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Company registration number:
09914907
MNP PROPERTY INVESTMENTS LTD
Unaudited Filleted Financial Statements for the year ended
30 November 2024
PRESTIGE ACCOUNTS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS & CHARTERED TAX ADVISERS
16 KHARTOUM ROAD, ILFORD, IG1 2NP, United Kingdom
MNP PROPERTY INVESTMENTS LTD
Report to the board of directors on the preparation of the unaudited statutory financial statements of MNP PROPERTY INVESTMENTS LTD
Year ended
30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
MNP PROPERTY INVESTMENTS LTD
for the year ended
30 November 2024
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
MNP PROPERTY INVESTMENTS LTD
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
MNP PROPERTY INVESTMENTS LTD
and state those matters that we have agreed to state to the Board of Directors of
MNP PROPERTY INVESTMENTS LTD
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
MNP PROPERTY INVESTMENTS LTD
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
MNP PROPERTY INVESTMENTS LTD
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
MNP PROPERTY INVESTMENTS LTD
. You consider that
MNP PROPERTY INVESTMENTS LTD
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of MNP PROPERTY INVESTMENTS LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PRESTIGE ACCOUNTS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS & CHARTERED TAX ADVISERS
16 KHARTOUM ROAD
ILFORD
IG1 2NP
United Kingdom
Date:
6 August 2025
MNP PROPERTY INVESTMENTS LTD
Statement of Financial Position
30 November 2024
20242023
Note££
Fixed assets    
Tangible assets 5
1,619,584
 
1,621,380
 
Current assets    
Debtors 6
11,669
 
16,436
 
Cash at bank and in hand
13,066
 
22,343
 
24,735
 
38,779
 
Creditors: amounts falling due within one year 7
(420,115
)
(448,758
)
Net current liabilities
(395,380
)
(409,979
)
Total assets less current liabilities 1,224,204   1,211,401  
Creditors: amounts falling due after more than one year 8
(1,105,241
)
(1,105,252
)
Net assets
118,963
 
106,149
 
Capital and reserves    
Called up share capital
3
 
3
 
Profit and loss account
118,960
 
106,146
 
Shareholders funds
118,963
 
106,149
 
For the 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 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
6 August 2025
, and are signed on behalf of the board by:
MRS MARIA PASCHALIS
Director
Company registration number:
09914907
MNP PROPERTY INVESTMENTS LTD
Notes to the Financial Statements
Year ended
30 November 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
60 LODGE LANE
,
NORTH FINCHLEY
,
LONDON
,
N12 8JJ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied in the financial year, net of trade discounts and Value Added Tax.
The company’s turnover consists of rent receivable from property lettings in the financial year.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Freehold investment properties are not depreciated, unless their estimated residual value is less than their cost.
Fixtures, fittings and equipment
25% reducing balance.
Office equipment
20% reducing balance.

Impairment

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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2023:
3.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 December 2023
1,596,270
 
71,289
 
1,667,559
 
Additions -  
5,906
 
5,906
 
At
30 November 2024
1,596,270
 
77,195
 
1,673,465
 
Depreciation      
At
1 December 2023
-  
46,179
 
46,179
 
Charge -  
7,702
 
7,702
 
At
30 November 2024
-  
53,881
 
53,881
 
Carrying amount      
At
30 November 2024
1,596,270
 
23,314
 
1,619,584
 
At 30 November 2023
1,596,270
 
25,110
 
1,621,380
 
The cost of the land and buildings shown above under tangible assets is relating to investment properties which have been carried at historical costs including improvements’ capitalised cost. No valuation has been carried out for the company’s investment properties in the financial year to 30 November 2024. Under the FRS 102 requirements, If a reliable measure of fair value is not available the investment property shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
The above investment properties have not been depreciated since the company’s directors consider the fair value of the properties at the end of the financial year to be higher than the properties’ carrying value disclosed in the accounts, as stated above at historical costs.

6 Debtors

20242023
££
Trade debtors
8,900
 
13,596
 
Other debtors
2,769
 
2,840
 
11,669
 
16,436
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
354,776
 
393,776
 
Trade creditors
22,921
 
22,073
 
Taxation and social security
3,877
 
10,861
 
Other creditors
38,541
 
22,048
 
420,115
 
448,758
 
The amount shown above under bank loans and overdrafts in 2024 and for 2023, relates to loans from a related company, which are repayable on demand when the lender serves the company with a three months notice to do so. For more details see notes under the related party transactions section below.

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
1,105,241
 
1,105,252
 
All the loans falling due after more than one year shown above, for 2024 and 2023, are all non-installment secured loans that fall due for repayment after more than five years.

10 Controlling party

The ultimate controlling parties in the financial year were Mrs Maria Paschalis, Mrs Myroulla Procopiou and Mrs Niki Paschalis, each one held one third of the company’s share capital.