REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st July 2024 |
for |
MRC (NW) PROPERTIES LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
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. |
MRC (NW) PROPERTIES LTD (REGISTERED NUMBER: 10403056) |
Balance Sheet - continued |
31st July 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st August 2023 |
and 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
At 31st July 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 29,640 | 14,749 |
Accrued expenses |
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 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
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. |