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Registered number: 11771712
MASONWOOD PROPERTY LTD
Unaudited Financial Statements
For The Year Ended 31 January 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: 11771712
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 911,218 704,535
911,218 704,535
CURRENT ASSETS
Debtors 5 554 232
Cash at bank and in hand 137,959 1,541
138,513 1,773
Creditors: Amounts Falling Due Within One Year 6 (176,401 ) (250,458 )
NET CURRENT ASSETS (LIABILITIES) (37,888 ) (248,685 )
TOTAL ASSETS LESS CURRENT LIABILITIES 873,330 455,850
Creditors: Amounts Falling Due After More Than One Year 7 (649,325 ) (435,282 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (64,511 ) (26,775 )
NET ASSETS/(LIABILITIES) 159,494 (6,207 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair Value Reserve 10 264,495 103,622
Profit and Loss Account (105,101 ) (109,929 )
SHAREHOLDERS' FUNDS 159,494 (6,207)
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For the year ending 31 January 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 Karamveer Chhokar
Director
11/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
MASONWOOD PROPERTY LTD is a private company, limited by shares, incorporated in England & Wales, registered number 11771712 . The registered office is Weirwater Weir Cottage, Mill Road, West Drayton, UB7 7EH.
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 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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
2 2
4. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 February 2023 701,212 5,906 707,118
Additions 6,000 3,353 9,353
Revaluation 198,609 - 198,609
As at 31 January 2024 905,821 9,259 915,080
Depreciation
As at 1 February 2023 - 2,583 2,583
Provided during the period - 1,279 1,279
As at 31 January 2024 - 3,862 3,862
Net Book Value
As at 31 January 2024 905,821 5,397 911,218
As at 1 February 2023 701,212 3,323 704,535
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 554 232
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 4,750 50,000
Directors' loan accounts 114,420 134,458
Amounts owed to other participating interests 57,231 66,000
176,401 250,458
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 649,325 435,282
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8. Secured Creditors
Of the creditors 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 and 30 years.
2024 2023
£ £
Bank loans and overdrafts 649,325 435,326
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.000 each 100 100
10. Reserves
Fair Value Reserve
£
As at 1 February 2023 103,622
Transfer to profit and loss 160,873
As at 31 January 2024 264,495
11. Ultimate Controlling Party
There is no utimate controlling party due to each shareholder owning an equal prportion of the total issued share capital.
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