IRIS Accounts Production v24.1.9.2 10857355 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh108573552023-03-31108573552024-03-31108573552023-04-012024-03-31108573552022-03-31108573552022-04-012023-03-31108573552023-03-3110857355ns15:EnglandWales2023-04-012024-03-3110857355ns14:PoundSterling2023-04-012024-03-3110857355ns10:Director12023-04-012024-03-3110857355ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3110857355ns10:SmallEntities2023-04-012024-03-3110857355ns10:AuditExemptWithAccountantsReport2023-04-012024-03-3110857355ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3110857355ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110857355ns10:FullAccounts2023-04-012024-03-3110857355ns10:Director22023-04-012024-03-3110857355ns10:RegisteredOffice2023-04-012024-03-3110857355ns5:CurrentFinancialInstruments2024-03-3110857355ns5:CurrentFinancialInstruments2023-03-3110857355ns5:Non-currentFinancialInstruments2024-03-3110857355ns5:Non-currentFinancialInstruments2023-03-3110857355ns5:ShareCapital2024-03-3110857355ns5:ShareCapital2023-03-3110857355ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-3110857355ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-3110857355ns5:RetainedEarningsAccumulatedLosses2024-03-3110857355ns5:RetainedEarningsAccumulatedLosses2023-03-3110857355ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3110857355ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3110857355ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3110857355ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3110857355ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3110857355ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3110857355ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-3110857355ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3110857355ns5:Secured2024-03-3110857355ns5:Secured2023-03-31
REGISTERED NUMBER: 10857355 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MDP PROPERTY LIMITED

MDP PROPERTY LIMITED (REGISTERED NUMBER: 10857355)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

MDP PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D Patel
Mrs D Patel





REGISTERED OFFICE: Trelan
New Road
Coedpoeth
Wrexham
LL11 3EG





REGISTERED NUMBER: 10857355 (England and Wales)





ACCOUNTANTS: D.R.E. & Co. Limited
Chartered Accountants
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

MDP PROPERTY LIMITED (REGISTERED NUMBER: 10857355)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 830,000 650,000

CURRENT ASSETS
Debtors 6 4,323 7,421
Cash at bank 3,364 2,359
7,687 9,780
CREDITORS
Amounts falling due within one year 7 220,270 178,758
NET CURRENT LIABILITIES (212,583 ) (168,978 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

617,417

481,022

CREDITORS
Amounts falling due after more than one
year

8

(564,556

)

(510,071

)

PROVISIONS FOR LIABILITIES (19,501 ) (2,437 )
NET ASSETS/(LIABILITIES) 33,360 (31,486 )

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 104,487 31,740
Retained earnings (71,227 ) (63,326 )
33,360 (31,486 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MDP PROPERTY LIMITED (REGISTERED NUMBER: 10857355)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 July 2024 and were signed on its behalf by:





Mrs D Patel - Director


MDP PROPERTY LIMITED (REGISTERED NUMBER: 10857355)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

MDP Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention. The accounts have been prepared on a going concern basis.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the investment property fair value reserve.

Investment property is included in the balance sheet at its open market value as estimated by the director.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MDP PROPERTY LIMITED (REGISTERED NUMBER: 10857355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 650,000
Additions 90,189
Revaluations 89,811
At 31 March 2024 830,000
NET BOOK VALUE
At 31 March 2024 830,000
At 31 March 2023 650,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 17,507
Valuation in 2021 23,067
Valuation in 2022 38,611
Valuation in 2023 (40,000 )
Valuation in 2024 89,811
Cost 701,004
830,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 610,815 610,815

Investment property was valued on an open market basis on 31 March 2024 by the Directors .

MDP PROPERTY LIMITED (REGISTERED NUMBER: 10857355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 310 4,185
Other debtors 3,705 2,955
Prepayments 308 281
4,323 7,421

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 8,965 6,107
Social security and other taxes 2,714 2,853
Other creditors 4,880 3,605
Directors' current accounts 202,007 163,762
Accrued expenses 1,704 2,431
220,270 178,758

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 9,402 6,334
Bank loans - 2-5 years 30,833 22,240
Bank loans more 5 yr by instal 171,547 128,723
Amounts owed to group undertakings 352,774 352,774
564,556 510,071

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 171,547 128,723

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 220,747 163,404

The bank loans are secured by a fixed and floating charge over the assets of the company.

10. OTHER FINANCIAL COMMITMENTS

There are fixed and floating charges over the assets of MDP Property Ltd in respect of borrowings taken out by its parent company Harvi Ltd £293,655 (2023- 300,447).

MDP PROPERTY LIMITED (REGISTERED NUMBER: 10857355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MDP PROPERTY LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MDP Property Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MDP Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MDP Property Limited and state those matters that we have agreed to state to the Board of Directors of MDP Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MDP Property Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MDP Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MDP Property Limited. You consider that MDP Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MDP Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






D.R.E. & Co. Limited
Chartered Accountants
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL


22 July 2024