Martess Properties Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 01808403

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		96,119		97,636

			96,119		97,636
CURRENT ASSETS
Debtors	5	47,343		40,957
Cash at bank and in hand		108,435		113,501

		155,778		154,458
Creditors: Amounts Falling Due Within One Year	6	(3,263 )		(5,037 )

NET CURRENT ASSETS (LIABILITIES)			152,515		149,421

TOTAL ASSETS LESS CURRENT LIABILITIES			248,634		247,057

NET ASSETS			248,634		247,057

CAPITAL AND RESERVES
Called up share capital	7		158		158
Fair value reserve	8		12,266		12,266
Profit and Loss Account			236,210		234,633

SHAREHOLDERS' FUNDS			248,634		247,057

Page 1

Page 2

Martess Properties Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors on 8 April 2025 and were signed on its behalf by:

Mrs Lynn Mitchell

Director

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Martess Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01808403 . The registered office is 154 Coed Edeyrn Coed Edeyrn, Llanedeyrn, Cardiff, CF23 9JY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the amounts charged to leaseholders during the year.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

33% Reducing balance

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.6. Funds held on Trust

The cash balance and other assets representing service charge monies received are held under statutory trust on behalf of the leaseholders.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

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Martess Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Investment Properties	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 January 2024	79,000	98,530	177,530
Additions	-	402	402

As at 31 December 2024	79,000	98,932	177,932

Depreciation
As at 1 January 2024	-	79,894	79,894
Provided during the period	-	1,919	1,919

As at 31 December 2024	-	81,813	81,813

Net Book Value
As at 31 December 2024	79,000	17,119	96,119

As at 1 January 2024	79,000	18,636	97,636

The freehold Investment Property is included in the financial statements at fair value. This is based on a valuation made by the directors of the company, who have no formal qualifications. This class of asset has a current value of £79,000 (2023 - £79,000).

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	19,953	17,704
Prepayments and accrued income	27,390	23,253

	47,343	40,957

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	144	-
Other taxes and social security- PAYE/NI	436	385
Pensions payable	183	-
Accruals and deferred income	2,500	4,652

	3,263	5,037

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Martess Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	158	158

8. Reserves

	Fair Value Reserve
	£
As at 1 January 2024	12,266

As at 31 December 2024	12,266

9. Related Party Transactions

The company is beneficially owned by its members who are tenants of the flats. During the year no payments (2023 - £400) were made to R. Pesticcio, the husband of C. Pesticcio, for repairs and maintenance work. C. Pesticcio is the Company Secretary and is involved in the day to day management of the company.