MV Lansdowne Limited 12488722 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is property investment, letting & ancillary services Digita Accounts Production Advanced 6.30.9574.0 true 12488722 2023-03-01 2024-02-29 12488722 2024-02-29 12488722 bus:OrdinaryShareClass1 2024-02-29 12488722 core:CurrentFinancialInstruments 2024-02-29 12488722 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 12488722 core:Non-currentFinancialInstruments 2024-02-29 12488722 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 12488722 core:MoreThanFiveYears 2 2024-02-29 12488722 bus:SmallEntities 2023-03-01 2024-02-29 12488722 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12488722 bus:FilletedAccounts 2023-03-01 2024-02-29 12488722 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12488722 bus:RegisteredOffice 2023-03-01 2024-02-29 12488722 bus:Director1 2023-03-01 2024-02-29 12488722 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 12488722 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12488722 countries:AllCountries 2023-03-01 2024-02-29 12488722 2023-02-28 12488722 2022-03-01 2023-02-28 12488722 2023-02-28 12488722 bus:OrdinaryShareClass1 2023-02-28 12488722 core:CurrentFinancialInstruments 2023-02-28 12488722 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12488722 core:Non-currentFinancialInstruments 2023-02-28 12488722 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 12488722 core:MoreThanFiveYears 2 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12488722

MV Lansdowne Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

MV Lansdowne Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

MV Lansdowne Limited

Company Information

Director

V Vasiliou

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Limited
590 Green Lanes
Palmers Green
London
N13 5RY

 

MV Lansdowne Limited

(Registration number: 12488722)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

730,367

730,367

Current assets

 

Debtors

5

298,493

293,623

Cash at bank and in hand

 

120

110

 

298,613

293,733

Creditors: Amounts falling due within one year

6

(87,101)

(92,568)

Net current assets

 

211,512

201,165

Total assets less current liabilities

 

941,879

931,532

Creditors: Amounts falling due after more than one year

6

(918,000)

(918,000)

Net assets

 

23,879

13,532

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

23,779

13,432

Shareholders' funds

 

23,879

13,532

For the financial year ending 29 February 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 November 2024
 

.........................................
V Vasiliou
Director

 

MV Lansdowne Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the director on 20 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the period and is recognised at the date the rental period occurred. This is stated after discounts and other sales taxes.

Tax

The tax expense for the period comprises 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 income 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 carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

MV Lansdowne Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 March

730,367

At 29 February

730,367

The investment property has been recognised in the financial statements at historic cost which the director considers to be equal to the fair value.

 

MV Lansdowne Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Debtors

2024
£

2023
£

Other debtors

298,493

293,623

298,493

293,623

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

5,578

3,151

Accruals and deferred income

2,100

2,100

Other creditors

79,423

87,317

87,101

92,568

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

918,000

918,000

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

918,000

918,000

-

-

The bank loan is secured by way of a fixed and floating charge over the assets of the company.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

MV Lansdowne Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

918,000

918,000

9

Related party transactions

Included in other creditors is an amount of £23,423 (2023: £87,317) owed to V Vasiliou, the director of the company. Also included in other creditors is an amount of £56,000 owed to MV Properties & Lettings Ltd, a company under common control. Included in other debtors is an amount of £83,748 (2023: £78,908) owed from GV Building Services (UK) Ltd, an amount of £135,130 (2023: £135,130) owed from MV Projects Ltd, companies under common control. Also included in other debtors is an amount of £80,000 (2023: £80,000) owed from VAV Investments Ltd, a company with common shareholders.