Caseware UK (AP4) 2023.0.135 2023.0.135 property investmentfalse32023-08-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11483799 2023-08-01 2024-07-31 11483799 2022-08-01 2023-07-31 11483799 2024-07-31 11483799 2023-07-31 11483799 c:Director1 2023-08-01 2024-07-31 11483799 d:FurnitureFittings 2023-08-01 2024-07-31 11483799 d:FurnitureFittings 2024-07-31 11483799 d:FurnitureFittings 2023-07-31 11483799 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 11483799 d:ComputerEquipment 2023-08-01 2024-07-31 11483799 d:ComputerEquipment 2024-07-31 11483799 d:ComputerEquipment 2023-07-31 11483799 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 11483799 d:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 11483799 d:OtherPropertyPlantEquipment 2024-07-31 11483799 d:OtherPropertyPlantEquipment 2023-07-31 11483799 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 11483799 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 11483799 d:FreeholdInvestmentProperty 2024-07-31 11483799 d:FreeholdInvestmentProperty 2023-07-31 11483799 d:CurrentFinancialInstruments 2024-07-31 11483799 d:CurrentFinancialInstruments 2023-07-31 11483799 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 11483799 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 11483799 d:ShareCapital 2024-07-31 11483799 d:ShareCapital 2023-07-31 11483799 d:RetainedEarningsAccumulatedLosses 2024-07-31 11483799 d:RetainedEarningsAccumulatedLosses 2023-07-31 11483799 c:FRS102 2023-08-01 2024-07-31 11483799 c:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 11483799 c:FullAccounts 2023-08-01 2024-07-31 11483799 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 11483799 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure
Registered number: 11483799













MCORG Property Limited

Financial statements
Information for filing with the registrar

31 July 2024




 
MCORG Property Limited
 
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of MCORG Property Limited year ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MCORG Property Limited for the year ended 31 July 2024 which comprise  the statement of financial position and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the board of directors of MCORG Property Limited, as a body, in accordance with the terms of our engagement letter dated 15 July 2019Our work has been undertaken solely to prepare for your approval the financial statements of MCORG Property Limited and state those matters that we have agreed to state to the board of directors of MCORG Property Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MCORG Property Limited and its board of directors, as a body, for our work or for this report. 

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

We have not been instructed to carry out an audit or review of the financial statements of MCORG Property 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 financial statements.

  



UNW LLP
Chartered Accountants
St James' Boulevard
Newcastle upon Tyne
NE1 4JE
13 January 2025
1

 
MCORG Property Limited


Balance sheet
At 31 July 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
28,962
24,663

Investment property
 4 
648,066
648,066

  
677,028
672,729

Current assets
  

Cash at bank and in hand
  
19,380
9,601

  
19,380
9,601

Creditors: amounts falling due within one year
 5 
(633,507)
(633,147)

Net current liabilities
  
 
 
(614,127)
 
 
(623,546)

Total assets less current liabilities
  
62,901
49,183

Provisions for liabilities
  

Deferred tax
  
(15,743)
(13,280)

  
 
 
(15,743)
 
 
(13,280)

Net assets
  
47,158
35,903


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
47,058
35,803

Shareholders' funds
  
47,158
35,903

2

 
MCORG Property Limited

    
Balance sheet (continued)
At 31 July 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 January 2025.




M J Gill
Director

Registered number: 11483799
The notes on pages 4 to 7 form part of these financial statements. 
3

 
MCORG Property Limited
 
 

Notes to the financial statements
Year ended 31 July 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales. The trading address is 1 Windermere, Sunderland SR6 7QQ. The principal acitiviy of the company throughout the period was that of property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

The turnover shown in the profit and loss account represents amounts receivable under operating leases during the period.

 
2.3

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

4

 
MCORG Property Limited
 

 
Notes to the financial statements
Year ended 31 July 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Property improvements
-
15%
reducing balance
Computer equipment
-
20%
reducing balance
Other fixed assets
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

5

 
MCORG Property Limited
 

 
Notes to the financial statements
Year ended 31 July 2024

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Tangible fixed assets





Property improvements
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 August 2023
21,302
3,299
3,025
27,626


Additions
-
1,248
4,045
5,293



At 31 July 2024

21,302
4,547
7,070
32,919



Depreciation


At 1 August 2023
1,065
1,031
867
2,963


Charge for the year
-
620
374
994



At 31 July 2024

1,065
1,651
1,241
3,957



Net book value



At 31 July 2024
20,237
2,896
5,829
28,962



At 31 July 2023
20,237
2,268
2,158
24,663

6

 
MCORG Property Limited
 
 

Notes to the financial statements
Year ended 31 July 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 August 2023
648,066



At 31 July 2024
648,066

The 2024 valuation was made by the directors, on an open market value for existing use basis.








5.


Creditors: amounts falling due within one year

2024
2023
£
£

Other creditors
631,107
630,795

Accruals and deferred income
2,400
2,352

633,507
633,147


 
7