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COMPANY REGISTRATION NUMBER: 05250915
Machin Properties Limited
Filleted Unaudited Financial Statements
31 October 2024
Machin Properties Limited
Balance Sheet
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
143,000
130,000
Current assets
Cash at bank and in hand
956
45
Creditors: amounts falling due within one year
5
20,295
21,514
--------
--------
Net current liabilities
19,339
21,469
---------
---------
Total assets less current liabilities
123,661
108,531
Creditors: amounts falling due after more than one year
6
51,307
54,101
Provisions
Taxation including deferred tax
5,890
3,420
---------
---------
Net assets
66,464
51,010
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
66,364
50,910
--------
--------
Shareholders funds
66,464
51,010
--------
--------
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 comprehensive income (including profit and loss account) has not been delivered.
For the year ending 31 October 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 .
Machin Properties Limited
Balance Sheet (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 9 July 2025 , and are signed on behalf of the board by:
Mr G E Machin
Director
Company registration number: 05250915
Machin Properties Limited
Notes to the Financial Statements
Year ended 31 October 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 5 Beacon Avenue, Fulwood, Preston, Lancashire, PR2 3QY.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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 & fittings
-
25% straight line
Office equipment
-
25% straight line
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. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost or valuation
At 1 November 2023
130,000
6,131
949
137,080
Revaluations
13,000
13,000
---------
-------
----
---------
At 31 October 2024
143,000
6,131
949
150,080
---------
-------
----
---------
Depreciation
At 1 November 2023 and 31 October 2024
6,131
949
7,080
---------
-------
----
---------
Carrying amount
At 31 October 2024
143,000
143,000
---------
-------
----
---------
At 31 October 2023
130,000
130,000
---------
-------
----
---------
Tangible assets held at valuation
The directors estimate the market value of the investment property, as at 31 October 2024, to be £143,000.
5. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,790
3,790
Other creditors
16,505
17,724
--------
--------
20,295
21,514
--------
--------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
51,307
54,101
--------
--------
7. Director's advances, credits and guarantees
During the year, £850 was repaid to the directors so that at 31 October 2024 £15,628 (2023 £16,478) was owed to the directors with no formal agreement as to repayment.
8. Reserves
The only movements in reserves during the year were in respect of the profit for the year. Included within the profit and loss account is £25,110 in respect of the revaluation of the investment property, after deferred tax. The remainder of the profit and loss account is distributable.