Registered number
10249033
MKA Property Ltd
Unaudited Filleted Accounts
31 March 2024
MKA Property Ltd
Registered number: 10249033
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,800 12,273
Investments 4 2,970,000 2,630,000
2,979,800 2,642,273
Current assets
Debtors 5 256,000 -
Cash at bank and in hand 47,286 292,278
303,286 292,278
Creditors: amounts falling due within one year 6 (380,521) (303,808)
Net current liabilities (77,235) (11,530)
Total assets less current liabilities 2,902,565 2,630,743
Creditors: amounts falling due after more than one year 7 (1,418,461) (1,419,430)
Provisions for liabilities (190,409) (140,740)
Net assets 1,293,695 1,070,573
Capital and reserves
Called up share capital 100 100
Fair value reserve 8 749,007 599,999
Profit and loss account 544,588 470,474
Shareholders' funds 1,293,695 1,070,573
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Ashworth
Director
Approved by the board on 12 September 2024
MKA Property Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture and equipment over 10 years
Investments
Property investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Furniture and equipment
£
Cost
At 1 April 2023 24,748
At 31 March 2024 24,748
Depreciation
At 1 April 2023 12,475
Charge for the year 2,473
At 31 March 2024 14,948
Net book value
At 31 March 2024 9,800
At 31 March 2023 12,273
4 Investments
Other
investments
£
Cost
At 1 April 2023 2,630,000
Additions 141,323
Revaluation 198,677
At 31 March 2024 2,970,000
5 Debtors 2024 2023
£ £
Other debtors 256,000 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,946 3,946
Taxation and social security costs 25,062 19,498
Other creditors 351,513 280,364
380,521 303,808
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 23,057 27,437
Other creditors 1,395,404 1,391,993
1,418,461 1,419,430
8 Fair value reserve 2024 2023
£ £
At 1 April 2023 599,999 474,885
Gain on fair value of property investments 198,677 154,462
Deferred taxation arising on the fair value of property investments (49,669) (29,348)
At 31 March 2024 749,007 599,999
9 Related party transactions
An outstanding loan from a connected company of £307,469 was written off in the previous year. The company also received a loan of £64,843 from the directors, with £282,914 outstanding at the balance sheet date. This outstanding loan balance is included in other creditors. The loan is repayable on demand, and interest is charged at a variable rate below 1% per annum.
10 Other information
MKA Property Ltd is a private company limited by shares and incorporated in England. Its registered office is:
44 Isaacson Road
Burwell
Cambridge
CB25 0AF
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