2023-09-012024-08-312024-08-31false14316876MASTER KEY PROPERTY 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MASTER KEY PROPERTY LTD

Registered Number
14316876
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

MASTER KEY PROPERTY LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

GALEA, Joseff Benjamine Jackson

Registered Address

Unit 31g Pant Industrial Estate
Merthyr Tydfil
CF48 2SR

Registered Number

14316876 (England and Wales)
MASTER KEY PROPERTY LTD
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3165,304-
165,304-
Current assets
Debtors-1
-1
Creditors amounts falling due within one year4(153,674)-
Net current assets (liabilities)(153,674)1
Total assets less current liabilities11,6301
Creditors amounts falling due after one year5(20,000)-
Net assets(8,370)1
Capital and reserves
Called up share capital11
Profit and loss account(8,371)-
Shareholders' funds(8,370)1
The financial statements were approved and authorised for issue by the Director on 7 August 2025, and are signed on its behalf by:
GALEA, Joseff Benjamine Jackson
Director
Registered Company No. 14316876
MASTER KEY PROPERTY LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Total

££
Cost or valuation
Additions165,304165,304
At 31 August 24165,304165,304
Net book value
At 31 August 24165,304165,304
At 31 August 23--
4.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts4,185-
Amounts owed to related parties149,489-
Total153,674-
5.Creditors: amounts due after one year

2024

2023

££
Amounts owed to related parties20,000-
Total20,000-
6.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
GALEA, Joseff Benjamine Jackson0149,4880149,488
0149,4880149,488