ACCOUNTS - Final Accounts preparation

MCA PROPERTY LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-30No description of principal activitytruefalse02021-12-010trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10483016 2021-12-01 2022-11-30 10483016 2020-12-01 2021-11-30 10483016 2022-11-30 10483016 2021-11-30 10483016 c:Director1 2021-12-01 2022-11-30 10483016 d:CurrentFinancialInstruments 2022-11-30 10483016 d:CurrentFinancialInstruments 2021-11-30 10483016 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 10483016 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 10483016 d:ShareCapital 2022-11-30 10483016 d:ShareCapital 2021-11-30 10483016 d:RetainedEarningsAccumulatedLosses 2022-11-30 10483016 d:RetainedEarningsAccumulatedLosses 2021-11-30 10483016 c:FRS102 2021-12-01 2022-11-30 10483016 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 10483016 c:FullAccounts 2021-12-01 2022-11-30 10483016 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 10483016 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 10483016 d:TaxLossesCarry-forwardsDeferredTax 2021-11-30 iso4217:GBP xbrli:pure

Registered number: 10483016

MCA PROPERTY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2022

MCA PROPERTY LIMITED

REGISTERED NUMBER: 10483016

STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2022

		2022		2021
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	1,718		75,528
Cash at bank and in hand		125		16,276
		1,843		91,804
Creditors: amounts falling due within one year	5	(447,165)		(571,797)
Net current liabilities			(445,322)		(479,993)
Total assets less current liabilities			(445,322)		(479,993)

Net liabilities			(445,322)		(479,993)

Capital and reserves
Called up share capital	2	2
Profit and loss account	(445,324)	(479,995)
	(445,322)	(479,993)

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MCA PROPERTY LIMITED

REGISTERED NUMBER: 10483016

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 NOVEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M P Conoley

Director

Date: 30 August 2023

The notes on pages 3 to 6 form part of these financial statements.

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MCA PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

1.	General information

MCA Property Limited (registered number 10483016) is a private company limited by shares and incorporated in England & Wales.
Its registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date there was a net deficit of £445,322 (2021 - £479,993). The directors have confirmed that they will continue to the support the company for the foreseeable future. On that basis the accounts have been prepared on the going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Stocks

Stock and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress includes labour and attributable overheads.
Work in progress relates to construction contracts. When the completion of the construction contracts can be estimated reliably, revenue will be recognised by reference to the stage of completion.

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MCA PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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MCA PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).

Debtors

					2022	2021
					£	£


Trade debtors	-	(2,794)
Prepayments and accrued income	1,718	1,986
Deferred taxation	-	76,336
	1,718	75,528

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MCA PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

5.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	-	112,103
Other taxation and social security	2,392	1,624
Other creditors	442,273	455,570
Accruals and deferred income	2,500	2,500
	447,165	571,797

6.	Deferred taxation

		2022
		£

	At beginning of year	76,336
	Utilised in year	(76,336)
	At end of year	-

The deferred tax asset is made up as follows:
	2022	2021
	£	£

	Tax losses carried forward	-	76,336
		-	76,336

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