Registered number
11435590
AS & MK PROPERTIES LIMITED
Filleted Accounts
30 June 2024
AS & MK PROPERTIES LIMITED
Registered number: 11435590
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,300,000 1,300,000
Current assets
Debtors 4 599 524
Cash at bank and in hand 8,041 33,949
8,640 34,473
Creditors: amounts falling due within one year 5 (19,425) (24,409)
Net current (liabilities)/assets (10,785) 10,064
Total assets less current liabilities 1,289,215 1,310,064
Creditors: amounts falling due after more than one year 6 (110,386) (142,377)
Provisions for liabilities (1,250) (1,250)
Net assets 1,177,579 1,166,437
Capital and reserves
Called up share capital 2,000 2,000
Share premium 1,081,881 1,081,881
Revaluation reserve 8 93,750 93,750
Profit and loss account (52) (11,194)
Shareholders' funds 1,177,579 1,166,437
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mandeep Kaur KHABRA
Director
Approved by the board on 17 March 2025
AS & MK PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes (if applicable). Turnover represents the value of rent receivable.
Investment properties
Investment properties are revalued annually and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is provided in respect of investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023 1,300,000
At 30 June 2024 1,300,000
Depreciation
At 30 June 2024 -
Net book value
At 30 June 2024 1,300,000
At 30 June 2023 1,300,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,295,000 1,295,000
1,295,000 1,295,000
The investment properties were measured for fair value by the directors, and in their opinion the
fair value of the investment property is fairly stated.
4 Debtors 2024 2023
£ £
Other debtors 599 524
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,522 14,281
Taxation and social security costs 8,484 4,859
Directors' loan accounts 4,219 4,069
Other creditors 1,200 1,200
19,425 24,409
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 110,386 142,377
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 99,047 95,008
Secured bank loans 108,875 146,236
The bank loan is secured by first charge over the freehold land and buildings held by the company.
8 Revaluation reserve 2024 2023
£ £
At 1 July 2023 93,750 -
Gain on revaluation of land and buildings - 125,000
Deferred taxation arising on the revaluation of land and buildings - (31,250)
At 30 June 2024 93,750 93,750
9 Off-balance sheet arrangements
The legal ownership and the loan obligations secured on the properties are registered in the names of the shareholders and their family whereas the beneficial ownership rests with the company.
10 Related party transactions
Management fee was paid £4,800 (2023: £4,800) to Shivstar Legal Services Limited, a company incorporated in England and Wales. Shivstar Legal Services Limited is controlled by the director Mrs M K Khabra.
11 Controlling party
During the period the company was controlled by its directors Mrs M K Khabra and Mr A S Sidhu.
12 Other information
AS & MK PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
3 Craneswater Park
Southall
Middlesex
England
UB2 5RW
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