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Registration number: 11402543

Market Street Regen Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 December 2023 to 31 December 2024

 

Market Street Regen Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Market Street Regen Limited

Company Information

Directors

Mr Mustaq Bhailok

Mr Mehboob Bhailok

Registered office

3 Cable Court
Pittman Way
Preston
PR2 9YW

 

Market Street Regen Limited

(Registration number: 11402543)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

59,006

69,450

Investment property

5

3,200,000

3,200,000

 

3,259,006

3,269,450

Current assets

 

Debtors

6

10,062

12,657

Cash at bank and in hand

 

12,144

45,918

 

22,206

58,575

Creditors: Amounts falling due within one year

7

(3,101,890)

(3,145,321)

Net current liabilities

 

(3,079,684)

(3,086,746)

Total assets less current liabilities

 

179,322

182,704

Provisions for liabilities

(32,729)

(34,713)

Net assets

 

146,593

147,991

Capital and reserves

 

Called up share capital

4

4

Retained earnings

146,589

147,987

Shareholders' funds

 

146,593

147,991

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 May 2025 and signed on its behalf by:
 

.........................................
Mr Mustaq Bhailok
Director

   
     
 

Market Street Regen Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2023 to 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Cable Court
Pittman Way
Preston
PR2 9YW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of rental income received or receivable in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Market Street Regen Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2023 to 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

12.5% on cost

Office equipment

33% on cost

Investment property

Investment property is recognised at cost on initial recognition. Subsequently, investment property is measured at fair value at the reporting date with any changes recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Market Street Regen Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2023 to 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 2).

 

Market Street Regen Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2023 to 31 December 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2023

93,366

6,404

99,770

Additions

-

2,569

2,569

At 31 December 2024

93,366

8,973

102,339

Depreciation

At 1 December 2023

24,887

5,433

30,320

Charge for the period

11,671

1,342

13,013

At 31 December 2024

36,558

6,775

43,333

Carrying amount

At 31 December 2024

56,808

2,198

59,006

At 30 November 2023

68,479

971

69,450

5

Investment properties

2024
£

At 1 December 2022

3,200,000

At 31 December 2023

3,200,000

6

Debtors

Current

2024
£

2023
£

Other debtors

10,062

12,657

 

10,062

12,657

 

Market Street Regen Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2023 to 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

3,075,916

3,120,084

Accruals and deferred income

 

25,974

25,237

 

3,101,890

3,145,321

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Directors' loan accounts

6,585

5,823

Amounts due to related undertakings

3,069,331

3,114,261

3,075,916

3,120,084

Directors' loan accounts and amounts due to related undertakings are non-interest bearing and have no formal repayment terms.