Company registration number 01225285 (England and Wales)
Makesense Properties Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 29 February 2024
PAGES FOR FILING WITH REGISTRAR
Makesense Properties Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
Makesense Properties Limited
Statement of financial position
as at 29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
388,888
388,888
Investment properties
4
442,921
442,921
Investments
5
100,000
100,000
931,809
931,809
Current assets
Debtors
7
854,201
855,206
Cash at bank and in hand
5,687
4,767
859,888
859,973
Creditors: amounts falling due within one year
8
(1,412,588)
(1,456,613)
Net current liabilities
(552,700)
(596,640)
Total assets less current liabilities
379,109
335,169
Creditors: amounts falling due after more than one year
9
(136,325)
(5,625)
Net assets
242,784
329,544
Capital and reserves
Called up share capital
21,074
21,074
Fair value reserve
103,951
103,951
Capital redemption reserve
76,480
76,480
Profit and loss reserves
41,279
128,039
Total equity
242,784
329,544
Makesense Properties Limited
Statement of financial position (continued)
as at 29 February 2024
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
Mr S Reynolds
Director
Company Registration No. 01225285
Makesense Properties Limited
Statement Of Changes In Equity
for the year ended 29 February 2024
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 March 2022
21,074
103,951
76,480
3,083
204,588
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
-
124,956
124,956
Balance at 28 February 2023
21,074
103,951
76,480
128,039
329,544
Year ended 29 February 2024:
Loss and total comprehensive income
-
-
-
(6,314)
(6,314)
Dividends
-
-
-
(80,446)
(80,446)
Balance at 29 February 2024
21,074
103,951
76,480
41,279
242,784
Makesense Properties Limited
Notes to the financial statements
for the year ended 29 February 2024
- 4 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Makesense Properties Limited is a wholly owned subsidiary of Stone Group Investments Limited.
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
Makesense Properties Limited
Notes to the financial statements (continued)
for the year ended 29 February 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
£
Cost
At 1 March 2023 and 29 February 2024
388,888
Depreciation and impairment
At 1 March 2023 and 29 February 2024
Carrying amount
At 29 February 2024
388,888
At 28 February 2023
388,888
The freehold properties were valued at 28 February 2021 at an arms length market value of £388,888. The directors consider the value to be unchanged. On 29 February 2024 the historical cost of these properties was £222,200 (2023: £222,200).
4
Investment property
2024
£
Fair value
At 1 March 2023 and 29 February 2024
442,921
The investment properties were valued at 28 February 2021 at an arms length market value of £400,000. The directors consider the value to be unchanged, subject to additional costs. On 29 February 2024 the historical cost of these properties was £505,657 (2023: £489,841).
5
Fixed asset investments
2024
2023
£
£
Investments
100,000
100,000
6
Subsidiaries
Details of the company's subsidiaries at 29 February 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Great Clothes Limited
England & Wales
Retail of clothing
£1 Ordinary
100.00
Makesense Properties Limited
Notes to the financial statements (continued)
for the year ended 29 February 2024
- 6 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
492,904
492,904
Other debtors
361,297
362,302
854,201
855,206
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,500
2,500
Trade creditors
1,560
1,560
Amounts owed to group undertakings
1,217,675
1,257,621
Other creditors
189,553
193,632
Accruals and deferred income
1,300
1,300
1,412,588
1,456,613
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
136,325
5,625
The bank loan is secured by a fixed and floating charge over the assets of the company and by a first legal charge over part of the company's property portfolio.
10
Controlling party
The company's ultimate parent undertaking is Stone Group Investments Limited, which is registered in England and Wales, its registered office is 82 York Road, Leeds, LS9 9AA. Consolidated accounts are not prepared. The individual company's accounts are available from Companies House, Cardiff, CF4 3UZ.
The directors are considered to be the ultimate controlling party.
11
Company information
Makesense Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 York Road, Leeds, West Yorkshire, LS9 9AA.