REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
Mersenne Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
Mersenne Properties Limited |
Mersenne Properties Limited (Registered number: 09204508) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Report of the Accountant | 9 |
Mersenne Properties Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
1 Croft Lane |
Temple Grafton |
Alcester |
Warwickshire |
B49 6PA |
Mersenne Properties Limited (Registered number: 09204508) |
Statement of Financial Position |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property Fixtures and Fittings , Plant and Equipment |
4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS | 14 |
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) |
Statement of Financial Position - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mersenne Properties Limited (Registered number: 09204508) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Mersenne Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
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. |
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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Critical accounting adjustments and estimates |
In preparing the financial statements the directors are required to make a number of accounting judgements and make estimates and assumptions concerning the future. The following judgements and estimates are deemed significant in the context of these financial statements: |
i) Investment properties are recognised at their fair value. The company's investment properties were revalued on 30 September 2023 at fair value, determined by external property valuaton consultants Colliers. |
Mersenne Properties Limited (Registered number: 09204508) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY FIXTURES AND FITTINGS , PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Associated company |
Registered office: The Old Council Chambers, Halford Street, Tamworth B79 7RB |
Nature of business: |
% |
Class of shares: | holding |
Mersenne Properties Limited (Registered number: 09204508) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
Disposals | ( |
) |
Revaluations | 286,459 |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Fair value at 30 September 2023 is represented by: |
£ |
Valuation in 2020 | 487,468 |
Valuation in 2021 | 415,616 |
Valuation in 2022 | (73,524 | ) |
Valuation in 2023 | 286,459 |
Cost | 14,743,981 |
15,860,000 |
If Investment properties had not been revalued they would have been included at the following historical cost: |
30.9.23 | 30.9.22 |
£ | £ |
Cost | 14,743,981 | 15,255,440 |
Investment properties were valued on an open market basis on 30 September 2023 by external property consultants Colliers . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Mersenne Properties Limited (Registered number: 09204508) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans (see note 10) |
10. | LOANS |
An analysis of the maturity of loans is given below: |
30.9.23 | 30.9.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Bank loans payable at the year end amounted to £4,707,650 (2022 - £6,732,150). |
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 5.80% and are payable to the funders on a quarterly basis. |
11. | LEASING AGREEMENTS |
The company holds twenty nine investment properties as disclosed in the notes to the financial statements. These are let under non cancellable leases which have remaining terms of 6 months to 22 years. |
Minimum lease payments receivable under non-cancellable operating leases fall due as follows: |
30.09.23 | 30.09.22 |
£ | £ |
Within one year | 434,097 | 494,062 |
Between one and five years | 1,554,210 | 1,796,439 |
In more than five years | 2,738,146 | 3,217,548 |
4,726,453 | 5,508,049 |
Mersenne Properties Limited (Registered number: 09204508) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 October 2022 | 2,864,227 |
Profit for the year |
Transfer in respect of |
property revaluation gains |
(net of deferred tax) | (153,291 | ) | 153,291 | - |
At 30 September 2023 | 3,303,587 |
The retained earnings reserve represents cumulative profits and losses net of transfers of investment property revaluations, dividends paid and other adjustments. |
The revaluation reserve represents the cumulative effect of revaluations of investment properties which are revalued to fair value at each reporting date. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is R Laing. |
14. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
30.9.23 | 30.9.22 |
£ | £ |
Profit for the financial year |
Net addition to shareholders' funds | 439,360 | 942,121 |
Opening shareholders' funds | 2,864,228 | 1,922,107 |
Closing shareholders' funds | 3,303,588 | 2,864,228 |
Mersenne Properties Limited |
Report of the Accountant to the Directors of |
Mersenne Properties Limited |
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. |
As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 30 September 2023 set out on pages three to eleven and you consider that the company is exempt from an audit. |
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. |
1 Croft Lane |
Temple Grafton |
Alcester |
Warwickshire |
B49 6PA |
Date: ............................................. |