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Registered number: 14847692










MOUNTDALE PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2024

 
MOUNTDALE PROPERTIES LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MOUNTDALE PROPERTIES LIMITED
FOR THE PERIOD ENDED 31 MAY 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 Mountdale Properties Limited for the period ended 31 May 2024 which comprise  the Balance sheet, the Statement of changes in equity 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 Mountdale Properties Limited, as a body, in accordance with the terms of our engagement letter dated 15th May 2023Our work has been undertaken solely to prepare for your approval the financial statements of Mountdale Properties Limited and state those matters that we have agreed to state to the Board of directors of Mountdale Properties 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 Mountdale Properties Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Mountdale Properties 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 Mountdale Properties Limited. You consider that Mountdale Properties Limited is exempt from the statutory audit requirement for the period.

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

  



MWS Chartered Accountants
 
Charted Accountants
  
601 London Road
Westcliff On Sea
Essex
SS0 9PE
24 January 2025
Page 1

 
MOUNTDALE PROPERTIES LIMITED
REGISTERED NUMBER: 14847692

BALANCE SHEET
AS AT 31 MAY 2024

2024
Note
£

Fixed assets
  

Investment property
  
292,207

  
292,207

Current assets
  

Debtors: amounts falling due within one year
  
125

Cash at bank and in hand
 6 
8,228

  
8,353

Creditors: amounts falling due within one year
 7 
(96,824)

Net current (liabilities)/assets
  
 
 
(88,471)

Total assets less current liabilities
  
203,736

Creditors: amounts falling due after more than one year
  
(201,707)

  

Net assets
  
2,029


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
1,929

  
2,029


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 period 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 income and retained earnings 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 24 January 2025.




Nathaniel Dogar
Director

Page 2

 
MOUNTDALE PROPERTIES LIMITED
REGISTERED NUMBER: 14847692

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
MOUNTDALE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

1.


General information

Mountdale Properties Limited is a private limited company incorporated in England and Wales. It's registered office is Kingsridge House, 601 London Road, Westcliff On Sea, SS0 9PE.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 4

 
MOUNTDALE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Taxation

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 balance sheet date in the countries where the Company operates and generates income.


 
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

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including the directors, during the period was as follows:


        2024
            No.






Directors
2

Page 5

 
MOUNTDALE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
292,207



At 31 May 2024
292,207

The 2024 valuations were made by the Directors, at purchase, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
£


Historic cost
280,000

280,000


5.


Debtors

2024
£


Prepayments and accrued income
125

125



6.


Cash and cash equivalents

2024
£

Cash at bank and in hand
8,228

8,228


Page 6

 
MOUNTDALE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

7.


Creditors: Amounts falling due within one year

2024
£

Corporation tax
524

Other creditors
95,400

Accruals and deferred income
900

96,824



8.


Creditors: Amounts falling due after more than one year

2024
£

Bank loans
201,707

201,707


The following liabilities were secured:

2024
£



Bank Loan
201,707

201,707

Details of security provided:

The bank loan is secured against specific land and buildings freehold.


9.


Loans


Analysis of the maturity of loans is given below:


2024
£




Amounts falling due after more than 5 years

Bank loans
201,707

201,707

201,707


Page 7

 
MOUNTDALE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

10.


Related party transactions

During the year the company had transactions with another company who share key management personnel as follows:
Mountdale Limited: Creditor of £75,000


Page 8