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Registered number: 07065283
Mexx Properties Limited
Financial Statements
For The Year Ended 30 November 2024
Cooper Young & Partners Ltd
Chartered Accountants
Hunter House
109 Snakes Lane West
Woodford Green
Essex
IG8 0DY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07065283
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 2,100,000 2,100,000
2,100,000 2,100,000
CURRENT ASSETS
Debtors 5 2,609 3,389
Cash at bank and in hand 44,352 20,897
46,961 24,286
Creditors: Amounts Falling Due Within One Year 6 (87,467 ) (76,540 )
NET CURRENT ASSETS (LIABILITIES) (40,506 ) (52,254 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,059,494 2,047,746
Creditors: Amounts Falling Due After More Than One Year 7 (957,265 ) (980,292 )
NET ASSETS 1,102,229 1,067,454
CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 9 472,671 472,671
Profit and Loss Account 629,556 594,781
SHAREHOLDERS' FUNDS 1,102,229 1,067,454
Page 1
Page 2
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Manish Sangani
Director
10 June 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mexx Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07065283 . The registered office is Hunter House, 109 Snakes Lane West, Woodford Green, Essex, IG8 0DY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% WDV
2.3. Investment Properties
All investment properties are carried at fair value determined annually and 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. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Investment Property
2024
£
Fair Value
As at 1 December 2023 and 30 November 2024 2,100,000
Page 3
Page 4
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,144
Prepayments and accrued income 2,609 2,245
2,609 3,389
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,936 2,636
Bank loans and overdrafts 11,200 11,200
Corporation tax 7,659 -
Accruals - 2,107
Directors' loan accounts 66,672 60,597
87,467 76,540
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,009 68,036
Other creditors 650,116 650,116
Other creditors rent deposit 26,000 -
Directors loan account 265,140 262,140
957,265 980,292
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Reserves
Revaluation Reserve
£
As at 1 December 2023 472,671
As at 30 November 2024 472,671
Page 4