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Registration number: 09843280

Mashiter Properties Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2024

 

Mashiter Properties Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 8

 

Mashiter Properties Limited

Company Information

Directors

Mr Allistair Scott Mashiter

Ms Joan Maureen Mashiter

Company secretary

Mr Raymond Eric Puttick

Registered office

Burrow Bungalow
Burrow Road
Seaton
Devon
EX12 2NF

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mashiter Properties Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mashiter Properties Limited for the year ended 31 October 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Mashiter Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mashiter Properties Limited and state those matters that we have agreed to state to the Board of Directors of Mashiter Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mashiter Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mashiter Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mashiter Properties Limited. You consider that Mashiter Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mashiter Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

19 November 2024

 

Mashiter Properties Limited

(Registration number: 09843280)
Abridged Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

236,269

236,504

Current assets

 

Cash at bank and in hand

 

35,206

38,825

Prepayments and accrued income

 

252

266

Creditors: Amounts falling due within one year

(245,513)

(255,700)

Net current liabilities

 

(210,055)

(216,609)

Total assets less current liabilities

 

26,214

19,895

Accruals and deferred income

 

(600)

(480)

Net assets

 

25,614

19,415

Capital and reserves

 

Called up share capital

6

10

10

Retained earnings

25,604

19,405

Shareholders' funds

 

25,614

19,415

For the financial year ending 31 October 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

 

Mashiter Properties Limited

(Registration number: 09843280)
Abridged Balance Sheet as at 31 October 2024

.........................................
Mr Allistair Scott Mashiter
Director

.........................................
Ms Joan Maureen Mashiter
Director

 

Mashiter Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 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:
Burrow Bungalow
Burrow Road
Seaton
Devon
EX12 2NF

These financial statements were authorised for issue by the Board on 19 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 abridged 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 abridged 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 comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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.

 

Mashiter Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

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

Equipment and Machinery

20% reducing balance basis

Furniture and Fittings

10% reducing balance basis

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Mashiter Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

234,173

4,920

239,093

At 31 October 2024

234,173

4,920

239,093

Depreciation

At 1 November 2023

-

2,589

2,589

Charge for the year

-

235

235

At 31 October 2024

-

2,824

2,824

Carrying amount

At 31 October 2024

234,173

2,096

236,269

At 31 October 2023

234,173

2,331

236,504

Included within the net book value of land and buildings above is £234,173 (2023 - £234,173) in respect of freehold land and buildings.
 

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £0.01 each

1,000

10

1,000

10

       

7

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £4.00) per each Ordinary Shares of £0.01

-

4,000

 

 
 

Mashiter Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

8

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

At 31 October 2024
£

Ms Joan Maureen Mashiter

Loans to company

127,000

(5,000)

122,000

Mr Allistair Scott Mashiter

Loans to Company

127,000

(5,000)

122,000

2023

At 1 November 2022
£

Other payments made to company by director
£

At 31 October 2023
£

Ms Joan Maureen Mashiter

Loans to company

125,000

2,000

127,000

Mr Allistair Scott Mashiter

Loans to Company

125,000

2,000

127,000

Dividends paid to directors

2024
£

2023
£

Ms Joan Maureen Mashiter

-

2,000

 

 

Mr Allistair Scott Mashiter

-

2,000