REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
Maxstone Commercial Property Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Fair value reserve | 12 |
Retained earnings | 12 | 122,533 | 47,169 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Additions |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors | 17,514 | 19,707 |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 18,987 | 13,226 |
Other creditors |
Accrued expenses |
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 |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
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 |
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 |
Other timing differences | 52,148 | 52,148 |
79,377 | 77,917 |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Charge to Statement of Income and Retained Earnings during year |
Balance at 31 July 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
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 | 203,615 |
Profit for the year |
At 31 July 2024 | 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. |
for and on behalf of |
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. |