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Registered Number: 14730388
England and Wales

 

 

 

MARE STREET PROPERTY LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2024

End date: 31 March 2025
 
 
Notes
 
2025
£
  2024
£
Current assets      
Debtors 3 262,684    222,129 
Cash at bank and in hand 101,188    107,378 
363,872    329,507 
Creditors: amount falling due within one year 4 (295,977)   (308,831)
Net current assets 67,895    20,676 
 
Total assets less current liabilities 67,895    20,676 
Net assets 67,895    20,676 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 67,893    20,674 
Shareholders' funds 67,895    20,676 
 


For the year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 June 2025 and were signed on its behalf by:


-------------------------------
Timothy Allan
Director
1
General Information
Mare Street Property Limited is a private company, limited by shares, incorporated in England and Wales with registration number 14730388. The address of the registered office is 99 Heath Street, London, NW3 6SS.
1.

Accounting policies

Basis of preparation
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of the Financial Reporting Standard 102 (FRS 102) 'The Financial Reporting Standard applicable in UK and Republic of Ireland' issued by the Financial Reporting Council and the requirements of the Companies House Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.


Going concern
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the company and available sources of finance.
Judgements and key sources of estimation uncertainty
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 recognised at the fair value of the consideration received or receivable for rents.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
The company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets

Basic financial assets including trade and other debtors and amounts due from related companies, are initially recognised at transaction price unless the 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment losses recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognized when (a) the contractual rights to the cash flows from the asset expire or settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities include trade and other creditors and accruals, are initially recognised that 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.


Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.













2.

Average number of employees

Average number of employees during the year was 2 (2024 : 0).
3.

Debtors: amounts falling due within one year

2025
£
  2024
£
Trade Debtors 32,888    28,624 
Other Debtors 229,796    193,505 
262,684    222,129 

4.

Creditors: amount falling due within one year

2025
£
  2024
£
Trade Creditors   55,625 
Corporation Tax 11,923    4,849 
Accruals and Deferred Income 202,399    140,024 
Other Creditors 81,655    108,333 
295,977    308,831 

5.

Related party transactions

Included in other creditors (note 4) is £50,121 (2024: £102,296) due to a company connected by virtue of common directorship.
6.

Controlling party

The company is jointly controlled by the directors.
2