Registration number:
MNB Property Management Limited
for the Year Ended 31 March 2025
MNB Property Management Limited
Contents
|
Profit and Loss Account and Statement of Retained Earnings |
|
|
Statement of Comprehensive Income |
|
|
Balance Sheet |
|
|
Statement of Changes in Equity |
|
|
Notes to the Unaudited Financial Statements |
MNB Property Management Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
- |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating (loss)/profit |
( |
|
|
|
Interest payable and similar charges |
( |
( |
|
|
(8,389) |
(7,329) |
||
|
(Loss)/profit before tax |
( |
|
|
|
Taxation |
|
( |
|
|
Profit for the financial year |
|
|
|
|
Retained earnings brought forward |
7,825 |
10,876 |
|
|
Dividends paid |
( |
( |
|
|
Retained earnings carried forward |
18,571 |
7,825 |
MNB Property Management Limited
Statement of Comprehensive Income for the Year Ended 31 March 2025
|
2025 |
2024 |
|
|
Profit for the year |
|
|
|
Surplus on property, plant and equipment revaluation |
|
- |
|
Total comprehensive income for the year |
|
|
MNB Property Management Limited
(Registration number: 10831779)
Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
- |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Other reserves |
|
- |
|
|
Retained earnings |
|
|
|
|
Shareholders' funds |
|
|
For the financial 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.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
MNB Property Management Limited
(Registration number: 10831779)
Balance Sheet as at 31 March 2025
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
|
......................................... |
MNB Property Management Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
|
Share capital |
Non-distributable reserve |
Retained earnings |
Total |
|
|
At 1 April 2024 |
|
- |
|
|
|
Profit for the year |
- |
- |
|
|
|
Other comprehensive income |
- |
|
- |
|
|
Total comprehensive income |
- |
|
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 April 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 March 2024 |
100 |
7,825 |
7,925 |
MNB Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
MNB Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for management charges. Turnover is shown gross of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
MNB Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures and fittings |
20% reducing balance |
Investment property
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
MNB Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
MNB Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Land and buildings |
Fixtures and fittings |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2024 |
|
|
|
|
Revaluations |
|
- |
|
|
Additions |
|
- |
|
|
At 31 March 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2024 |
- |
|
|
|
Charge for the year |
- |
|
|
|
At 31 March 2025 |
- |
|
|
|
Carrying amount |
|||
|
At 31 March 2025 |
|
|
|
|
At 31 March 2024 |
|
|
|
Included within the net book value of land and buildings above is £268,727 (2024 - £134,477) in respect of freehold land and buildings.
Revaluation
The fair value of the company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
MNB Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Taxation and social security |
- |
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2025 |
2024 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
MNB Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
|
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
|
Non-distributable reserve |
Total |
|
|
Surplus/deficit on property, plant and equipment revaluation |
|
|
|
|
||
|
Tangible assets |
|
|
Total amount of revalued assets |
35,523 |
|
|
|