2023-04-012024-03-312024-03-31false13276826Maddox Properties 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Maddox Properties Limited

Registered Number
13276826
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Maddox Properties Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Miss S L Fisher

Registered Address

91-97 Saltergate
Chesterfield
S40 1LA

Registered Number

13276826 (England and Wales)
Maddox Properties Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investments3906,380906,380
906,380906,380
Current assets
Debtors-3,815
Cash at bank and on hand5,2106,296
5,21010,111
Creditors amounts falling due within one year(647,397)(642,941)
Net current assets (liabilities)(642,187)(632,830)
Total assets less current liabilities264,193273,550
Creditors amounts falling due after one year4(246,350)(251,213)
Net assets17,84322,337
Capital and reserves
Called up share capital100100
Profit and loss account17,74322,237
Shareholders' funds17,84322,337
The financial statements were approved and authorised for issue by the Director on 29 August 2024, and are signed on its behalf by:
Miss S L Fisher
Director
Registered Company No. 13276826
Maddox Properties Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, S40 1LA, England.
Statement of compliance
The financial statements have been prepared in complianced with section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.
Functional and presentation currency
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue from sale of goods
Rental income represents the rents due for the year under operating leases all of which relate to properties in the United Kingdom.
Current taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered 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 where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Investments
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.
2.Average number of employees

20242023
Average number of employees during the year11
3.Fixed asset investments
The fair value of the properties were made in the year by the directors, who have experience in the location and class of properties, on an open market value for existing basis. No further input from an independent valuer was deemed to be required.

Total

£
Cost or valuation
At 01 April 23906,380
At 31 March 24906,380
Net book value
At 31 March 24906,380
At 31 March 23906,380
4.Creditors: amounts due after one year

2024

2023

££
Trade creditors / trade payables1,350-
Bank borrowings and overdrafts245,000251,213
Total246,350251,213
Included within creditors falling due in more than one year is an amount of £245,000 (2023: £251,213) in respect of liabilities which fall due for payment after more than five year from the balance sheet date
5.Secured creditors
There are legal charges over the properties operated by the company.
6.Share capital
Issued, called up and fully paid Ordinary shares of £1 each - 2024 100 (2023: 100)
7.Related party transactions
During the year the company received loans from related parties. The balances outstanding due to related parties at 31 March 2024 are as follows: Amounts due to companies under common control - 2024 £140,000 (2023: £62,020)