouse of a director and shareholder of the company. At the year end the amount owed by the company amounted to £Nil (2022: £76,680) and was included in creditors falling due within one year.