M & J Tierney Properties Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09824533 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

M & J Tierney Properties Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

M Tierney

J Tierney

Registered office:

159 Triumph Way

Liverpool

L24 9GQ

Registered number:

09824533 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Fixed assets

Investment property

4

1,508,175

1,508,175

Current assets

Cash at bank

6,362

4,260

Creditors

Amounts falling due within one year

5

643,690

627,507

Net current liabilities

(637,328

)

(623,247

)

Total assets less current liabilities

870,847

884,928

Creditors

Amounts falling due after more than one year

6

731,090

788,909

Net assets

139,757

96,019

Capital and reserves

Called up share capital

300

300

Retained earnings

139,457

95,719

139,757

96,019

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 4 September 2023 and were signed on its behalf by:

J Tierney - Director

1.	Statutory information

M & J Tierney Properties Ltd 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.

Turnover

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

Rental income is recognised on an accruals basis.

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

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

4.	Investment property

Total

£

Fair value

At 1 April 2022

and 31 March 2023

1,508,175

Net book value

At 31 March 2023

1,508,175

At 31 March 2022

1,508,175

5.

Creditors: amounts falling due within one year

31/3/23

31/3/22

£

£

Bank loans and overdrafts

55,846

50,886

Taxation and social security

10,274

6,479

Other creditors

577,570

570,142

643,690

627,507

6.

Creditors: amounts falling due after more than one year

31/3/23

31/3/22

£

£

Bank loans

731,090

788,909

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

485,367

565,012

7.	Secured debts

The following secured debts are included within creditors:

31/3/23

31/3/22

£

£

Bank loans

786,936

839,795

Bank loans are secured on the company's investment property.

8.	Related party disclosures

The directors have made loans to the company. At 31 March 2023 the balance on these loans was £576,688 (2022: £567,509). The loans are interest free, unsecured and repayable on demand.