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REGISTERED NUMBER: 11488979 (England and Wales)











Financial Statements

for the Year Ended 31 July 2024

for

Maxstone Commercial Property Limited

Maxstone Commercial Property Limited (Registered number: 11488979)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Maxstone Commercial Property Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: R Gow





REGISTERED OFFICE: Leofric House
18B Binley Road
Coventry
West Midlands
CV3 1JN





REGISTERED NUMBER: 11488979 (England and Wales)





AUDITORS: Leigh Christou Ltd
Chartered Certified Accountants and
Statutory Auditor
Leofric House
Binley Road
Coventry
CV3 1JN

Maxstone Commercial Property Limited (Registered number: 11488979)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 40,373 49,636
Investment property 5 3,609,963 3,598,244
3,650,336 3,647,880

CURRENT ASSETS
Debtors 6 190,075 175,301
Cash at bank 44,949 51,553
235,024 226,854
CREDITORS
Amounts falling due within one year 7 1,770,846 1,732,568
NET CURRENT LIABILITIES (1,535,822 ) (1,505,714 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,114,514

2,142,166

CREDITORS
Amounts falling due after more than one
year

8

(1,756,058

)

(1,860,534

)

PROVISIONS FOR LIABILITIES 10 (79,377 ) (77,917 )
NET ASSETS 279,079 203,715

CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 156,446 156,446
Retained earnings 12 122,533 47,169
SHAREHOLDERS' FUNDS 279,079 203,715

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 April 2025 and were signed by:





R Gow - Director


Maxstone Commercial Property Limited (Registered number: 11488979)

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

1. STATUTORY INFORMATION

Maxstone Commercial Property Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
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.

Turnover
Turnover represents rental income which is recognised when earned.

Turnover is reported excluding value added tax. All turnover arises in the UK.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Maxstone Commercial Property Limited (Registered number: 11488979)

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

2. ACCOUNTING POLICIES - continued
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.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 2,929 40,350 1,500 23,248 68,027
Additions - - 3,000 - 3,000
At 31 July 2024 2,929 40,350 4,500 23,248 71,027
DEPRECIATION
At 1 August 2023 584 3,475 727 13,605 18,391
Charge for year 352 5,531 568 5,812 12,263
At 31 July 2024 936 9,006 1,295 19,417 30,654
NET BOOK VALUE
At 31 July 2024 1,993 31,344 3,205 3,831 40,373
At 31 July 2023 2,345 36,875 773 9,643 49,636

Maxstone Commercial Property Limited (Registered number: 11488979)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 3,598,244
Additions 11,719
At 31 July 2024 3,609,963
NET BOOK VALUE
At 31 July 2024 3,609,963
At 31 July 2023 3,598,244

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2021 208,593
Cost 3,401,370
3,609,963

On 22 September 2021, a formal valuation report on the investment property at 1410 Spring Place, Herald Avenue, Coventry, CV5 6UB, was prepared by Matt Greenaway MRICS of BNP Paribas Real Estate.

The valuation of the investment property in the financial statements at the year end has been amended to reflect the update in the market value reflected in this valuation report, and subsequent property improvements.

The director has consulted with experienced property valuers to confirm no significant change to market value since the most recent formal valuation.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Amounts owed by group undertakings 21,940 6,730
Other debtors 88,363 69,794
Prepayments 79,772 98,777
190,075 175,301

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 94,694 83,777
Trade creditors 17,514 19,707
Amounts owed to group undertakings 1,537,319 1,502,860
Tax 23,650 9,177
Social security and other taxes 716 -
VAT 18,987 13,226
Other creditors 150 -
Accrued expenses 77,816 103,821
1,770,846 1,732,568

Maxstone Commercial Property Limited (Registered number: 11488979)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans - 1-2 years 94,694 83,777
Bank loans - 2-5 years 284,081 251,330
Bank loans more 5 yr by instal 1,377,283 1,525,427
1,756,058 1,860,534

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,377,283 1,525,427

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 1,850,752 1,944,311

Bank loans with National Westminster Bank Plc are secured by a charge over the property at 1410 Spring Place, Herald Avenue, Coventry, CV5 6UB, and fixed and floating charge over the assets of the company.

10. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax
Accelerated capital allowances 27,229 25,769
Other timing differences 52,148 52,148
79,377 77,917

Deferred
tax
£   
Balance at 1 August 2023 77,917
Charge to Statement of Income and Retained Earnings during year 1,460
Balance at 31 July 2024 79,377

11. CALLED UP SHARE CAPITAL

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

Maxstone Commercial Property Limited (Registered number: 11488979)

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

12. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 August 2023 47,169 156,446 203,615
Profit for the year 75,364 75,364
At 31 July 2024 122,533 156,446 278,979

Retained earnings - fair value reserve relates to the non-distributable element of retained profit.

This included non-distributable revaluation gains on investment property, less associated deferred tax, as applicable.

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

C A Christou FCCA MAE (Senior Statutory Auditor)
for and on behalf of Leigh Christou Ltd

14. RELATED PARTY DISCLOSURES

In accordance with FRS 102 Section 1A, the company only discloses transactions with related parties, including group companies, where they are not undertaken under normal market conditions.

The company had a loan with Maxstone Residential Property Limited during the year, a company controlled by the director. At the start of the period the company was owed £69,794, and at the end of the period the company was owed £88,363. The above loan is charged at a market rate of interest, and is repayable on demand.

15. AUDITOR LIABILITY LIMITATION AGREEMENT

Auditors liability is limited to a maximum of twenty five times the fee relating to the audit engagement.

The directors approved the agreement on 17 October 2024.

16. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the period by R Gow by virtue of her shareholding in the issued ordinary share capital of the ultimate parent company, ITUS Group Limited.

The registered office of ITUS Group Limited is Leofric House, Binley Road, Coventry, West Midlands, England, CV3 1JN.