REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2024 TO 30 JUNE 2024 |
FOR |
MATTWELL INVESTMENTS RESIDENTIAL LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2024 TO 30 JUNE 2024 |
FOR |
MATTWELL INVESTMENTS RESIDENTIAL LTD |
MATTWELL INVESTMENTS RESIDENTIAL LTD (REGISTERED NUMBER: 13706386) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Period 1 January 2024 to 30 June 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MATTWELL INVESTMENTS RESIDENTIAL LTD |
COMPANY INFORMATION |
For The Period 1 January 2024 to 30 June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MATTWELL INVESTMENTS RESIDENTIAL LTD (REGISTERED NUMBER: 13706386) |
ABRIDGED BALANCE SHEET |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his 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 director and authorised for issue on |
MATTWELL INVESTMENTS RESIDENTIAL LTD (REGISTERED NUMBER: 13706386) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Period 1 January 2024 to 30 June 2024 |
1. | STATUTORY INFORMATION |
Mattwell Investments Residential Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller 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 under the historical cost convention. |
Turnover |
Turnover represents the amounts receivable from the rental of properties during the period. |
Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
Investment property |
Investment properties are measured at fair value at each reporting date, with gains or losses recognised in the profit or loss account. Properties are revalued annually using an open market valuation basis. Material deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss. |
Taxation |
Taxation for the year comprises current 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 tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
Consideration is given to whether deferred tax should be provided in respect of material timing differences which have not reversed at the balance sheet date. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits. |
Current tax assets and liabilities are not discounted and are 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2024 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 31 December 2023 |
MATTWELL INVESTMENTS RESIDENTIAL LTD (REGISTERED NUMBER: 13706386) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 January 2024 to 30 June 2024 |
4. | INVESTMENT PROPERTY - continued |
As at the end of the current financial period, the fair value of the investment properties held is £1,745,000 (2023: £1,745,000). There has been no change in the value of the investment properties during the period. |
The valuation was carried out internally by the director of the company at the end of the financial period. The director has considered the nature, location and condition of the property, as well as comparable market transactions, in determining the fair value. |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Fixed and floating charges over 135a, 135b, 135c, and 135d High Street were created on 18 November 2022 by Aldermore Bank PLC to secure all monies due or becoming due. The charges also contain negative pledges over the property. |
6. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the period, the company entered into transactions with its related party, Mattwell Developments Limited. At the end of the period, the balance of the amount owed to Mattwell Developments Limited was £600,605 (2023: £624,284). |
These amounts are unsecured, interest-free and repayable on demand. |
No guarantees have been given or received. No expenses have been recognised during the current or previous financial period for bad or doubtful debts in respect of the amounts owed by or to related parties. |