REGISTERED NUMBER: |
Maden Property Assets Limited |
Unaudited Financial Statements |
for the Year Ended 31st October 2022 |
REGISTERED NUMBER: |
Maden Property Assets Limited |
Unaudited Financial Statements |
for the Year Ended 31st October 2022 |
Maden Property Assets Limited (Registered number: 12454662) |
Contents of the Financial Statements |
for the year ended 31st October 2022 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 5 |
Maden Property Assets Limited |
Company Information |
for the year ended 31st October 2022 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Maden Property Assets Limited (Registered number: 12454662) |
Balance Sheet |
31st October 2022 |
2022 | 2021 |
Notes | £ | £ |
Current assets |
Stocks |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital |
Retained earnings |
Maden Property Assets Limited (Registered number: 12454662) |
Balance Sheet - continued |
31st October 2022 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Maden Property Assets Limited (Registered number: 12454662) |
Notes to the Financial Statements |
for the year ended 31st October 2022 |
1. | Statutory information |
Maden Property Assets Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net 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 |
Stocks |
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - group company creditors, group company debtors, bank loans and accruals. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Group company creditors, group company debtors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Maden Property Assets Limited (Registered number: 12454662) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2022 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Going concern |
The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was NIL (2021 - NIL). |
4. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
5. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Other creditors |
6. | Secured debts |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
The bank loan is secured by way of a registered charge dated 8th September 2020. |