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REGISTERED NUMBER: 03677743 (England and Wales)



















MASTERFIELD PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






MASTERFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03677743)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


MASTERFIELD PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: Mr A Grossman





SECRETARY: Mrs B Grossman





REGISTERED OFFICE: 44 Theydon Road
London
E5 9NA





REGISTERED NUMBER: 03677743 (England and Wales)





ACCOUNTANTS: Sugarwhite Meyer Accountants Ltd
First Floor
94 Stamford Hill
London
N16 6XS

MASTERFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03677743)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 - -
Investments 6 1 1
Investment property 7 5,657,089 5,657,089
5,657,090 5,657,090

CURRENT ASSETS
Debtors 8 2,226,282 2,139,309
Cash at bank 4,610 11,946
2,230,892 2,151,255
CREDITORS
Amounts falling due within one year 9 901,053 950,702
NET CURRENT ASSETS 1,329,839 1,200,553
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,986,929

6,857,643

CREDITORS
Amounts falling due after more than one
year

10

(3,420,231

)

(3,296,621

)

PROVISIONS FOR LIABILITIES 12 (571,453 ) (571,453 )
NET ASSETS 2,995,245 2,989,569

CAPITAL AND RESERVES
Called up share capital 7 7
Fair value reserve 13 2,256,454 2,256,454
Retained earnings 738,784 733,108
2,995,245 2,989,569

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MASTERFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03677743)

BALANCE SHEET - continued
30 JUNE 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 has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 June 2025 and were signed by:





Mr A Grossman - Director


MASTERFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03677743)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Masterfield 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified to include investment properties measured at fair value through profit or loss.

Preparation of consolidated financial statements
The financial statements contain information about Masterfield Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

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 amounts 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. The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover
Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio.

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

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

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date and any changes in fair value are recognised in the profit and loss account.


MASTERFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03677743)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

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

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2023
and 30 June 2024 9,550
DEPRECIATION
At 1 July 2023
and 30 June 2024 9,550
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

MASTERFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03677743)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 5,657,089
NET BOOK VALUE
At 30 June 2024 5,657,089
At 30 June 2023 5,657,089

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the company's director who is considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 30 June 2024 is £2,829,181.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 55,135 52,562
Other debtors 2,171,147 2,086,747
2,226,282 2,139,309

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 93,499 112,583
Trade creditors 13,458 10,944
Amounts owed to group undertakings 537 2,312
Taxation and social security 29,742 28,121
Other creditors 763,817 796,742
901,053 950,702

MASTERFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03677743)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 3,420,231 3,296,621

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 years by
non-instalments

2,007,991

1,389,023

Repayable by instalments
Bank loans more than 5 years by
instalments

1,079,910

1,488,933

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,513,730 3,409,204

The bank loans are secured by legal charges over the company's investment properties.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 571,453 571,453

Deferred
tax
£   
Balance at 1 July 2023 571,453
Balance at 30 June 2024 571,453

Deferred tax arises from the revaluation of investment properties.

13. RESERVES
Fair
value
reserve
£   
At 1 July 2023
and 30 June 2024 2,256,454

MASTERFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03677743)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. RELATED PARTY DISCLOSURES

Other debtors include amounts aggregating £1,990,863 (2023: £1,909,226) due from related companies under common control.

Other creditors include amounts aggregating £17,424 (2023: £68,038) due to related companies under common control.