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COMPANY REGISTRATION NUMBER: 14651173
M & M Commercial Properties Ltd
Filleted Unaudited Financial Statements
31 March 2024
M & M Commercial Properties Ltd
Financial Statements
Period from 9 February 2023 to 31 March 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
M & M Commercial Properties Ltd
Balance Sheet
31 March 2024
31 Mar 24
Note
£
£
Fixed assets
Tangible assets
4
466,123
Current assets
Cash at bank and in hand
9,995
Creditors: amounts falling due within one year
5
( 274,709)
---------
Net current liabilities
( 264,714)
---------
Total assets less current liabilities
201,409
Creditors: amounts falling due after more than one year
6
( 232,936)
---------
Net liabilities
( 31,527)
---------
M & M Commercial Properties Ltd
Balance Sheet (continued)
31 March 2024
31 Mar 24
Note
£
£
Capital and reserves
Called up share capital
420
Profit and loss account
( 31,947)
--------
Shareholders deficit
( 31,527)
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the period ending 31 March 2024 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr J A Mann
Director
Company registration number: 14651173
M & M Commercial Properties Ltd
Notes to the Financial Statements
Period from 9 February 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. They have been prepared in sterling, which is the functional currency of the entity.
Going concern
The directors acknowledge the losses made during the period, but believe with their continued support that the company is a going concern.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Investment property
Investment Properties are initially measured at cost, with subsequent measurement at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The fair value is determined annually by the director, on an open market value for existing use basis.
4. Tangible assets
Freehold property
£
Cost
At 9 February 2023
Additions
466,123
---------
At 31 March 2024
466,123
---------
Depreciation
At 9 February 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
466,123
---------
Included within the above is investment property as follows:
£
At 9 February 2023
Additions
466,123
---------
At 31 March 2024
466,123
---------
The fair value of the company's investment property at 31 March 2024 has been arrived at on the basis of valuations carried out on that date by the directors. The directors used experience of local property prices and market evidence for sales of similar properties at the time.
5. Creditors: amounts falling due within one year
31 Mar 24
£
Bank loans and overdrafts
9,275
Trade creditors
4,029
Other creditors
261,405
---------
274,709
---------
6. Creditors: amounts falling due after more than one year
31 Mar 24
£
Bank loans and overdrafts
232,936
---------
At the year end securities were held by the lenders over the assets in the company.
7. Directors' advances, credits and guarantees
During the period, a director had an interest-free, repayable on demand loan with the company. At the end of the period the director was owed £116,500.
8. Related party transactions
During the period, the company had loans with two related parties which are controlled by a director. At the end of the period M & M Commercial Properties Ltd owed these related parties £125,868. These loans are interest free and repayable on demand. During the period M & M Commercial Properties Ltd made £75,195 capital purchases from one of these related parties.