MYC Properties Limited
Statement of financial position
as at 30 April 2024
Tangible assets
12,669,155
4,743,353
Cash at bank and in hand
13,447
20,644
Creditors: amounts falling due within one year
(3,057,717)
(3,113,599)
Net current liabilities
(2,957,335)
(3,024,339)
Total assets less current liabilities
9,711,820
1,719,014
Creditors: amounts falling due after more than one year
(1,110,400)
(1,164,000)
Net assets
8,601,420
555,014
Called up share capital
100
100
Revaluation reserve
7,957,645
-
Profit and loss account
643,675
554,914
Shareholders' funds
8,601,420
555,014
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by
Yildirim Gunac Yaman
Director
Company Registration No. 07219995
MYC Properties Limited
Notes to the Accounts
for the year ended 30 April 2024
MYC Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 07219995. The registered office is 475-477 High Road Leyton, London, London, E10 5EL, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% on written down value
Fixtures & fittings
15% on written down value
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At valuation
At cost
At cost
At 1 May 2023
4,242,355
4,608
1,142,226
5,389,189
Additions
-
-
49,733
49,733
Revaluations
7,957,645
-
-
7,957,645
At 30 April 2024
12,200,000
4,608
1,191,959
13,396,567
At 1 May 2023
-
4,608
641,228
645,836
Charge for the year
-
81,576
-
81,576
At 30 April 2024
-
86,184
641,228
727,412
At 30 April 2024
12,200,000
(81,576)
550,731
12,669,155
At 30 April 2023
4,242,355
-
500,998
4,743,353
MYC Properties Limited
Notes to the Accounts
for the year ended 30 April 2024
Amounts falling due within one year
Other debtors
67,270
65,501
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
53,600
53,600
Trade creditors
16,251
51,544
Taxes and social security
27,674
3,381
Other creditors
862,480
912,161
Loans from directors
2,092,912
2,092,913
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,110,400
1,164,000
8
Average number of employees
During the year the average number of employees was 1 (2023: 1).