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REGISTERED NUMBER: 01780295 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MONAGHAN'S PROPERTY LIMITED

MONAGHAN'S PROPERTY LIMITED (REGISTERED NUMBER: 01780295)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MONAGHAN'S PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: G J Monaghan
Mrs A J Hartley





SECRETARY: Mrs A J Hartley





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 01780295 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

MONAGHAN'S PROPERTY LIMITED (REGISTERED NUMBER: 01780295)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 59,002 1,799
Investment property 4 2,120,000 2,120,000
2,179,002 2,121,799

CURRENT ASSETS
Debtors 5 24,226 41,316
Cash at bank 1,905,482 2,347,750
1,929,708 2,389,066
CREDITORS
Amounts falling due within one year 6 41,592 330,056
NET CURRENT ASSETS 1,888,116 2,059,010
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,067,118

4,180,809

CREDITORS
Amounts falling due after more than one
year

7

(488,514

)

(499,014

)

PROVISIONS FOR LIABILITIES (26,638 ) (21,518 )
NET ASSETS 3,551,966 3,660,277

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 564,679 558,037
Retained earnings 2,987,187 3,102,140
3,551,966 3,660,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:



Mrs A J Hartley - Director


MONAGHAN'S PROPERTY LIMITED (REGISTERED NUMBER: 01780295)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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 represents the following types of income:

Rental income
Income from the sale of properties

All income is recognised on a receivable basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% 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 Income Statement, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

MONAGHAN'S PROPERTY LIMITED (REGISTERED NUMBER: 01780295)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 6,762 - 6,762
Additions 699 57,890 58,589
Reclassification/transfer 2,917 - 2,917
At 31 March 2024 10,378 57,890 68,268
DEPRECIATION
At 1 April 2023 4,963 - 4,963
Charge for year 985 401 1,386
Reclassification/transfer 2,917 - 2,917
At 31 March 2024 8,865 401 9,266
NET BOOK VALUE
At 31 March 2024 1,513 57,489 59,002
At 31 March 2023 1,799 - 1,799

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,120,000
NET BOOK VALUE
At 31 March 2024 2,120,000
At 31 March 2023 2,120,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 324,185
Cost 1,795,815
2,120,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,890 27,900
Other debtors 13,262 11,600
Directors' loan accounts 4,545 -
Tax 2,529 -
Prepayments - 1,816
24,226 41,316

MONAGHAN'S PROPERTY LIMITED (REGISTERED NUMBER: 01780295)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 210
Trade creditors 238 2,663
Tax - 272,942
Directors' loan accounts 36,827 49,851
Accrued expenses 4,527 4,390
41,592 330,056

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 488,514 499,014

8. RESERVES
Fair
value
reserve
£   
At 1 April 2023 558,037
Bonus share issue 1
Deferred tax charge 6,641

At 31 March 2024 564,679

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2024 and the period ended 31 March 2023:

2024 2023
£    £   
Mrs A J Hartley
Balance outstanding at start of year (6,263 ) (6,263 )
Amounts advanced 29,270 -
Amounts repaid (18,462 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,545 (6,263 )

During the year, G J Monaghan decreased his loan to the company. As at 31 March 2024, the company owed him £36,827 (2023: £43,589). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Monaghan Holdings Limited.

This was by virtue of their 100% holding of the issued share capital.