Company Registration No. 10753945 (England and Wales)
M&S Midlands Property Limited
Unaudited accounts
for the year ended 31 May 2022
M&S Midlands Property Limited
Unaudited accounts
Contents
M&S Midlands Property Limited
Company Information
for the year ended 31 May 2022
Company Number
10753945 (England and Wales)
Registered Office
38 Carless Avenue
BIrmingham
B17 9BW
Accountants
Walker Accountancy Ltd
2 Marina Drive
Spondon
Derby
DE21 7AF
M&S Midlands Property Limited
Statement of financial position
as at 31 May 2022
Investment property
450,000
441,191
Cash at bank and in hand
29,532
23,540
Creditors: amounts falling due within one year
(465,403)
(468,645)
Net current liabilities
(435,759)
(445,105)
Total assets less current liabilities
14,351
(3,566)
Provisions for liabilities
Net assets/(liabilities)
13,962
(3,566)
Called up share capital
2
2
Revaluation reserve
8,420
-
Profit and loss account
5,540
(3,568)
Shareholders' funds
13,962
(3,566)
For the year ending 31 May 2022 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 May 2023 and were signed on its behalf by
G Capper
Director
Company Registration No. 10753945
M&S Midlands Property Limited
Notes to the Accounts
for the year ended 31 May 2022
M&S Midlands Property Limited is a private company, limited by shares, registered in England and Wales, registration number 10753945. The registered office is 38 Carless Avenue, BIrmingham, B17 9BW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover comprises rental income and it is recognised by reference to the period covered by the rent.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
M&S Midlands Property Limited
Notes to the Accounts
for the year ended 31 May 2022
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 June 2021
441,191
Net gain from fair value adjustments
8,809
The property was revalued to fair value by the directors during the year.
Amounts falling due within one year
Accrued income and prepayments
112
-
7
Creditors: amounts falling due within one year
2022
2021
Taxes and social security
1,634
-
Other creditors
8,379
7,401
Loans from directors
455,390
461,244
8
Transactions with related parties
At the year end, the company owed £455,389 (2021:£461,244) to the shareholders and their families. The loans are interest free and have no fixed repayment terms.
9
Average number of employees
During the year the average number of employees was 0 (2021: 0).