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REGISTERED NUMBER: 10042252 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

M&S UK Property Ltd

M&S UK Property Ltd (Registered number: 10042252)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M&S UK Property Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: S Kumar
M Purewal





REGISTERED OFFICE: 4 Station Parade
Ruislip
England
HA4 7DL





REGISTERED NUMBER: 10042252 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Wynyard Business Park
Wynyard Avenue
Billingham
Cleveland
TS22 5TB

M&S UK Property Ltd (Registered number: 10042252)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 3 1,581 5,734
Investment property 4 7,373,890 7,233,140
7,375,471 7,238,874

CURRENT ASSETS
Debtors 5 21,500 21,500
Cash at bank 60,400 141,479
81,900 162,979
CREDITORS
Amounts falling due within one year 6 (308,472 ) (334,326 )
NET CURRENT LIABILITIES (226,572 ) (171,347 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,148,899

7,067,527

CREDITORS
Amounts falling due after more than one year 7 (4,725,523 ) (4,730,616 )

PROVISIONS FOR LIABILITIES (510,612 ) (493,512 )
NET ASSETS 1,912,764 1,843,399

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserves 10 2,176,819 2,103,919
Retained earnings 10 (264,155 ) (260,620 )
1,912,764 1,843,399

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

M&S UK Property Ltd (Registered number: 10042252)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





M Purewal - Director


M&S UK Property Ltd (Registered number: 10042252)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 taxable profits.

GOING CONCERN
The financial statements have been prepared on a going concern basis, the director believes this assumption to be appropriate based on the continuing financial support of the company`s director and loan provider.

If the going concern basis was not appropriate, adjustments would have to be made to restate the value of the assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

M&S UK Property Ltd (Registered number: 10042252)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 68,486
DEPRECIATION
At 1 April 2023 62,752
Charge for year 4,153
At 31 March 2024 66,905
NET BOOK VALUE
At 31 March 2024 1,581
At 31 March 2023 5,734

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 7,233,140
Additions 50,750
Revaluations 90,000
At 31 March 2024 7,373,890
NET BOOK VALUE
At 31 March 2024 7,373,890
At 31 March 2023 7,233,140

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 593,000
Valuation in 2021 1,429,514
Valuation in 2020 33,478
Valuation in 2019 184,754
Valuation in 2018 219,684
Valuation in 2023 137,000
Valuation in 2024 90,000
Cost 4,686,460
7,373,890

M&S UK Property Ltd (Registered number: 10042252)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY - continued

Properties are required to be disclosed within the financial statements at fair value.

All investment properties have been valued in accordance with the directors valuation. This is based upon knowledge of the business environment in which they operate which reflects the market value. The company does not consider a professional valuation to be economically viable.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 21,500 21,500

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 5,820 5,680
Other creditors 88,594 88,594
Interco loan 100,000 100,000
Directors' loan accounts 112,751 138,075
Accrued expenses 1,307 1,977
308,472 334,326

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 8) 4,725,523 4,730,616

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 4,697,083 4,696,478

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bounce back loan less than 1 yr 5,820 5,680

Amounts falling due between two and five years:
Bounce Back Loan 28,440 34,138

M&S UK Property Ltd (Registered number: 10042252)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 4,697,083 4,696,478

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 4,731,343 4,736,296

10. RESERVES

PROFIT AND LOSS RESERVES
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

FAIR VALUE RESERVES
The Company uses the revaluation model for the measurement of its investment properties. The reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve.