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REGISTERED NUMBER: 04963605 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2024

for

M N Properties (Southern) Limited

M N Properties (Southern) Limited (Registered number: 04963605)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M N Properties (Southern) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R H Neale
G R Munns





SECRETARY: R H Neale





REGISTERED OFFICE: Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF





BUSINESS ADDRESS: 59a Quarry Street
Guildford
Surrey
GU1 3UA





REGISTERED NUMBER: 04963605 (England and Wales)





ACCOUNTANTS: Bullimores LLP
Chartered Accountants
Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF

M N Properties (Southern) Limited (Registered number: 04963605)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 70,000 -
Tangible assets 6 19,698 16,358
Investments 7 - 632
89,698 16,990

CURRENT ASSETS
Debtors 8 439,262 404,818
Cash at bank 172,895 231,998
612,157 636,816
CREDITORS
Amounts falling due within one year 9 97,809 66,605
NET CURRENT ASSETS 514,348 570,211
TOTAL ASSETS LESS CURRENT
LIABILITIES

604,046

587,201

CREDITORS
Amounts falling due after more than one
year

10

(3,603

)

(3,603

)

PROVISIONS FOR LIABILITIES (4,682 ) (2,910 )
NET ASSETS 595,761 580,688

CAPITAL AND RESERVES
Called up share capital 400 400
Fair value reserve 11 - (868 )
Retained earnings 595,361 581,156
SHAREHOLDERS' FUNDS 595,761 580,688

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

M N Properties (Southern) Limited (Registered number: 04963605)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:




G R Munns - Director



R H Neale - Director


M N Properties (Southern) Limited (Registered number: 04963605)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

M N Properties (Southern) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill
Goodwill, being the amounts paid in connection with the acquisition of a business in 2015 and the acquisition of Wey Valley Properties in 2024, are being amortised evenly over their estimated useful lives of five years.

Intangible fixed assets
Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated useful economic life of that asset as follows:

Franchise - 20% straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Office equipment - 25% on cost
Computer equipment - 33% on cost

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in shares are included at fair value.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

M N Properties (Southern) Limited (Registered number: 04963605)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INTANGIBLE FIXED ASSETS
Goodwill Franchise Totals
£    £    £   
COST
At 1 April 2023 135,000 18,500 153,500
Additions 87,500 - 87,500
At 31 March 2024 222,500 18,500 241,000
AMORTISATION
At 1 April 2023 135,000 18,500 153,500
Amortisation for year 17,500 - 17,500
At 31 March 2024 152,500 18,500 171,000
NET BOOK VALUE
At 31 March 2024 70,000 - 70,000
At 31 March 2023 - - -

6. TANGIBLE FIXED ASSETS
Improvements
to Office Computer
property equipment equipment Totals
£    £    £    £   
COST
At 1 April 2023 21,802 19,252 18,808 59,862
Additions - 5,538 6,323 11,861
Disposals - - (1,650 ) (1,650 )
At 31 March 2024 21,802 24,790 23,481 70,073
DEPRECIATION
At 1 April 2023 8,300 18,605 16,599 43,504
Charge for year 3,375 1,708 3,279 8,362
Eliminated on disposal - - (1,491 ) (1,491 )
At 31 March 2024 11,675 20,313 18,387 50,375
NET BOOK VALUE
At 31 March 2024 10,127 4,477 5,094 19,698
At 31 March 2023 13,502 647 2,209 16,358

M N Properties (Southern) Limited (Registered number: 04963605)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 632
Disposals (632 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 632

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2020 1,500
Valuation in 2022 (659 )
Valuation in 2023 (209 )
Valuation in 2024 (632 )

8. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Amounts owed by associates 11,195 -
Other debtors 14,071 9,941
Prepayments and accrued income 6,037 7,969
31,303 17,910

Amounts falling due after more than one year:
Amounts owed by associates 385,322 385,322
Other debtors 22,637 1,586
407,959 386,908

Aggregate amounts 439,262 404,818

M N Properties (Southern) Limited (Registered number: 04963605)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 4,467 12,314
Tax 45,998 18,657
Social security and other taxes 5,606 4,955
VAT 32,653 21,258
Other creditors 5,791 6,259
Accrued expenses 3,294 3,162
97,809 66,605

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Amounts owed to associates 3,603 3,603

11. RESERVES
Fair
value
reserve
£   
At 1 April 2023 (868 )
Revaluation in period 868

At 31 March 2024 -

12. OTHER FINANCIAL COMMITMENTS

Financial commitments, guarantees and contingencies not included in the financial statements
The company had financial commitments and contingencies not included in the financial statements totalling £3,480 (2023 - £8,551) at the year end.

MN Properties (Southern) Ltd have guaranteed a loan from National Westminster Bank Plc loan to St Mary's House (Holdings) Ltd for £362,500.

13. CLIENT ACCOUNT MONEY

The company operates client bank accounts on behalf of landlords and tenants. The balances on the client accounts at the balance sheet date amounted to £431,604 (2023- £346,582).

14. CONSIDERATION OF THE BASIS OF THE PREPARATION OF THE FINANCIAL STATEMENTS

The Directors have considered the basis of preparation in the Directors Report.