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REGISTERED NUMBER: 07712355 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Martin Properties Limited

Martin Properties Limited (Registered number: 07712355)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Martin Properties Limited (Registered number: 07712355)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 15,005 18,708
Investments 5 100 100
Investment property 6 4,751,300 4,292,200
4,766,405 4,311,008

CURRENT ASSETS
Debtors 7 9,121 5,537
Cash at bank 13,695 149,516
22,816 155,053
CREDITORS
Amounts falling due within one year 8 (918,710 ) (1,199,046 )
NET CURRENT LIABILITIES (895,894 ) (1,043,993 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,870,511 3,267,015

CREDITORS
Amounts falling due after more than one
year

9

(1,235,606

)

(1,221,000

)

PROVISIONS FOR LIABILITIES (485,852 ) (282,017 )
NET ASSETS 2,149,053 1,763,998

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 1,546,615 1,202,290
Retained earnings 602,338 561,608
SHAREHOLDERS' FUNDS 2,149,053 1,763,998

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

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

Martin Properties Limited (Registered number: 07712355)

Balance Sheet - continued
31 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 5 December 2024 and were signed on its behalf by:





Mr I R Martin - Director


Martin Properties Limited (Registered number: 07712355)

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

1. STATUTORY INFORMATION

Martin Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07712355

Registered office: Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

Martin Properties Limited (Registered number: 07712355)

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

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 August 2023 42,689 1,656 44,345
Additions - 1,299 1,299
At 31 July 2024 42,689 2,955 45,644
DEPRECIATION
At 1 August 2023 24,680 957 25,637
Charge for year 4,502 500 5,002
At 31 July 2024 29,182 1,457 30,639
NET BOOK VALUE
At 31 July 2024 13,507 1,498 15,005
At 31 July 2023 18,009 699 18,708

Cost or valuation at 31 July 2024 is represented by:

Motor Computer
vehicles equipment Totals
£    £    £   
Cost 42,689 2,955 45,644

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 August 2023
and 31 July 2024 42,689
DEPRECIATION
At 1 August 2023 24,680
Charge for year 4,502
At 31 July 2024 29,182
NET BOOK VALUE
At 31 July 2024 13,507
At 31 July 2023 18,009

Martin Properties Limited (Registered number: 07712355)

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

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 100
NET BOOK VALUE
At 31 July 2024 100
At 31 July 2023 100

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 4,292,200
Revaluations 459,100
At 31 July 2024 4,751,300
NET BOOK VALUE
At 31 July 2024 4,751,300
At 31 July 2023 4,292,200

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2017 40,412
Valuation in 2018 1,002,695
Valuation in 2019 276,000
Valuation in 2020 42,134
Valuation in 2022 123,066
Valuation in 2024 459,100
Cost 2,807,893
4,751,300

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 9,121 5,537

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Hire purchase contracts 8,640 7,502
Trade creditors - 618
Taxation and social security 25,717 20,547
Other creditors 884,353 1,170,379
918,710 1,199,046

Martin Properties Limited (Registered number: 07712355)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Hire purchase contracts - 8,394
Other creditors 1,235,606 1,212,606
1,235,606 1,221,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more than 5 years non-instalment 1,235,606 1,212,606

10. SECURED DEBTS

Yorkshire Building Society trading as Norwich & Peterborough Building Society and Paragon Bank PLC have legal charges over the Properties included in Investment Property.
Mr I Martin director of Martin Properties Ltd has a legal charge of £2,500,000 over the Investment Property at Grimshaw Lane.

11. RESERVES
Fair
value
reserve
£   
At 1 August 2023 1,202,290
Revaluation in year 344,325

At 31 July 2024 1,546,615