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REGISTERED NUMBER: 10403056 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st July 2024

for

MRC (NW) PROPERTIES LTD

MRC (NW) PROPERTIES LTD (REGISTERED NUMBER: 10403056)






Contents of the Financial Statements
for the Year Ended 31st July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MRC (NW) PROPERTIES LTD

Company Information
for the Year Ended 31st July 2024







DIRECTORS: Mr M Critchley
Mrs R V Critchley





REGISTERED OFFICE: 41 St Thomas's Road
Chorley
Lancashire
PR7 1JE





REGISTERED NUMBER: 10403056 (England and Wales)





ACCOUNTANTS: BK Plus - Chorley
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

MRC (NW) PROPERTIES LTD (REGISTERED NUMBER: 10403056)

Balance Sheet
31st July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 311,375 311,375

CURRENT ASSETS
Cash at bank 40,462 10,475

CREDITORS
Amounts falling due within one year 5 121,197 60,888
NET CURRENT LIABILITIES (80,735 ) (50,413 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

230,640

260,962

CREDITORS
Amounts falling due after more than one
year

6

200,000

240,000
NET ASSETS 30,640 20,962

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 30,540 20,862
SHAREHOLDERS' FUNDS 30,640 20,962

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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.

MRC (NW) PROPERTIES LTD (REGISTERED NUMBER: 10403056)

Balance Sheet - continued
31st July 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 26th February 2025 and were signed on its behalf by:




Mr M Critchley - Director



Mrs R V Critchley - Director


MRC (NW) PROPERTIES LTD (REGISTERED NUMBER: 10403056)

Notes to the Financial Statements
for the Year Ended 31st July 2024

1. STATUTORY INFORMATION

MRC (NW) Properties 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.

Revenue recognition
Rental income is derived from the renting of investment property held by the company and are stated net of VAT. Rental income represents rents receivable during the period prior to deductible rental expenditure.

Investment property
Investment properties are properties held to earn rentals, they are initially measured at cost, including transaction costs. Subsequently they are then measured at fair value on an open market basis. Deferred tax is provided on these movements. Gains and losses arising from changes in fair value are included in the Statement of Income and Retained Earnings in the period in which they arise.

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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MRC (NW) PROPERTIES LTD (REGISTERED NUMBER: 10403056)

Notes to the Financial Statements - continued
for the Year Ended 31st July 2024

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st August 2023
and 31st July 2024 311,375
NET BOOK VALUE
At 31st July 2024 311,375
At 31st July 2023 311,375

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 10,000 -
Tax 2,270 899
Social security and other taxes 3,236 3,083
Other creditors 64,042 30,101
Directors' current accounts 29,640 14,749
Accrued expenses 12,009 12,056
121,197 60,888

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Other loans more 5yrs non-inst 200,000 200,000
Directors' loan accounts - 40,000
200,000 240,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 200,000 200,000

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100

8. TRANSACTIONS WITH DIRECTORS

At 31 July 2024, the company owed its directors £29,640 (2023- £54,749). Interest of £5,934. (2023- £6,011) has been charged on this loan and it is repayable on demand.

MRC (NW) PROPERTIES LTD (REGISTERED NUMBER: 10403056)

Notes to the Financial Statements - continued
for the Year Ended 31st July 2024

9. RELATED PARTY DISCLOSURES

The company owes £263,985 (2023: £230,045) to MRC (NW) Ltd a company that Mr and Mrs Critchley are both shareholders and directors. No interest has been charged on the loan.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr & Mrs M Critchley by virtue of holding 100% of the issued share capital.