Mark House Hemel Hempstead Ltd |
Notes to the Accounts |
for the year ended 31 May 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention, except for investment property where fair value is used, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The company sold its sole property during the prior year and the directors do not currently expect the company will continue to trade actively in the future. There are very limited assets and liabilities in the balance sheet at the end of the financial year and there are not believed to be any significant differences if the going concern basis were not to be adopted. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. It is generally recognised when the significant risks and rewards of ownership have transferred to the buyer. Turnover includes rental income from properties owned by the company. Turnover from rental income is recognised rateably over the period of lease. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
over 3 years |
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Investment property |
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Investment property is measured initially at cost. Subsequently, the investment property is valued at its estimated fair value. Movements in fair value are charged through the profit and loss account. No depreciation is charged. The movement in revaluation, net of movement in deferred tax provided on the revaluation, is transferred to the revaluation reserve as a reserve movement. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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3 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
2,058 |
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1,120 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
2,520 |
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- |
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Taxation and social security costs |
- |
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274,743 |
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Other creditors |
2,400 |
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3,750 |
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4,920 |
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278,493 |
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5 |
Fair value reserve |
2024 |
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2023 |
£ |
£ |
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At 1 June 2023 |
- |
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1,723,222 |
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Transfer (to) / from profit and loss reserve |
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- |
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(1,723,222) |
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At 31 May 2024 |
- |
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- |
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Fair value movements to this reserve are calculated net of deferred tax. |
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6 |
Other information |
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Mark House Hemel Hempstead Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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13 Breasy Place |
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9 Burroughs Gardens |
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London |
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NW4 4AT |