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Registered number: 00328355










M.MAKOWER & CO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
M.MAKOWER & CO LIMITED
REGISTERED NUMBER: 00328355

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,756
14,082

Investments
 5 
75,618
50,929

Investment property
 6 
707,026
705,941

  
785,400
770,952

Current assets
  

Debtors
 7 
261
423

Cash at bank and in hand
 8 
7,172
6,850

  
7,433
7,273

  

Creditors: amounts falling due within one year
 9 
(50,864)
(21,568)

Net current liabilities
  
 
 
(43,431)
 
 
(14,295)

Total assets less current liabilities
  
741,969
756,657

Creditors: amounts falling due after more than one year
 10 
(51,756)
(51,756)

  

Net assets
  
690,213
704,901


Capital and reserves
  

Called up share capital 
 11 
26,000
26,000

Revaluation reserve
  
322
33

Profit and loss account
  
663,891
678,868

  
690,213
704,901


Page 1

 
M.MAKOWER & CO LIMITED
REGISTERED NUMBER: 00328355

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J P Makower
Director

Date: 8 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
M.MAKOWER & CO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

M.Makower & Co Limited is a limited liability company incorporated in England. The registered office is Withy Copse House, Horsepond Road, Kidmore End, Reading, Berkshire, RG4 9HN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
M.MAKOWER & CO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
M.MAKOWER & CO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.

  
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annuak genral meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
M.MAKOWER & CO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2023
19,891
14,990
34,881


Additions
175
-
175


Disposals
-
(14,990)
(14,990)



At 31 December 2023

20,066
-
20,066



Depreciation


At 1 January 2023
16,115
4,684
20,799


Charge for the year on owned assets
1,195
-
1,195


Disposals
-
(4,684)
(4,684)



At 31 December 2023

17,310
-
17,310



Net book value



At 31 December 2023
2,756
-
2,756



At 31 December 2022
3,776
10,306
14,082


5.


Fixed asset investments





Listed investments
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023
50,429
500
50,929


Additions
24,400
-
24,400


Revaluations
289
-
289



At 31 December 2023
75,118
500
75,618




Page 6

 
M.MAKOWER & CO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
705,941


Additions at cost
1,085



At 31 December 2023
707,026

The 2023 valuations were made by the director, on an open market value for existing use basis.






7.


Debtors

2023
2022
£
£

Other debtors
171
171

Prepayments and accrued income
90
252

261
423



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,172
6,850



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
972
541

Other creditors
37,679
10,336

Accruals and deferred income
12,213
10,691

50,864
21,568


Included in other creditors is a balance of £25,621 (2022: £1,126) owed to the director. The loan is interest free and repayable on demand.

Page 7

 
M.MAKOWER & CO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
51,756
51,756


The creditors due after more than one year are preference shares. The preference shares cannot demand repayment hence the preference shares remain in creditors due after more than one year.


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



19,500 (2022 - 19,500) 'J' Ordinary shares of £1.00 each
19,500
19,500
6,500 (2022 - 6,500) 'W' Ordinary shares of £1.00 each
6,500
6,500

26,000

26,000



12.


Controlling party

M Makower Holdings Limited is the controlling party by virtue of owning 100% of the share capital.
The ultimate controlling party is J P Makower by virtue of their shareholding in M Makower Holdings Limited.


Page 8