Company Registration No. 11606774 (England and Wales)
Maclav Properties Limited
Unaudited accounts
for the year ended 31 March 2023
Maclav Properties Limited
Unaudited accounts
Contents
Maclav Properties Limited
Company Information
for the year ended 31 March 2023
Directors
Sean Lavender
Clare MacMillan
Company Number
11606774 (England and Wales)
Registered Office
Room 212
The Hope Xchange Building
1 - 3 Hind Street
Sunderland
SR1 3QD
ENGLAND
Accountants
Pearl Accounting Limited
Suite 1
116 Ballards Lane
Finchley
London
N3 2DN
Maclav Properties Limited
Statement of financial position
as at 31 March 2023
Tangible assets
44,504
28,015
Investment property
431,942
431,942
Cash at bank and in hand
3,945
21,239
Creditors: amounts falling due within one year
(201,354)
(185,567)
Net current liabilities
(197,409)
(164,328)
Total assets less current liabilities
279,037
295,629
Creditors: amounts falling due after more than one year
(371,912)
(371,244)
Net liabilities
(92,875)
(75,615)
Called up share capital
2
2
Profit and loss account
(92,877)
(75,617)
Shareholders' funds
(92,875)
(75,615)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2023 and were signed on its behalf by
Sean Lavender
Director
Company Registration No. 11606774
Maclav Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
Maclav Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 11606774. The registered office is Room 212, The Hope Xchange Building, 1 - 3 Hind Street, Sunderland, SR1 3QD, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% written down value
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Maclav Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
The accounts have been prepared on a Going concern basis. The company is fully supported by the Directors. The losses that have occurred are due to the increased investment in additional purchases of freehold properties and their refurbishment during the year.
4
Tangible fixed assets
Fixtures & fittings
Charge for the year
14,835
Fair value at 1 April 2022
431,942
6
Creditors: amounts falling due within one year
2023
2022
Amounts owed to group undertakings and other participating interests
195,404
182,492
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
371,912
371,244
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).
