M C Property Investment and Development - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10600810 (England and Wales)

Financial Statements

for the Year Ended 28 February 2023

for

M C Property Investment and Development

Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

M W Cheung

REGISTERED OFFICE:

5 Lime Grove

Woking

Surrey

GU22 9PW

REGISTERED NUMBER:

10600810 (England and Wales)

ACCOUNTANTS:

Barnbrook Sinclair

Chartered Accountants

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Property, plant and equipment

5

-

-

Investment property

6

1,035,000

974,323

1,035,000

974,323

CURRENT ASSETS

Debtors

7

2,420

-

Cash at bank

31,310

3,255

33,730

3,255

CREDITORS

Amounts falling due within one year

8

(270,783

)

(244,866

)

NET CURRENT LIABILITIES

(237,053

)

(241,611

)

TOTAL ASSETS LESS CURRENT LIABILITIES

797,947

732,712

CREDITORS

Amounts falling due after more than one year

9

(688,922

)

(686,768

)

PROVISIONS FOR LIABILITIES

(17,364

)

(4,298

)

NET ASSETS

91,661

41,646

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

76,761

29,150

Retained earnings

14,899

12,495

SHAREHOLDERS' FUNDS

91,661

41,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 24 November 2023 and were signed by:

M W Cheung - Director

1.	STATUTORY INFORMATION

M C Property Investment and Development 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The Statement of Financial Position shows net current liabilities of £237,053 (2022: £241,611) The company's director has confirmed that he will continue to provide financial support to the company to enable it to meet its liabilities as they fall due for the foreseeable future. As such, the company's director considers it appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is measured at the fair value of the rent and management fees receivable.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Investment property

Investment properties are measured at fair value at each reporting date, with gains and losses recognised in the profit and loss account. Properties are revalued annually using an open market valuation basis. Material deferred tax is provided on these gains at the rate expected to apply when the property is sold.

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.

4.	EMPLOYEES AND DIRECTORS

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

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

Cost

At 1 March 2022

and 28 February 2023

2,465

Depreciation

At 1 March 2022

and 28 February 2023

2,465

Net book value

At 28 February 2023

-

At 28 February 2022

-

6.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 March 2022

974,323

Revaluations

60,677

At 28 February 2023

1,035,000

Net book value

At 28 February 2023

1,035,000

At 28 February 2022

974,323

Fair value at 28 February 2023 is represented by:

£

Valuation in 2018

(26,551

)

Valuation in 2022

60,000

Valuation in 2023

60,677

Cost

940,874

1,035,000

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

28/2/23

28/2/22

£

£

Cost

940,874

940,874

Investment property was valued on an open market basis on 28 February 2023 by the Director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/23

28/2/22

£

£

Other debtors

2,420

-

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/23

28/2/22

£

£

Trade creditors

35,572

50,005

Taxation and social security

564

1,887

Other creditors

234,647

192,974

270,783

244,866

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28/2/23

28/2/22

£

£

Bank loans

628,922

626,768

Other creditors

60,000

60,000

688,922

686,768

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

628,922

626,768

Repayable by instalments

Other creditors

60,000

60,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

28/2/23

28/2/22

£

£

Bank loans

628,922

626,768

The bank loan is a 25 year interest only mortgage secured on the investment property.

11.	RELATED PARTY DISCLOSURES

At 28 February 2023 Mr M Cheung was a director and shareholder of The Lumos Partnership Ltd.

Included in other creditors is a loan from The Lumos Partnership Ltd of £60,000 (2022 - £60,000). The loan is repayable at its 10 year anniversary and there is an option to extend the term with consent from both parties. Interest is payable at 2.5% per annum with effect from July 2019.