2 false false false false false false false false false false true false false true true true true No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,155,000 3,000 2,647,000 2,647,000 2,155,000 xbrli:pure xbrli:shares iso4217:GBP 03394676 2024-04-01 2025-03-31 03394676 2025-03-31 03394676 2024-03-31 03394676 2023-04-01 2024-03-31 03394676 2024-03-31 03394676 2023-03-31 03394676 core:PlantMachinery 2024-04-01 2025-03-31 03394676 core:MotorVehicles 2024-04-01 2025-03-31 03394676 bus:Director2 2024-04-01 2025-03-31 03394676 core:PlantMachinery 2024-03-31 03394676 core:MotorVehicles 2024-03-31 03394676 core:PlantMachinery 2025-03-31 03394676 core:MotorVehicles 2025-03-31 03394676 core:AfterOneYear 2025-03-31 03394676 core:AfterOneYear 2024-03-31 03394676 core:WithinOneYear 2025-03-31 03394676 core:WithinOneYear 2024-03-31 03394676 core:ShareCapital 2025-03-31 03394676 core:ShareCapital 2024-03-31 03394676 core:RevaluationReserve 2025-03-31 03394676 core:RevaluationReserve 2024-03-31 03394676 core:RetainedEarningsAccumulatedLosses 2025-03-31 03394676 core:RetainedEarningsAccumulatedLosses 2024-03-31 03394676 core:BetweenOneFiveYears 2025-03-31 03394676 core:BetweenOneFiveYears 2024-03-31 03394676 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 03394676 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2025-03-31 03394676 core:CostValuation core:Non-currentFinancialInstruments 2025-03-31 03394676 core:Non-currentFinancialInstruments 2025-03-31 03394676 core:Non-currentFinancialInstruments 2024-03-31 03394676 core:PlantMachinery 2024-03-31 03394676 core:MotorVehicles 2024-03-31 03394676 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2025-03-31 03394676 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-03-31 03394676 bus:Director2 2024-03-31 03394676 bus:Director2 2025-03-31 03394676 bus:Director2 2023-03-31 03394676 bus:Director2 2024-03-31 03394676 bus:Director2 2023-04-01 2024-03-31 03394676 bus:SmallEntities 2024-04-01 2025-03-31 03394676 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 03394676 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 03394676 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 03394676 bus:FullAccounts 2024-04-01 2025-03-31
COMPANY REGISTRATION NUMBER: 03394676
MAINLAND PROPERTIES LIMITED
Filleted Unaudited Financial Statements
31 March 2025
MAINLAND PROPERTIES LIMITED
Financial Statements
Year ended 31 March 2025
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
MAINLAND PROPERTIES LIMITED
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
5
7,782
10,433
Investment properties
6
2,647,000
2,155,000
------------
------------
2,654,782
2,165,433
Current assets
Stocks
501,540
Debtors
7
49,642
30,874
Cash at bank and in hand
9,055
229,658
--------
---------
58,697
762,072
Creditors: amounts falling due within one year
8
11,651
514,350
--------
---------
Net current assets
47,046
247,722
------------
------------
Total assets less current liabilities
2,701,828
2,413,155
Creditors: amounts falling due after more than one year
9
1,741,257
1,453,474
Provisions
Taxation including deferred tax
1,480
2,000
------------
------------
Net assets
959,091
957,681
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
789,644
789,644
Profit and loss account
169,347
167,937
---------
---------
Shareholder funds
959,091
957,681
---------
---------
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 has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 .
MAINLAND PROPERTIES LIMITED
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 25 July 2025 , and are signed on behalf of the board by:
Mr A J McQuade
Director
Company registration number: 03394676
MAINLAND PROPERTIES LIMITED
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 80 Rushton Road, Rothwell, NN14 6HQ.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Rental income is recognised in the period to which the rent relates.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant & equipment
-
25% straight line
Motor vehicle
-
25% reducing balance
Office equipment
-
3 to 5 years Straight line
Investment properties
Investment property which is property held to earn rental income and/or for capital appreciation is initially recognised at cost, which includes the purchase cost and directly attributable espenditure. Subsequently it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2024: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2024
1,024
35,749
2,921
39,694
Additions
230
230
-------
--------
-------
--------
At 31 March 2025
1,254
35,749
2,921
39,924
-------
--------
-------
--------
Depreciation
At 1 April 2024
255
26,528
2,478
29,261
Charge for the year
315
2,305
261
2,881
-------
--------
-------
--------
At 31 March 2025
570
28,833
2,739
32,142
-------
--------
-------
--------
Carrying amount
At 31 March 2025
684
6,916
182
7,782
-------
--------
-------
--------
At 31 March 2024
769
9,221
443
10,433
-------
--------
-------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2025
6,916
-------
At 31 March 2024
9,221
-------
6. Investment properties
Other investments other than loans
£
Cost
At 1 April 2024
2,155,000
Additions
3,000
Transfers from stock
489,000
------------
At 31 March 2025
2,647,000
------------
Impairment
At 1 April 2024 and 31 March 2025
------------
Carrying amount
At 31 March 2025
2,647,000
------------
At 31 March 2024
2,155,000
------------
7. Debtors
2025
2024
£
£
Trade debtors
10,900
Other debtors
49,642
19,974
--------
--------
49,642
30,874
--------
--------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,023
18,936
Corporation tax
1,775
Social security and other taxes
213
229
Other creditors
8,640
495,185
--------
---------
11,651
514,350
--------
---------
9. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
1,485,337
1,443,892
Other loan
249,376
Other creditors
6,544
9,582
------------
------------
1,741,257
1,453,474
------------
------------
The bank loans on properties do not have any capital repayments only monthly interest payments. The loans are repayable at the end of the term in a single instalment. The period of the loans varies between 20 and 40 years. The rates of interest payable is between 3.5% and 6.9%
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2025
2024
£
£
Not later than 1 year
2,804
2,804
Later than 1 year and not later than 5 years
6,916
9,582
-------
--------
9,720
12,386
-------
--------
11. Charges on assets
The company has obtained mortgages on some of the freehold investment properties. The company has given security to the lender by way of a charge on the property on which the mortgage funds were advanced. The amount outstanding on the hire purchase contract is secured on the asset aquired in the agreement.
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2025
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A J McQuade
92,529
( 92,444)
85
--------
--------
----
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A J McQuade
45,246
47,283
92,529
--------
--------
--------
13. Related party transactions
Mr J J McQuade the father of the director, continues to support the company by providing an unsecured loan to the company. As at 31 March 2025 the amount owed to Mr J J McQuade was £249,376 (2024 - £394,376). The loan is disclosed as an Other Loan and has no fixed repayment date. No interest was charged on the loan in the year ended 31 March 2025.