Mainstreet Properties Limited - Accounts to registrar (filleted) - small 18.2

MAINSTREET PROPERTIES LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Higgins

L A Turner

SECRETARY:

L A Turner

REGISTERED OFFICE:

25 Endsleigh Gardens

Upton

Chester

CH2 1LT

REGISTERED NUMBER:

01809930 (England and Wales)

FIXED ASSETS

Tangible assets

4

-

35

Investment property

5

255,000

255,000

255,000

255,035

CURRENT ASSETS

Cash at bank

141,363

173,916

CREDITORS

Amounts falling due within one year

6

12,842

12,844

NET CURRENT ASSETS

128,521

161,072

TOTAL ASSETS LESS CURRENT LIABILITIES

383,521

416,107

PROVISIONS FOR LIABILITIES

27,265

27,265

NET ASSETS

356,256

388,842

CAPITAL AND RESERVES

Called up share capital

200

200

Fair valuation reserve

7

189,892

189,892

Retained earnings

166,164

198,750

SHAREHOLDERS' FUNDS

356,256

388,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th July 2022 and were signed on its behalf by:

K Higgins - Director

1.	STATUTORY INFORMATION

Mainstreet Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a high risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are:

Investment properties are reviewed annually and are revalued in line with managements' opinion of the value of those properties at each balance sheet date. The revaluation is based on historical experience as well as considering future events which may impact the value of investment property, such as changes in market demands.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Directors loan (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2021

and 31st March 2022

5,315

DEPRECIATION

At 1st April 2021

5,280

Charge for year

35

At 31st March 2022

5,315

NET BOOK VALUE

At 31st March 2022

-

At 31st March 2021

35

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2021

and 31st March 2022

255,000

NET BOOK VALUE

At 31st March 2022

255,000

At 31st March 2021

255,000

Fair value at 31st March 2022 is represented by:

£

Valuation in 2020

217,157

Cost

37,843

255,000

If investment property had not been revalued it would have been included at the following historical cost:

2022

2021

£

£

Cost

37,843

37,843

Investment property was valued on a fair value basis on 31st March 2022 by the directors .

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

5,717

5,719

Other creditors

7,125

7,125

12,842

12,844

7.

RESERVES

Fair

valuation

reserve

£

At 1st April 2021

and 31st March 2022

189,892