REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
M. MACKNEY DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
M. MACKNEY DEVELOPMENTS LIMITED |
M. MACKNEY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01619131) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
M. MACKNEY DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Jackson House |
Station Road |
Chingford |
London |
E4 7BU |
M. MACKNEY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01619131) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Non-distributable reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
M. MACKNEY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01619131) |
BALANCE SHEET - continued |
30 SEPTEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
M. MACKNEY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01619131) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
M. Mackney Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises revenue recognised by the company in respect of the rental income and lease renewals which is receivable during the year. |
Turnover represents rental income and lease renewals which is receivable during the period. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment properties are included in the balance sheet at their open market value in accordance with the Financial Reporting Standards for Smaller Entities (Effective January 2015) and are not depreciated. This is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
M. MACKNEY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01619131) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
M. MACKNEY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01619131) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 30 September 2023 is represented by: |
£ |
Valuation in 2014 | 210,061 |
Valuation in 2015 | 10,000 |
Valuation in 2016 | 25,000 |
Valuation in 2017 | 10,000 |
Valuation in 2018 | 5,000 |
Valuation in 2019 | 5,000 |
Valuation in 2021 | 5,000 |
Cost | 195,063 |
465,124 |
Investment property was valued on a open market basis on 30 September 2023 by the directors. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loan due after 5 years |
not by instalments |
M. MACKNEY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01619131) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans |
The bank loan is secured on the company's assets. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |