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Company No: 12754445 (England and Wales)

MASON PAUL PROPERTY LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

MASON PAUL PROPERTY LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

MASON PAUL PROPERTY LTD

BALANCE SHEET

As at 31 January 2024
MASON PAUL PROPERTY LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 700,000 650,000
700,000 650,000
Current assets
Cash at bank and in hand 5,976 327
5,976 327
Creditors: amounts falling due within one year 4 ( 266,545) ( 177,488)
Net current liabilities (260,569) (177,161)
Total assets less current liabilities 439,431 472,839
Creditors: amounts falling due after more than one year 5 ( 335,613) ( 435,613)
Provision for liabilities 6, 7 ( 21,075) 0
Net assets 82,743 37,226
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 9 82,643 37,126
Total shareholder's funds 82,743 37,226

For the financial 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.

Director's responsibilities:

The financial statements of Mason Paul Property Ltd (registered number: 12754445) were approved and authorised for issue by the Director on 31 October 2024. They were signed on its behalf by:

Mr M P Harding
Director
MASON PAUL PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
MASON PAUL PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mason Paul Property Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is:
22 Church Street
Rickmansworth
WD3 1DD
United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and directly attributable expenditure. Subsequently it is measured 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 February 2023 650,000
Fair value movement 50,000
As at 31 January 2024 700,000

During the year, the director has undertaken a valuation of the investment property. This has been reflected in the above figures.

4. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 260,230 176,090
Taxation and social security 5,365 448
Other creditors 950 950
266,545 177,488

5. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 335,613 435,613

The bank loan is secured on the property to which it relates to.

6. Provision for liabilities

2024 2023
£ £
Deferred tax 21,075 0

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 21,075) 0
At the end of financial year ( 21,075) 0

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Reserves

2024 2023
£ £
Profit and loss account 82,643 37,126

Included within the profit and loss account balance carried forward figure of £82,643 are non distributable reserves of £63,223 (2023: 34,298). These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment properties.