Company registration number 10704966 (England and Wales)
MASH PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MASH PROPERTY LTD
COMPANY INFORMATION
Directors
Mr V Vedhara
Mr A Vedhara
Company number
10704966
Registered office
18 Archibald Street
Newcastle upon Tyne
Tyne and Wear
England
NE3 1EB
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
MASH PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MASH PROPERTY LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,790
6,594
Investment property
5
1,291,022
1,295,812
6,594
Current assets
Debtors
6
610,507
254
Cash at bank and in hand
819,837
2,675,880
1,430,344
2,676,134
Creditors: amounts falling due within one year
7
(10,735)
(1,170)
Net current assets
1,419,609
2,674,964
Total assets less current liabilities
2,715,421
2,681,558
Creditors: amounts falling due after more than one year
8
(2,689,975)
(2,689,975)
Provisions for liabilities
9
(929)
Net assets/(liabilities)
24,517
(8,417)
Capital and reserves
Called up share capital
11
200
200
Profit and loss reserves
24,317
(8,617)
Total equity
24,517
(8,417)
MASH PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Mr V Vedhara
Director
Company registration number 10704966 (England and Wales)
MASH PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Mash Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 18 Archibald Street, Newcastle upon Tyne, Tyne and Wear, England, NE3 1EB.
1.1
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 UK sterling which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 April 2024 are the first financial statements of Mash Property Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2023. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents rents receivable in accordance with the underlying property leases.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.33% straightline
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
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. Changes in fair value are recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £1,291,022 and fair value movement of £Nil included in the profit/loss for the year are as follows:
The investment property has been valued at fair value based on estimates by the directors
MASH PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future profits.
1.7
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,312
MASH PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Taxation
2024
2023
£
£
(Continued)
- 5 -
Deferred tax
Origination and reversal of timing differences
929
Total tax charge
4,241
4
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
1,796
14,685
16,481
Depreciation and impairment
At 1 May 2023
1,236
8,651
9,887
Depreciation charged in the year
295
1,509
1,804
At 30 April 2024
1,531
10,160
11,691
Carrying amount
At 30 April 2024
265
4,525
4,790
At 30 April 2023
560
6,034
6,594
5
Investment property
2024
£
Fair value
At 1 May 2023
Additions
1,291,022
At 30 April 2024
1,291,022
In the opinion of the directors there has been no significant change in the fair value of investment property since its acquisition.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
600,000
Prepayments and accrued income
10,507
254
610,507
254
MASH PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,312
Accruals and deferred income
7,423
1,170
10,735
1,170
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
2,689,975
2,689,975
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
929
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
929
-
2024
Movements in the year:
£
Liability at 1 May 2023
-
Charge to profit or loss
929
Liability at 30 April 2024
929
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200
MASH PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
2,689,975
2,689,975
No interest is charged on the above loan.
13
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 May
30 April
2022
2023
£
£
Equity as reported under previous UK GAAP and under FRS 102
(1,842)
(8,417)
Reconciliation of loss for the financial period
2023
£
Loss as reported under previous UK GAAP and under FRS 102
(6,773)
Notes to reconciliations on adoption of FRS 102
The prior period financial position is not affected by the transition to FRS 102.