REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
Mcm Real Estate Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
Mcm Real Estate Ltd |
Mcm Real Estate Ltd (Registered number: 11373127) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
Mcm Real Estate Ltd (Registered number: 11373127) |
Statement of Financial Position |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
Mcm Real Estate Ltd (Registered number: 11373127) |
Statement of Financial Position - continued |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 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. |
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 Ltd (Registered number: 11373127) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Mcm Real Estate Ltd is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of rent received or receivable from the investment properties, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
Mcm Real Estate Ltd (Registered number: 11373127) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Share capital |
The Company has issued share capital of £2,516,000 to MCM Holdings B.V during the year, this submission is currently being amended to £1,900,000 os share capital. The directors have confirmed that this amendment will be submitted to Companies house along side these statutory accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 June 2022 |
Revaluations |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Mcm Real Estate Ltd (Registered number: 11373127) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
4. | INVESTMENT PROPERTY - continued |
Investment property situated at 21 Princes Court, Princes Road, Weybridge KT13 9BZ is under a charge from Handelsbanken PLC. The charge was created on 11th December 2018. |
Investment property situated at 15 Princes Court, Princes Road, Weybridge KT13 9BZ is under a charge from Handelsbanken PLC. The charge was created on 31st March 2021. |
Investment properties situated at following investment propertie are under a charge from Handelsbanken PLC. The charge was created on 04th April 2022. |
a) 22 Princes Court, Princes Road, Weybridge KT13 9BZ |
b) 20 Princes Court, Princes Road, Weybridge KT13 9BZ |
c) 16 Princes Court, Princes Road, Weybridge KT13 9BZ |
d) 11 Princes Court, Princes Road, Weybridge KT13 9BZ |
e) 5 Princes Court, Princes Road, Weybridge KT13 9BZ |
Cost or valuation at 31 May 2023 is represented by: |
£ |
Valuation in 2023 | 137,956 |
Cost | 3,487,044 |
3,625,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to participating interests | 300 | 77,628 |
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 Ltd (Registered number: 11373127) |
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 £139,800 is secured by the way of charge on the property situated at 21 Princes Court, Princes Road, Weybridge KT13 9BZ (disclosed as investment property). The charge was created in the name of Handelsbanken PLC on 11th December 2018. |
The loan amounting to £164,690 is secured by the way of charge on the property situated at 15 Princes Court, Princes Road, Weybridge KT13 9BZ (disclosed as investment property). The charge was created in the name of Handelsbanken PLC on 31st March 2021. |
The loan amounting to £940,820 is secured by the way of charge on the following properties (disclosed as investment properties): |
a) 22 Princes Court, Princes Road, Weybridge KT13 9BZ |
b) 20 Princes Court, Princes Road, Weybridge KT13 9BZ |
c) 16 Princes Court, Princes Road, Weybridge KT13 9BZ |
d) 11 Princes Court, Princes Road, Weybridge KT13 9BZ |
e) 5 Princes Court, Princes Road, Weybridge KT13 9BZ |
The charge was created in the name of Handelsbanken PLC on 04th April 2022. |
9. | RESERVES |
Fair |
value |
reserve |
£ |
Transfer to/from reserves | 111,745 |
At 31 May 2023 |
10. | RELATED PARTY DISCLOSURES |
The company owes £372,425 (2022: £394,167) to its directors as at balance sheet date. |
The company owes £300 as at accounting year end date to MCM Real Venture Ltd, a company registered in United Kingdom (Company registered number: 11372719). Mr Christopher James Mole and Mrs Monique Angenieta Van Wezel-Mole are also directors of this company. |