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Unaudited Financial Statements for the Year Ended 30 September 2022 |
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Mersenne Properties Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 September 2022 |
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for |
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Mersenne Properties Limited |
Mersenne Properties Limited (Registered number: 09204508) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2022 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Report of the Accountant | 9 |
Mersenne Properties Limited |
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Company Information |
for the Year Ended 30 September 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANT: |
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1 Croft Lane |
Temple Grafton |
Alcester |
Warwickshire |
B49 6PA |
Mersenne Properties Limited (Registered number: 09204508) |
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Statement of Financial Position |
30 September 2022 |
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30.9.22 | 30.9.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property Fixtures and Fittings , Plant and
Equipment |
4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS | 13 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Mersenne Properties Limited (Registered number: 09204508) |
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Statement of Financial Position - continued |
30 September 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Mersenne Properties Limited (Registered number: 09204508) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2022 |
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1. | STATUTORY INFORMATION |
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Mersenne Properties Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Investments in associates |
Investments in associate undertakings are recognised at cost. |
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Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognized in the income statement. Unrealized gains or losses (net of related deferred tax) are transferred from retained earnings to a separate revaluation reserve. |
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Taxation |
Taxation expense for the period comprises current and deferred tax recognized in the period. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case tax is also recognized in other comprehensive income or directly in equity respectively. |
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Current tax is the amount of UK corporation tax payable in respect of the taxable profit for the year or prior years calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
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Deferred tax |
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognized in financial statements. |
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Deferred tax is recognized on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognized when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted at the reporting date and are expected to apply to the reversal of the timing difference. Deferred tax relating to investment property that is measured at fair value is calculated using the tax rates and allowances that apply to the sale of the asset. |
Mersenne Properties Limited (Registered number: 09204508) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY FIXTURES AND FITTINGS , PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
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COST |
At 1 October 2021 |
and 30 September 2022 |
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DEPRECIATION |
At 1 October 2021 |
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Charge for year |
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At 30 September 2022 |
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NET BOOK VALUE |
At 30 September 2022 |
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At 30 September 2021 |
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5. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
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COST |
At 1 October 2021 |
and 30 September 2022 |
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NET BOOK VALUE |
At 30 September 2022 |
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At 30 September 2021 |
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Mersenne Properties Limited (Registered number: 09204508) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
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5. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
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Associated company |
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Registered office: The Old Council Chambers, Halford Street, Tamworth B79 7RB |
Nature of business:
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Class of shares: | holding |
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30.9.22 |
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£ | £ |
Aggregate capital and reserves |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 October 2021 |
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Disposals | ( |
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Revaluations | (73,524 | ) |
At 30 September 2022 |
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NET BOOK VALUE |
At 30 September 2022 |
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At 30 September 2021 |
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Fair value at 30 September 2022 is represented by: |
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Valuation in 2020 | 487,468 |
Valuation in 2021 | 415,616 |
Valuation in 2022 | (73,524 | ) |
Cost | 15,255,440 |
16,085,000 |
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If Investment properties had not been revalued they would have been included at the following historical cost: |
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30.9.22 | 30.9.21 |
£ | £ |
Cost | 15,255,440 | 18,811,916 |
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Investment properties were valued on an open market basis on 30 September 2022 by Mr Richard Laing RICS . |
Mersenne Properties Limited (Registered number: 09204508) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Bank loans (see note 10) |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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30.9.22 | 30.9.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Bank loans payable at the year end amounted to £6,732,150 (2021 - £8,738,750). |
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The loans are secured by fixed and floating charges over the company's investment properties. Interest rates payable on the principal amount of the mortgages range from 2.30% to 4.05% and are payable to the funders on a quarterly basis. |
Mersenne Properties Limited (Registered number: 09204508) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
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11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 October 2021 |
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1,922,106 |
Profit for the year |
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Transfer in respect of |
property revaluation gains |
(net of deferred tax) | 65,517 | (65,517 | ) | - |
At 30 September 2022 |
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2,864,227 |
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The retained earnings reserve represents cumulative profits and losses net of transfers of investment property revaluations, dividends paid and other adjustments. |
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The revaluation reserve represents the cumulative effect of revaluations of investment properties which are revalued to fair value at each reporting date. |
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is R Laing. |
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13. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
30.9.22 | 30.9.21 |
£ | £ |
Profit for the financial year |
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Net addition to shareholders' funds | 942,121 | 508,217 |
Opening shareholders' funds | 1,922,107 | 1,413,890 |
Closing shareholders' funds | 2,864,228 | 1,922,107 |
Mersenne Properties Limited |
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Report of the Accountant to the Directors of |
Mersenne Properties Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 30 September 2022 set out on pages three to eleven and you consider that the company is exempt from an audit. |
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In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to me. |
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1 Croft Lane |
Temple Grafton |
Alcester |
Warwickshire |
B49 6PA |
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Date: ............................................. |