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Registered number: 12103014
YMP PROPERTY LTD
Unaudited Financial Statements
For The Year Ended 31 July 2024
Optimise Accountants Ltd
Office 15 Bramley House 2a
Bramley Road
Long Eaton
Nottinghamshire
NG10 3SX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12103014
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 478,932 479,915
478,932 479,915
CURRENT ASSETS
Investments 5 288,575 312,000
Cash at bank and in hand 11,108 8,356
299,683 320,356
Creditors: Amounts Falling Due Within One Year 6 (381,756 ) (400,817 )
NET CURRENT ASSETS (LIABILITIES) (82,073 ) (80,461 )
TOTAL ASSETS LESS CURRENT LIABILITIES 396,859 399,454
Creditors: Amounts Falling Due After More Than One Year 7 (329,000 ) (329,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,108 ) (20,108 )
NET ASSETS 47,751 50,346
CAPITAL AND RESERVES
Called up share capital 9 2 2
Fair Value Reserve 10 85,723 85,723
Profit and Loss Account (37,974 ) (35,379 )
SHAREHOLDERS' FUNDS 47,751 50,346
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Yatin Pattni
Director
09/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
YMP PROPERTY LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12103014 . The registered office is 12 Chislehurst Avenue, London, N12 0HU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% on a reducing balance basis
2.5. Investment Properties
All Investment properties are measured at fair value determined annually and adjusted if necessary for any difference in the nature, location or condition of the specific asset. The fair value of property was obtained from an online property resource company and has not been based on a valuation by an independent valuer with a professional qualification.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
2 2
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4. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2023 475,000 11,999 486,999
As at 31 July 2024 475,000 11,999 486,999
Depreciation
As at 1 August 2023 - 7,084 7,084
Provided during the period - 983 983
As at 31 July 2024 - 8,067 8,067
Net Book Value
As at 31 July 2024 475,000 3,932 478,932
As at 1 August 2023 475,000 4,915 479,915
5. Current Asset Investments
2024 2023
£ £
Unlisted investments 288,575 312,000
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 4,612 4,910
Directors' loan accounts 377,144 395,907
381,756 400,817
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 329,000 329,000
8. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
The below bank loans are secured on the investment properties. They are interest only with a term of 25 years.
2024 2023
£ £
Bank loans and overdrafts 329,000 329,000
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.000 each 2 2
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10. Reserves
Fair Value Reserve
£
As at 1 August 2023 85,723
As at 31 July 2024 85,723
11. Ultimate Controlling Party
There is no ultimate controlling party due to each shareholder owning an equal proportion of the total issued share capital.
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