Company registration number 11319350 (England and Wales)
MPS 6 (RESIDENTIAL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MPS 6 (RESIDENTIAL) LIMITED
COMPANY INFORMATION
Directors
Mrs P Sehgal
Mr R K Sehgal
Company number
11319350
Registered office
c/o Union Property Services Limited
Cobalt 3.1, Silver Fox Way
Cobalt Business Park
Newcastle upon Tyne
Tyne and Wear
NE27 0QJ
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
MPS 6 (RESIDENTIAL) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MPS 6 (RESIDENTIAL) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
471,250
507,500
Current assets
Debtors
4
7,491
1,925
Cash at bank and in hand
39,265
19,361
46,756
21,286
Creditors: amounts falling due within one year
5
(79,023)
(61,689)
Net current liabilities
(32,267)
(40,403)
Net assets
438,983
467,097
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
438,883
466,997
Total equity
438,983
467,097
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 4 March 2025 and are signed on its behalf by:
Mr R K Sehgal
Director
Company registration number 11319350 (England and Wales)
MPS 6 (RESIDENTIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
MPS 6 (Residential) Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Union Property Services Limited, Cobalt 3.1, Silver Fox Way, Cobalt Business Park, Newcastle upon Tyne, Tyne and Wear, NE27 0QJ.
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.
1.2
Going concern
The financial statements have been prepared on a going concern basis which, in the opinion of the directors, is the appropriate basis. The company's ability to continue trading is dependent upon the ongoing support of its parent undertaking. In the event that the company is unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount.true
1.3
Turnover
Turnover represents rents receivable in accordance with the underlying residential property leases.
1.4
Investment properties
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.
The methods and significant assumptions used to ascertain the fair value of £471,250 and fair value movement of £36,250 debited to profit/loss for the year are as follows:
The investment property has been valued at fair value based on the after date sale of the investment property
1.5
Impairment of assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. if such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, and impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
MPS 6 (RESIDENTIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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.
1.7
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event. it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.8
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
MPS 6 (RESIDENTIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Investment property
2024
£
Fair value
At 1 April 2023
507,500
Revaluations
(36,250)
At 31 March 2024
471,250
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,599
Prepayments and accrued income
5,892
1,925
7,491
1,925
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,839
1,092
Amounts owed to group undertakings
59,344
59,344
Accruals and deferred income
4,840
1,253
79,023
61,689
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
7
Financial commitments, guarantees and contingent liabilities
There is a charge registered on the company's property in respect of the bank liabilities of its parent company, MPS 6 Limited.
8
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
MPS 6 (RESIDENTIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
9
Parent company
MPS 6 Limited, a company registered in Jersey, is regarded by the directors as the company's ultimate parent company.