REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
Mcm Real Estate Ventures Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
Mcm Real Estate Ventures Ltd |
Mcm Real Estate Ventures Ltd (Registered number: 11372719) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Mcm Real Estate Ventures Ltd |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Mcm Real Estate Ventures Ltd (Registered number: 11372719) |
Statement of Financial Position |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
Mcm Real Estate Ventures Ltd (Registered number: 11372719) |
Statement of Financial Position - continued |
31 May 2023 |
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 |
Mcm Real Estate Ventures Ltd (Registered number: 11372719) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Mcm Real Estate Ventures Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue 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 profit or loss. |
Stocks |
Stock representing properties intended for resale is valued at the lower of cost and estimated selling price less costs to complete and sell. Costs incurred in refurbishing properties to the resale standard are included in the cost of each property. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Mcm Real Estate Ventures Ltd (Registered number: 11372719) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company has net liabilities of £429,569. The accounts have been prepared on going concern basis as the directors have confirmed that they will continue to provide financial support to the company for the foreseeable future. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Impairments | (70,000 | ) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
Investment property situated at 33 Elvaston Way, Tilehurst, Reading, RG30 4LX is under a charge from Hampshire Trust Bank PLC. The charge was created on 03 July 2020. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Amounts owed by participating interests | 300 | 77,628 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
Mcm Real Estate Ventures Ltd (Registered number: 11372719) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
The loan amounting to £242,744 is secured by the way of charge on the property situated at 33 Elvaston Way, Tilehurst, Reading, RG30 4LX (disclosed as investment property). The charge was created in the name of Hampshire Trust Bank PLC on 03 July 2020. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.23 | 31.5.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RELATED PARTY DISCLOSURES |
The company owes £1,316,202 (2022: £1,343,327) to its directors as at balance sheet date. |
The company was owed £300 as at accounting year end date from MCM Real Estate Ltd, a company registered in United Kingdom (Company registered number: 11373127). Mr Christopher James and Mrs Monique Angenieta Van Wezel-Mole are also directors of this company. |