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REGISTERED NUMBER: 00889860 (England and Wales)















Financial Statements for the Year Ended 30 September 2024

for

Megan Properties Limited

Megan Properties Limited (Registered number: 00889860)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Megan Properties Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr L E McNally
Mr M J McNally





SECRETARY: Mr L E McNally





REGISTERED OFFICE: Hillgate Place
77 Middle Hillgate
Stockport
Cheshire
SK1 3EH





REGISTERED NUMBER: 00889860 (England and Wales)





ACCOUNTANTS: HLP Ltd
Accounting and Tax Solutions
Hillgate Place
77 Middle Hillgate
Stockport
Cheshire
SK1 3EH

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Megan Properties Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Megan Properties Limited for the year ended 30 September 2024 which comprises the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Megan Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of and state those matters that we have agreed to state to the Board of Directors of Megan Properties Limited, as a body, and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Megan Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position of profit or loss of Megan Properties Limited. You consider that Megan Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Megan Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given us and we do not, therefore, express any opinion on the statutory financial statements






HLP Ltd
Accounting and Tax Solutions
Hillgate Place
77 Middle Hillgate
Stockport
Cheshire
SK1 3EH


14 April 2025

Megan Properties Limited (Registered number: 00889860)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 783 1,024
Investment property 5 1,113,750 1,113,750
1,114,533 1,114,774

CURRENT ASSETS
Debtors 6 4,830 3,757
Cash at bank 14,167 31,387
18,997 35,144
CREDITORS
Amounts falling due within one year 7 86,215 56,309
NET CURRENT LIABILITIES (67,218 ) (21,165 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,047,315

1,093,609

CREDITORS
Amounts falling due after more than one
year

8

(486,526

)

(492,088

)

PROVISIONS FOR LIABILITIES (26,295 ) (26,295 )
NET ASSETS 534,494 575,226

CAPITAL AND RESERVES
Called up share capital 900 900
Un-distributable reserve 112,102 112,102
Retained earnings 421,492 462,224
SHAREHOLDERS' FUNDS 534,494 575,226

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Megan Properties Limited (Registered number: 00889860)

Balance Sheet - continued
30 September 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 Profit and Loss Account and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





Mr L E McNally - Director


Megan Properties Limited (Registered number: 00889860)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Megan Properties 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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes.

Turnover is attributable to the principle activities of the company which is carried out almost entirely within the United Kingdom.

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 - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Megan Properties Limited (Registered number: 00889860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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.

Investment property is carried at fair value determined annually by the directors and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Depreciation is not provided in respect of freehold investment properties, or in respect of leasehold investment properties where the unexpired term of the lease is more than 20 years.

This accounting policy represents a departure from the Companies Act 2006, which requires that all properties be depreciated. The directors consider that this departure from the requirements of the Act is necessary to give a true and fair view, because these properties are not held for consumption, but for their investment potential and to depreciate them would not give a true and fair view.

If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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

Financial instruments are recognised in the company's statement of financial position 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.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from the suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Megan Properties Limited (Registered number: 00889860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account 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.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2023
and 30 September 2024 510 5,108 2,781 8,399
DEPRECIATION
At 1 October 2023 414 4,899 2,062 7,375
Charge for year 55 42 144 241
At 30 September 2024 469 4,941 2,206 7,616
NET BOOK VALUE
At 30 September 2024 41 167 575 783
At 30 September 2023 96 209 719 1,024

Megan Properties Limited (Registered number: 00889860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 1,113,750
NET BOOK VALUE
At 30 September 2024 1,113,750
At 30 September 2023 1,113,750

The directors have made key assumptions in the determination of the fair value of investment properties in respect of the state of the relevant property market where the properties are located and in respect of the range of reasonable fair value estimates of the properties. The valuation method is described below together with the valuation of the property at the reporting date.

The company undertook a valuation of its investment properties and the values were included in the accounts for the year ended 30 September 2013.

The directors are of the opinion that, given the current economic climate, there has not been a significant change in current market values and have therefore not included a impairment figure in order to restate the investment properties.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 4,830 3,757

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 635
Other creditors 86,215 55,674
86,215 56,309

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 486,526 492,088

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 125,946 122,448

Within the long term liabilities £220,148 (2023: £229,208) relates solely to monies owed to directors. These amounts are unsecured.

Megan Properties Limited (Registered number: 00889860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgage on investment
property 164,235 160,734
Mortgage on investment
property 4,133 4,129
168,368 164,863

10. RELATED PARTY DISCLOSURES

Included in current liabilities are monies owed to the directors of £3,942 (2023: £9,951). These amounts are unsecured and interest free.

Included in long term liabilities are monies owed to the directors of £220,148 (2023: £229,208). These amounts are unsecured.