0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 872,706 180,000 1,052,706 61,004 10,527 71,531 981,175 811,702 xbrli:pure xbrli:shares iso4217:GBP NI627540 2023-06-01 2024-05-31 NI627540 2024-05-31 NI627540 2023-05-31 NI627540 2022-06-01 2023-05-31 NI627540 2023-05-31 NI627540 2022-05-31 NI627540 bus:Director1 2023-06-01 2024-05-31 NI627540 core:WithinOneYear 2024-05-31 NI627540 core:WithinOneYear 2023-05-31 NI627540 core:ShareCapital 2024-05-31 NI627540 core:ShareCapital 2023-05-31 NI627540 core:RetainedEarningsAccumulatedLosses 2024-05-31 NI627540 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI627540 bus:Director1 2023-05-31 NI627540 bus:Director1 2024-05-31 NI627540 bus:Director1 2022-05-31 NI627540 bus:Director1 2023-05-31 NI627540 bus:SmallEntities 2023-06-01 2024-05-31 NI627540 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 NI627540 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI627540 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI627540 bus:FullAccounts 2023-06-01 2024-05-31 NI627540 core:Buildings 2023-06-01 2024-05-31 NI627540 core:Buildings 2023-05-31 NI627540 core:Buildings 2024-05-31
COMPANY REGISTRATION NUMBER: NI627540
M & G Kerr Properties Ltd
Filleted Unaudited Financial Statements
31 May 2024
M & G Kerr Properties Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
981,175
811,702
Current assets
Cash at bank and in hand
5,362
30,142
Creditors: amounts falling due within one year
5
962,816
826,706
---------
---------
Net current liabilities
957,454
796,564
---------
---------
Total assets less current liabilities
23,721
15,138
--------
--------
Net assets
23,721
15,138
--------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
22,721
14,138
--------
--------
Shareholders funds
23,721
15,138
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
Mr Martin Kerr
Director
Company registration number: NI627540
M & G Kerr Properties Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 50 Commercial Road, Banbridge, Co.Down, BT32 3ES.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
1% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
4. Tangible assets
Freehold Property
Total
£
£
Cost
At 1 June 2023
872,706
872,706
Additions
180,000
180,000
------------
------------
At 31 May 2024
1,052,706
1,052,706
------------
------------
Depreciation
At 1 June 2023
61,004
61,004
Charge for the year
10,527
10,527
------------
------------
At 31 May 2024
71,531
71,531
------------
------------
Carrying amount
At 31 May 2024
981,175
981,175
------------
------------
At 31 May 2023
811,702
811,702
------------
------------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
5,176
5,393
Social security and other taxes
1,399
1,363
Other creditors
956,241
819,950
---------
---------
962,816
826,706
---------
---------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Martin Kerr
( 5,856)
( 58,881)
( 64,737)
-------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Martin Kerr
( 5,856)
( 5,856)
-------
----
-------
7. Related party transactions
The company was under the control of Mr Kerr and Mrs Kerr throughout the current period. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.