REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
M&S UK Property Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserves | 10 |
Retained earnings | 10 | ( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
Fixtures and fittings | - |
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 - |
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 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Revaluations | 90,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Other creditors |
Interco loan | 100,000 | 100,000 |
Directors' loan accounts | 112,751 | 138,075 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 8) |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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 |
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. |