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REGISTERED NUMBER: 01619131 (England and Wales)















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: M R Mackney
Mrs C A Mackney





SECRETARY: Mrs C A Mackney





REGISTERED OFFICE: Jackson House
Station Road
Chingford
London
E4 7BU





REGISTERED NUMBER: 01619131 (England and Wales)





ACCOUNTANTS: Barrow LLP
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 1,109 1,459
Investment property 6 465,124 465,124
466,233 466,583

CURRENT ASSETS
Debtors 7 2,418 2,655
Cash at bank 421,453 428,050
423,871 430,705
CREDITORS
Amounts falling due within one year 8 (153,292 ) (145,097 )
NET CURRENT ASSETS 270,579 285,608
TOTAL ASSETS LESS CURRENT LIABILITIES 736,812 752,191

CREDITORS
Amounts falling due after more than one year 9 (160,698 ) (178,498 )

PROVISIONS FOR LIABILITIES (46,388 ) (46,388 )
NET ASSETS 529,726 527,305

CAPITAL AND RESERVES
Called up share capital 11 2 2
Non-distributable reserve 270,061 270,061
Retained earnings 259,663 257,242
SHAREHOLDERS' FUNDS 529,726 527,305

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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.

M. MACKNEY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01619131)

BALANCE SHEET - continued
30 SEPTEMBER 2023


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 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 27 June 2024 and were signed on its behalf by:




M R Mackney - Director



Mrs C A Mackney - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

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 1 (2022 - 1 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022
and 30 September 2023 25,657
DEPRECIATION
At 1 October 2022 24,198
Charge for year 350
At 30 September 2023 24,548
NET BOOK VALUE
At 30 September 2023 1,109
At 30 September 2022 1,459

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 465,124
NET BOOK VALUE
At 30 September 2023 465,124
At 30 September 2022 465,124

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 2,113 2,175
Other debtors 305 480
2,418 2,655

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Taxation and social security - 6,344
Other creditors 153,292 138,753
153,292 145,097

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans 160,698 178,498

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loan due after 5 years
not by instalments 160,698 178,498
160,698 178,498

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 160,698 178,498

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: £    £   
2 Ordinary £1 2 2