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Company No: 10468239 (England and Wales)

M C LETTINGS LTD

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

M C LETTINGS LTD

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

M C LETTINGS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 November 2024
M C LETTINGS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 7,202,000 1,133,172
7,202,000 1,133,172
Current assets
Debtors 5 12,870 31,508
Cash at bank and in hand 94,686 9,017
107,556 40,525
Creditors: amounts falling due within one year 6 ( 5,064,807) ( 261,974)
Net current liabilities (4,957,251) (221,449)
Total assets less current liabilities 2,244,749 911,723
Creditors: amounts falling due after more than one year 7 ( 2,091,176) ( 862,393)
Provision for liabilities ( 6,183) 0
Net assets 147,390 49,330
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 10 147,388 49,328
Total shareholders' funds 147,390 49,330

For the financial 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.

Directors' responsibilities:

The financial statements of M C Lettings Ltd (registered number: 10468239) were approved and authorised for issue by the Board of Directors on 24 July 2025. They were signed on its behalf by:

M Cordon
Director
M C LETTINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
M C LETTINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M C Lettings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Transition to FRS 102

These financial statements for the year ended 30 November 2024 are the company's first financial statements prepared in accordance with FRS 102, The date of the transition was 1 December 2022. The reported financial position and performance for the previous period are not affected by the transition to FRS 102.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Fixtures and fittings 3 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 December 2023 775 1,279 2,054
At 30 November 2024 775 1,279 2,054
Accumulated depreciation
At 01 December 2023 775 1,279 2,054
At 30 November 2024 775 1,279 2,054
Net book value
At 30 November 2024 0 0 0
At 30 November 2023 0 0 0

4. Investment property

Investment property
£
Valuation
As at 01 December 2023 1,133,172
Additions 5,993,245
Fair value movement 75,583
As at 30 November 2024 7,202,000

Valuation

A full market valuation of investment property was completed by Savills Estate Agents at the Statement of Financial Position date. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the Group’s residential investment property at 30 November 2024 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.

For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 7,126,417 1,133,172

5. Debtors

2024 2023
£ £
Trade debtors 12,870 31,508

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,649 138
Amounts owed to directors 5,006,076 243,109
Accruals 4,139 1,862
Taxation and social security 14,253 6,821
Other creditors 37,690 10,044
5,064,807 261,974

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 2,091,176 862,393

The loan are secured by way of fixed and floating charges over the company's assets.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 5,006,076 243,109

The loans are interest free and repayable on demand.

No dividends (2023: £2,000) were declared during the year.

10. Profit and loss reserve

2024 2023
£ £
Profit and loss account - distributable reserves 77,988 49,328
Profit and loss account - non-distributable reserves 69,400 0
147,388 49,328

The non-distributable element of the profit and loss reserve relates to a fair value adjustment on the company's investment property.