Frank Mace & Son (Camberley) Limited 00761126 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Ownership of investment properties Digita Accounts Production Advanced 6.30.9574.0 true 00761126 2023-01-01 2023-12-31 00761126 2023-12-31 00761126 core:RetainedEarningsAccumulatedLosses 2023-12-31 00761126 core:ShareCapital 2023-12-31 00761126 core:CurrentFinancialInstruments 2023-12-31 00761126 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00761126 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 00761126 bus:SmallEntities 2023-01-01 2023-12-31 00761126 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00761126 bus:FullAccounts 2023-01-01 2023-12-31 00761126 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00761126 bus:RegisteredOffice 2023-01-01 2023-12-31 00761126 bus:Director1 2023-01-01 2023-12-31 00761126 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00761126 core:LandBuildings 2023-01-01 2023-12-31 00761126 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00761126 countries:EnglandWales 2023-01-01 2023-12-31 00761126 2022-12-31 00761126 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 00761126 2022-01-01 2022-12-31 00761126 2022-12-31 00761126 core:RetainedEarningsAccumulatedLosses 2022-12-31 00761126 core:ShareCapital 2022-12-31 00761126 core:CurrentFinancialInstruments 2022-12-31 00761126 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00761126 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 00761126

Frank Mace & Son (Camberley) Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2023

 

Frank Mace & Son (Camberley) Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Frank Mace & Son (Camberley) Limited

(Registration number: 00761126)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

540,771

Investment property

5

475,000

-

 

475,000

540,771

Current assets

 

Cash at bank and in hand

 

-

1,557

Creditors: Amounts falling due within one year

6

(22,473)

(46,009)

Net current liabilities

 

(22,473)

(44,452)

Net assets

 

452,527

496,319

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

452,427

496,219

Shareholders' funds

 

452,527

496,319

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr DJ Mace
Director

 

Frank Mace & Son (Camberley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Brook House, 26 The Maultway, Camberley, Surrey, GU15 1PS.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises rental income which is recognised on a straight-line basis over the period of the lease.
Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Frank Mace & Son (Camberley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

Due to the nature of the company's activities the average number of persons employed by the company (excluding directors) during the year, was 0 (2022 - 0).

 

Frank Mace & Son (Camberley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

540,771

540,771

Transfers to/from investment property

(540,771)

(540,771)

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

540,771

540,771

Included within the net book value of land and buildings above is £Nil (2022 - £540,771) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

Transfers to and from property, plant and equipment

540,771

Fair value adjustments

(65,771)

At 31 December 2023

475,000

The investment property has been valued by the directors on an open market basis.

 

Frank Mace & Son (Camberley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

503

-

Taxation and social security

 

17,424

16,915

Accruals and deferred income

 

2,893

2,843

Other creditors

 

1,653

26,251

 

22,473

46,009

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

503

-