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COMPANY REGISTRATION NUMBER: 02964388
Manor Properties (Chigwell) Limited
Filleted Unaudited Financial Statements
30 September 2024
Manor Properties (Chigwell) Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,600,002
2,600,002
Current assets
Debtors
6
350,000
350,000
Cash at bank and in hand
43,441
16,019
---------
---------
393,441
366,019
Creditors: amounts falling due within one year
7
21,034
17,864
---------
---------
Net current assets
372,407
348,155
------------
------------
Total assets less current liabilities
2,972,409
2,948,157
Provisions
Taxation including deferred tax
553,225
553,225
------------
------------
Net assets
2,419,184
2,394,932
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,641,002
1,641,002
Profit and loss account
778,082
753,830
------------
------------
Shareholders funds
2,419,184
2,394,932
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Manor Properties (Chigwell) Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 5 June 2025 , and are signed on behalf of the board by:
Mr D S Sumal
Director
Company registration number: 02964388
Manor Properties (Chigwell) Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2. 32-34 Station Close, Potters Bar, Herts, EN6 1TL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income from investment properties.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Investment properties are not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
2,600,001
11,152
2,611,153
------------
--------
------------
Depreciation
At 1 October 2023 and 30 September 2024
11,151
11,151
------------
--------
------------
Carrying amount
At 30 September 2024
2,600,001
1
2,600,002
------------
--------
------------
At 30 September 2023
2,600,001
1
2,600,002
------------
--------
------------
Tangible assets held at valuation
Investment Property The directors have assessed the fair value of each property within the portfolio, based upon local knowledge and advice of potential resale values from its property advisors.
6. Debtors
2024
2023
£
£
Other debtors
350,000
350,000
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
5,789
691
Other creditors
15,245
17,173
--------
--------
21,034
17,864
--------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D S Sumal
350,000
350,000
---------
----
----
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D S Sumal
( 350,000)
350,000
350,000
350,000
---------
---------
---------
---------
9. Related party transactions
In 2024, an amount of £350,000 was due from the director Mr D Sumal. This was repaid after the year end on 27 March 2025 .
10. Controlling party
The company is not under the influence or control of any one shareholder.