Mack Propco Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04698578

Mack Propco Limited

Filleted Unaudited Abridged Financial Statements

30 September 2024

Mack Propco Limited

Abridged Financial Statements

Period from 1 September 2023 to 30 September 2024

Contents	Page

Chartered accountants report to the director on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Mack Propco Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Mack Propco Limited

Period from 1 September 2023 to 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Mack Propco Limited for the period ended 30 September 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Mack Propco Limited. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Mack Propco Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mack Propco Limited and its director for our work or for this report.

It is your duty to ensure that Mack Propco Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mack Propco Limited. You consider that Mack Propco Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the abridged financial statements of Mack Propco Limited. 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 abridged financial statements.

HARPER SHELDON LIMITED Chartered Accountants

Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ

30 September 2025

Mack Propco Limited

Abridged Statement of Financial Position

30 September 2024

	30 Sep 24	31 Aug 23
Note	£	£

Fixed assets

Tangible assets	5	3,251,516	2,437,044
Investments	6	1,216,000	–
		------------	------------
		4,467,516	2,437,044

Current assets

Debtors	78,226	8,811
Cash at bank and in hand	31,746	43,104
	---------	--------
	109,972	51,915

Creditors: amounts falling due within one year	3,593,927	1,027,460
	------------	------------
Net current liabilities	3,483,955	975,545
	------------	------------
Total assets less current liabilities	983,561	1,461,499

Creditors: amounts falling due after more than one year	7	–	487,870

Provisions	154,000	107,188
	---------	------------
Net assets	829,561	866,441
	---------	------------

Capital and reserves

Called up share capital	1	1
Other reserves	595,277	595,277
Profit and loss account	234,283	271,163
	---------	---------
Shareholders funds	829,561	866,441
	---------	---------

These abridged 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 abridged income statement has not been delivered.

For the period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the period 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 abridged financial statements .

Mack Propco Limited

Abridged Statement of Financial Position (continued)

30 September 2024

All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the period ending 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr K Loughnane
Director

Company registration number: 04698578

Mack Propco Limited

Notes to the Abridged Financial Statements

Period from 1 September 2023 to 30 September 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Bath Road, Cheltenham, Gloucestershire, GL53 7HG.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Revenue from the rent of investment property is measured at the fair value of consideration received or receivable, stated net of discounts and of Value Added Tax, and recognised on a straight line-basis over the lease term.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

		-	20% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 1 (2023: 1 ).

The above employee numbers includes unremunerated directors

5. Tangible assets

	£
Valuation
At 1 September 2023	2,437,044
Additions	861,285
	------------
At 30 September 2024	3,298,329
	------------
Depreciation
At 1 September 2023	–
Charge for the period	46,813
	------------
At 30 September 2024	46,813
	------------
Carrying amount
At 30 September 2024	3,251,516
	------------
At 31 August 2023	2,437,044
	------------

Included within the above is investment property as follows:

	£
At 1 September 2023	2,437,044
Additions	627,222
	------------
At 30 September 2024	3,064,266
	------------

Investment property was revalued on an open market basis as at 31 August 2023 by the director. Fair value at the year end is represented by:


		£
	Cost b/fwd	1,734,579
	Valuation b/fwd	702,465
	Additions 2024	627,222
		------------
		3,064,266
		------------

6. Investments

	£
Impairment
At 1 September 2023	–
	----
At 30 September 2024	–
	----
Carrying amount
At 30 September 2024	1,216,000
	------------

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

Long-term interest-only mortgages secured by fixed charges were repaid during the year with funds loaned from an associated company. The company's assets are now free of any securities.

8. Related party transactions

The company was under the control of Mr K Loughnane throughout the current and previous year. The company holds 100% of the share capital of its subsidiary Independent Community Living (Holdings) Limited. No amount is included within the balance sheet in respect of this investment as it was acquired for negligible value. The company entered into transactions with the following companies which are related by virtue of common directorships and control: As at the year end Mack Residential Limited owed the company £17,625 (2023 - £8,811). Mack Residential leases property from the company. The company also owed another associated company £3,356,811 (2023 - £945,674) for loans related to property investment and redemption of existing mortgages. The above related party loans are interest free with no fixed repayment terms.