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Registration number: 11863506

MDN Property Investments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

MDN Property Investments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

MDN Property Investments Ltd

Company Information

Directors

Mr Matthew David Norris

Mrs Sarah Elizabeth Victoria Norris

Registered office

25 Long Grove
Seer Green
Beaconsfield
HP9 2YN

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

MDN Property Investments Ltd

(Registration number: 11863506)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

276

Investment property

6

635,000

660,000

Other financial assets

7

226,465

226,465

 

861,465

886,741

Current assets

 

Debtors

8

(225,249)

(225,507)

Cash at bank and in hand

 

1,426

1,173

 

(223,823)

(224,334)

Creditors: Amounts falling due within one year

9

(116,767)

(110,351)

Net current liabilities

 

(340,590)

(334,685)

Total assets less current liabilities

 

520,875

552,056

Creditors: Amounts falling due after more than one year

9

(511,130)

(498,655)

Provisions for liabilities

(33,531)

(38,281)

Net (liabilities)/assets

 

(23,786)

15,120

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

142,947

163,197

Retained earnings

(167,733)

(149,077)

Shareholders' (deficit)/funds

 

(23,786)

15,120

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.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

 

MDN Property Investments Ltd

(Registration number: 11863506)
Balance Sheet as at 29 February 2024 (continued)

.........................................
Mr Matthew David Norris
Director

 

MDN Property Investments Ltd

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 England and Wales.

The address of its registered office is:
25 Long Grove
Seer Green
Beaconsfield
HP9 2YN

These financial statements were authorised for issue by the Board on 27 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.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Investment property

The fair value of the properties at 28th February 2024 has been arrived at on the basis of a valuation carried out at that date by the director of the company, who is not a professionally qualified valuer. The valuation of £635,000 was arrived at by reference to the market evidence of transaction prices for similar properties in the location the property is situated.

 

MDN Property Investments Ltd

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

2

Accounting policies (continued)

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

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 directors) during the year, was 1 (2023 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

276

506

 

MDN Property Investments Ltd

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

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

2,025

2,025

At 29 February 2024

2,025

2,025

Depreciation

At 1 March 2023

1,749

1,749

Charge for the year

276

276

At 29 February 2024

2,025

2,025

Carrying amount

At 29 February 2024

-

-

At 28 February 2023

276

276

Included within the net book value of land and buildings above is .
 

6

Investment properties

2024
£

At 1 March

660,000

Fair value adjustments

(25,000)

At 29 February

635,000

 

MDN Property Investments Ltd

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

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2023

226,465

226,465

At 29 February 2024

226,465

226,465

Impairment

Carrying amount

At 29 February 2024

226,465

226,465

8

Debtors

Current

2024
£

2023
£

Trade debtors

(226,465)

(226,465)

Prepayments

1,216

958

 

(225,249)

(225,507)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

100,000

100,000

Trade creditors

 

10

(3)

Taxation and social security

 

-

358

Accruals and deferred income

 

16,757

9,996

 

116,767

110,351

Creditors: amounts falling due after more than one year

 

MDN Property Investments Ltd

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

9

Creditors (continued)

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

511,130

498,655