REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
MARTIN LEWIS PROPERTIES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
MARTIN LEWIS PROPERTIES LIMITED |
MARTIN LEWIS PROPERTIES LIMITED (REGISTERED NUMBER: 09564978) |
Contents of the Financial Statements |
for the year ended 30 APRIL 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
MARTIN LEWIS PROPERTIES LIMITED |
Company Information |
for the year ended 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MARTIN LEWIS PROPERTIES LIMITED (REGISTERED NUMBER: 09564978) |
Statement of Financial Position |
30 APRIL 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
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. |
MARTIN LEWIS PROPERTIES LIMITED (REGISTERED NUMBER: 09564978) |
Statement of Financial Position - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MARTIN LEWIS PROPERTIES LIMITED (REGISTERED NUMBER: 09564978) |
Notes to the Financial Statements |
for the year ended 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Martin Lewis Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business. Revenue is mainly generated from property rental and the provision of management services. The company recognises revenue based on short lease agreement with tenants. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
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. |
MARTIN LEWIS PROPERTIES LIMITED (REGISTERED NUMBER: 09564978) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Going concern |
At the balance sheet date, the company's current liabilities exceeded its current assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to the their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Revaluations | 146,000 |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The company's investment property has been revalued during the year based on a valuation undertaken by the company's lenders, The Mortgage Works (UK) Plc, in July 2024. The directors consider this value to reflect the fair value of the investment property as at the Balance Sheet date. |
MARTIN LEWIS PROPERTIES LIMITED (REGISTERED NUMBER: 09564978) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2024 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2024 | 146,000 |
Valuation in 2017 | 16,256 |
Cost | 557,744 |
720,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/24 | 30/4/23 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/24 | 30/4/23 |
£ | £ |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/4/24 | 30/4/23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
10. | SECURED DEBTS |
The long-term loans are secured by fixed charges over the assets of the company. The directors have given personal guarantees to the bankers limited to the value of the loan of £296,700. The loan is interest only with an applicable rate of interest of 5.59% fixed until 31 May 2029. |
11. | PROVISIONS FOR LIABILITIES |
30/4/24 | 30/4/23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | - | 3,089 |
Deferred tax | 40,564 | - |
40,603 | 3,141 |
MARTIN LEWIS PROPERTIES LIMITED (REGISTERED NUMBER: 09564978) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2024 |
11. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year |
Credit to Income Statement during year | ( |
) |
Balance at 30 April 2024 |
The deferred tax provision as shown above relates to the potential future tax due should the investment property held by the company be sold. The provision has been calculated based on the difference between the historic cost of the properties and the market value of those properties as at the Balance Sheet date at the future applicable corporation tax rates of 25%, as required by FRS 102 S1A. |