Registered number
07295474
Mount Ridge Estates Ltd
Filleted Accounts
30 June 2024
Mount Ridge Estates Ltd
Registered number: 07295474
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 472,473 467,407
Current assets
Cash at bank and in hand 47,418 35,184
47,418 35,184
Creditors: amounts falling due within one year 5 (257,807) (252,189)
Net current liabilities (210,389) (217,005)
Total assets less current liabilities 262,084 250,402
Creditors: amounts falling due after more than one year 6 (17,128) (26,981)
Provisions for liabilities (29,048) (29,048)
Net assets 215,908 194,373
Capital and reserves
Called up share capital 100 100
Profit and loss account 215,808 194,273
Shareholders' funds 215,908 194,373
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L Harkos
Director
Approved by the board on 11 November 2024
Mount Ridge Estates Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment properties
Investment properties for which a fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 467,407 - 467,407
Additions 5,066 5,066
At 30 June 2024 472,473 - 472,473
Depreciation
At 30 June 2024 - - -
Net book value
At 30 June 2024 472,473 - 472,473
At 30 June 2023 467,407 - 467,407
Freehold land and buildings: 2024 2023
£ £
Historical cost 297,118 297,118
Cumulative depreciation based on historical cost - -
297,118 297,118
The properties were revalued on 28 March 2018 by Mr J R Welch FRICS of J Raymond Welch RICS, chartered surveyors, on the open market for current use.The above valuation has been reviewed by the director and considered that there is no major difference from the previous years.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,032 7,032
Taxation and social security costs 5,286 2,622
Other creditors 245,489 242,535
257,807 252,189
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,128 26,981
17,128 26,981
7 Transactions with the director.
At the Balance Sheet date the sum of £244,840 (2023: £241,905) was due from the company to the director.
8 Controlling party
The company is controlled by Mr L Harkos, the director of the company.
9 Other information
Mount Ridge Estates Ltd is a private company limited by shares and incorporated in England. Its registered office is:
57 Park View
Whinchmore Hill
London
N21 1QS
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