Registration number:
Madcap Property Ltd
for the
Year Ended 30 September 2024
Madcap Property Ltd
Contents
of The Financial Statements
for the
Year Ended 30 September 2024
Company Information |
|
Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Madcap Property Ltd
Company Information
for the
Year Ended 30 September 2024
Directors |
Mr M Rothman Mrs G Rothman Mrs R K Mason |
Registered office |
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Accountants |
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Chartered
Certified
Accountants' Report to the
Board of Directors
on the Preparation of the Unaudited Statutory Accounts of
Madcap Property Ltd
for the
Year
Ended
30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Madcap Property Ltd for the year ended 30 September 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Madcap Property Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Madcap Property Ltd and state those matters that we have agreed to state to the Board of Directors of Madcap Property Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Madcap Property Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Madcap Property Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Madcap Property Ltd. You consider that Madcap Property Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Madcap Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Certified Accountants
Shoeburyness
Essex
SS3 9QE
Madcap Property Ltd
(Registration number:
13620160
)
Balance Sheet
as at
30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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|
|
Current assets |
|||
Cash at bank and in hand |
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|
|
Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
200 |
200 |
|
Revaluation reserve |
21,213 |
- |
|
Retained earnings |
17,156 |
6,932 |
|
Shareholders' funds |
38,569 |
7,132 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
......................................... |
Madcap Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Madcap Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Madcap Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
2 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2024 |
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At 1 October |
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Fair value adjustments |
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At 30 September |
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There has been no valuation of investment property by an independent valuer.
Debtors |
Current |
2024 |
2023 |
- |
- |
Madcap Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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