Maidenhead Properties Limited Filleted accounts for Companies House (small and micro)
Maidenhead Properties Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
10723437
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Statement of Financial Position |
2020 |
2019 |
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Note |
£ |
£ |
Fixed assets
Investment Property |
5 |
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Current assets
Debtors |
6 |
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Cash at bank and in hand |
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-------- |
-------- |
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Creditors: amounts falling due within one year |
7 |
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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 |
8 |
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Provisions |
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------------ |
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
10 |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
23 March 2021
, and are signed on behalf of the board by:
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Director |
Company registration number:
10723437
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Notes to the Financial Statements |
Year ended 25 March 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hurst House, High Street, Ripley, Surrey, GU23 6AY.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Revenue recognition
Income tax
Provisions
4.
Employee numbers
The average numbers of persons employed by the company during the year amounted to 4 (2019: 4)
5.
Investment property
Investment property |
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£ |
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Cost |
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At 26 March 2019 |
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Disposals |
(
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Revaluations |
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At 25 March 2020 |
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Impairment |
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At 26 March 2019 and 25 March 2020 |
– |
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Carrying amount |
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At 25 March 2020 |
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At 25 March 2019 |
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Cost or valuation at 25th March 2020 is represented by:
2020 |
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£ |
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Cost |
971,161 |
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Revaluations |
222,839 |
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Valuation |
1,194,000 |
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Investment property was valued on an open market basis on 25 March 2020 by the directors.
The historical cost of the investment properties, included above at a valuation of £1,194,000 was £971,161 (2019: £1,422,351).
6.
Debtors
2020 |
2019 |
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£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
– |
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7.
Creditors:
amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Corporation tax |
– |
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Other creditors |
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8.
Creditors:
amounts falling due after more than one year
2020 |
2019 |
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£ |
£ |
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Bank loans and overdrafts |
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2020 | 2019 | ||
£ | £ | ||
Bank Loans due in more than 5 years | 505,988 | 800,000 | |
9.
Secured debts
The following secured debts are included within creditors.
2020 |
2019 |
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£ |
£ |
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Bank loans |
505,988 |
800,000 |
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The bank loan is secured over all monies due to the company and charged over leasehold investment properties.
The loan is for a period of 10 years and matures on March 2028. There is a 5 year fixed rate of interest on this loan of 3.69%. The carrying value at the balance sheet date is £505,988 (2019: £800,000).
10.
Reserves
Distributable Reserves | Fair Value Reserve | Deferred Tax | Total P&L Reserve | |||
£ | £ | £ | £ | |||
Opening Balance 26 March 2019 | 3,772 | 327,648 | (55,700) | 275,720 | ||
Movements | (47,015) | (104,809) | 13,361 | (138,463) | ||
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Closing Balance 25 March 2020 | (43,243) | 222,839 | (42,339) | 137,257 | ||
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The total amount of distributable reserves as at 25 March 2020 was (£43,243).
11.
Directors' advances, credits and guarantees
During the year the company advanced £50,844 (2019: £12,156) to the Directors. The loan is interest free and repayable on demand. At the balance sheet date the directors owed the company £63,000 (2019: £12,156).