REGISTERED NUMBER: |
Martin Cashmore Property Limited |
Financial Statements for the Year Ended 31st December 2024 |
REGISTERED NUMBER: |
Martin Cashmore Property Limited |
Financial Statements for the Year Ended 31st December 2024 |
Martin Cashmore Property Limited (Registered number: 09080839) |
Contents of the Financial Statements |
for the Year Ended 31st December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Martin Cashmore Property Limited |
Company Information |
for the Year Ended 31st December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
Martin Cashmore Property Limited (Registered number: 09080839) |
Balance Sheet |
31st December 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Martin Cashmore Property Limited (Registered number: 09080839) |
Balance Sheet - continued |
31st December 2024 |
2024 | 2023 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Capital redemption reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Martin Cashmore Property Limited (Registered number: 09080839) |
Notes to the Financial Statements |
for the Year Ended 31st December 2024 |
1. | STATEMENT OF COMPLIANCE |
Martin Cashmore Property Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 2 Oriel Court, Omega Park, Alton, Hampshire, GU34 2YT. The registration number is 09080839. |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
The financial statements have been prepared on the going concern basis as the directors have confirmed that they will continue to provide financial and other support required by the company. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before turnover is recognised: |
Rent receivable |
Turnover comprises rent receivable from the company's investment properties, exclusive of value added tax where applicable. |
Investment property |
Investment property is included at fair value, any aggregate surplus of deficit arising from changes in fair value is recognised in profit or loss. Deferred tax is provided on this gains at the rate expected to apply when the property is sold. |
Martin Cashmore Property Limited (Registered number: 09080839) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. |
Cash and cash equivalents |
These comprise cash at bank. |
Debtors |
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. |
Creditors |
The only creditor balance that is interest bearing is in relation to the hire purchase loan agreement. All other creditors are non-interest bearing and stated at their nominal values. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Martin Cashmore Property Limited (Registered number: 09080839) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2024 |
and 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
Included in fair value of investment property is freehold land of £ 1,850,000 (2023 - £ 1,850,000 ) which is not depreciated. |
Fair value at 31st December 2024 is represented by: |
£ |
Valuation in 2023 | 2,841,357 |
Cost | 1,658,643 |
4,500,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,658,643 | 1,658,643 |
The properties are held at the fair value as estimated by the directors, based on their knowledge of the market and industry information. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Martin Cashmore Property Limited (Registered number: 09080839) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed from group undertakings are unsecured, interest free and repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 72,512 | 87,703 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The mortgage is secured by way of a a fixed and floating charge over the investment properties and a floating charge over the other assets of the company. In addition the mortgage is secured by way of corporate guarantee given by Martin Cashmore Fencing Limited. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 110 |
Martin Cashmore Property Limited (Registered number: 09080839) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
10. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1st January 2024 | 2,291,770 |
Profit for the year |
Purchase of own shares | - | - | 10 | 10 |
Movement | - | (34,152 | ) | - | (34,152 | ) |
At 31st December 2024 | 2,298,247 |
Revaluation reserve |
To assist with the identification of profits available for distribution this reserve represents changes in the fair value of the company's investment properties to the extent that they are not considered to be distributable to the company's shareholders, less any related provision for current or deferred tax. |
Retained earnings |
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31st December 2024 and 31st December 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Martin Cashmore Property Limited (Registered number: 09080839) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
12. | RELATED PARTY DISCLOSURES |
Martin Cashmore Fencing Limited |
A company with common ownership. |
During the year Martin Cashmore Property Limited charged rent of £34,000 (2023: £34,000) to Martin Cashmore Fencing Limited. |