Company registration number 03082387 (England and Wales)
MEHSON PROPERTY COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
MEHSON PROPERTY COMPANY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
MEHSON PROPERTY COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Ms. N Mehson
Mr. S Mehson
Secretary
Ms. N Mehson
Company number
03082387
Registered office
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
MEHSON PROPERTY COMPANY LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
4,517,700
4,517,700
Current assets
Debtors
4
71,631
71,218
Cash at bank and in hand
4,725
3,113
76,356
74,331
Creditors: amounts falling due within one year
5
(735,345)
(330,327)
Net current liabilities
(658,989)
(255,996)
Total assets less current liabilities
3,858,711
4,261,704
Creditors: amounts falling due after more than one year
6
(359,353)
(751,195)
Provisions for liabilities
(599,158)
(599,158)
Net assets
2,900,200
2,911,351
Capital and reserves
Called up share capital
7
20
20
Fair value reserve
8
2,113,601
2,113,601
Profit and loss reserves
786,579
797,730
Total equity
2,900,200
2,911,351
MEHSON PROPERTY COMPANY LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
Ms. N Mehson
Director
Company Registration No. 03082387
The notes on pages 4 to 6 form part of these financial statements
MEHSON PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Mehson Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Acorn Business Centre, Northarbour Road, Cosham, Portsmouth, Hampshire, PO6 3TH.
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents property rental income, fees and commissions receivable.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
MEHSON PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
4,517,700
The fair value of the investment property is determined by the directors based on current market conditions.
The historical cost of the fixed asset investment property is £1,804,940 (2023 - £1,804,940).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
69,000
69,600
Prepayments and accrued income
2,631
1,618
71,631
71,218
MEHSON PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
23,000
59,383
Other taxation and social security
3,324
Other creditors
675,477
228,580
Accruals and deferred income
36,868
39,040
735,345
330,327
The aggregate amount of creditors for which security has been given amounted to £13,000 (2023 - £49,383). The liabilities are secured over the company's investment properties.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
359,353
751,195
The aggregate amount of creditors for which security has been given amounted to £350,186 (2023 - £732,028). The liabilities are secured over the company's investment properties.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
20 ordinary shares of £1 each
20
20
20
20
8
Fair value reserve
The fair value reserve is a separate non-distributable reserve to maintain the fair value gains and losses on revaluation of investment properties. The reserve is net of the deferred tax calculated on gains on the investment properties.