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Registered number: 04493332









MMC PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MMC PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Notes to the financial statements
 
 
3 - 6


 
MMC PROPERTIES LIMITED
REGISTERED NUMBER: 04493332

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
780,000
780,000

  
780,000
780,000

Current assets
  

Debtors: amounts falling due within one year
 5 
82,127
77,174

Cash at bank and in hand
  
139,128
124,118

  
221,255
201,292

Creditors: amounts falling due within one year
 6 
(17,488)
(19,204)

Net current assets
  
 
 
203,767
 
 
182,088

Total assets less current liabilities
  
983,767
962,088

Provisions for liabilities
  

Deferred tax
  
(44,486)
(44,486)

  
 
 
(44,486)
 
 
(44,486)

Net assets
  
939,281
917,602


Capital and reserves
  

Called up share capital 
  
1,100
1,100

Investment property reserve
  
383,888
383,888

Profit and loss account
  
554,293
532,614

  
939,281
917,602


Page 1

 
MMC PROPERTIES LIMITED
REGISTERED NUMBER: 04493332
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider 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 directors acknowledge their 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 profit and loss account 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 6 August 2024.




R C Caston
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
MMC PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England Wales. The address of its registered office is 7 the Close, Norwich, Norfolk, NR1 4DJ.
The ongoing principal activity of the company continues to be the letting of property. The principal place of business is Hardley, Norfolk.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of property rental in the period. The company is not VAT registered.
Revenue is recognised on an accruals basis in accordance with the period covered by the rental.

 
2.3

Interest income

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

Page 3

 
MMC PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

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.

 
2.7

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.

Page 4

 
MMC PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
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 3 (2023 - 3).


4.


TANGIBLE FIXED ASSETS





Freehold property

£



Cost or valuation


At 1 April 2023
780,000



At 31 March 2024

780,000






Net book value



At 31 March 2024
780,000



At 31 March 2023
780,000

Page 5

 
MMC PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Other debtors
82,127
77,174

82,127
77,174



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
14,884
16,960

Accruals and deferred income
2,604
2,244

17,488
19,204



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



330 "A" Ordinary shares of £1.00 each
330
330
500 "B" Ordinary shares of £1.00 each
500
500
50 "C" Ordinary shares of £1.00 each
50
50
50 "D" Ordinary shares of £1.00 each
50
50
85 "E" Ordinary shares of £1.00 each
85
85
85 "F" Ordinary shares of £1.00 each
85
85

1,100

1,100



8.


Transactions with directors

At 1 April 2023 a director owed the company £35,821. During the year the company charged interest of £806.
As a result, at 31 March 2024 a director owed the company 
£36,627.

 
Page 6