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REGISTERED NUMBER: 04696196 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MAVERICK PROPERTY & LETTING LTD

MAVERICK PROPERTY & LETTING LTD (REGISTERED NUMBER: 04696196)






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


MAVERICK PROPERTY & LETTING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P J Livesey
Mrs M M Livesey





SECRETARY: P J Livesey





REGISTERED OFFICE: Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH





REGISTERED NUMBER: 04696196 (England and Wales)





ACCOUNTANTS: Wallwork Nelson & Johnson
Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH

MAVERICK PROPERTY & LETTING LTD (REGISTERED NUMBER: 04696196)

BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 48,098 63,398
Investment property 6 1,830,000 1,290,000
1,878,098 1,353,398

CURRENT ASSETS
Debtors 7 162,710 145,860
Cash at bank 216,866 228,666
379,576 374,526
CREDITORS
Amounts falling due within one year 8 98,345 108,101
NET CURRENT ASSETS 281,231 266,425
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,159,329

1,619,823

CREDITORS
Amounts falling due after more than one
year

9

(973,245

)

(978,524

)

PROVISIONS FOR LIABILITIES (289,358 ) (117,113 )
NET ASSETS 896,726 524,186

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 896,626 524,086
896,726 524,186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

MAVERICK PROPERTY & LETTING LTD (REGISTERED NUMBER: 04696196)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:




P J Livesey - Director



Mrs M M Livesey - Director


MAVERICK PROPERTY & LETTING LTD (REGISTERED NUMBER: 04696196)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Maverick Property & Letting Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

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 directors believes that the company has sufficient trade and financial resources to continue in operational existence for the foreseeable future. Thus the going concern basis of accounting in preparing the annual financial statements has been adopted.

MAVERICK PROPERTY & LETTING LTD (REGISTERED NUMBER: 04696196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 25,000
AMORTISATION
At 1 April 2023
and 31 March 2024 25,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 168,361 32,996 4,521 205,878
DEPRECIATION
At 1 April 2023 104,963 32,996 4,521 142,480
Charge for year 15,300 - - 15,300
At 31 March 2024 120,263 32,996 4,521 157,780
NET BOOK VALUE
At 31 March 2024 48,098 - - 48,098
At 31 March 2023 63,398 - - 63,398

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,290,000
Revaluations 540,000
At 31 March 2024 1,830,000
NET BOOK VALUE
At 31 March 2024 1,830,000
At 31 March 2023 1,290,000

MAVERICK PROPERTY & LETTING LTD (REGISTERED NUMBER: 04696196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2021 617,433
Valuation in 2024 540,000
Cost 672,567
1,830,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Other debtors 162,470 145,620
Prepayments 240 240
162,710 145,860

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 5,555 5,555
Tax 8,661 26,023
Other creditors 14,811 14,813
Directors' current accounts 45,532 49,437
Accrued expenses 23,786 12,273
98,345 108,101

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Bank loans - 1-2 years 5,555 5,555
Bank loans - 2-5 years 16,666 16,666
Bank loans more 5 yr by instal 951,024 956,303
973,245 978,524

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 951,024 956,303

MAVERICK PROPERTY & LETTING LTD (REGISTERED NUMBER: 04696196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. RELATED PARTY DISCLOSURES

Elite Living (Preston) Limited, a company registered in England, is considered a related party by virtue of common control. During the year, Management fees totalling £16,000 were charged by the company (2023: £Nil). As at 31 March 2024, the company was owed £15,400 from Elite Living (Preston) Limited (2023: £19,455).

Ultimate Living Property Limited, a company registered in England, is also considered a related party by virtue of common control. As at 31 March 2024, the company was owed £106,455 from Ultimate Living Property Limited (2023: £105,455).

Maverick Holdings (North West) Limited, a company registered in England, is also considered a related party by virtue of common control. As at 31 March 2024, the company was owed £1,000 from Maverick Holdings(North West) Limited (2023: £1,000).

My Place 1, an unincorporated business, is also considered a related party by virtue of common control. As at 31 March 2024, the company was owed £39,615 from My Place 1 (2023: £19,709).