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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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MD PRIVATE LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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MD PRIVATE LIMITED |
MD PRIVATE LIMITED (REGISTERED NUMBER: 11068458) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MD PRIVATE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
MD PRIVATE LIMITED (REGISTERED NUMBER: 11068458) |
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BALANCE SHEET |
31 MARCH 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
MD PRIVATE LIMITED (REGISTERED NUMBER: 11068458) |
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BALANCE SHEET - continued |
31 MARCH 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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MD PRIVATE LIMITED (REGISTERED NUMBER: 11068458) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Rental business |
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Turnover represents the following types of income |
Rental income |
Income from the sale of properties |
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All income is recognised on a receivable basis. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer Equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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2. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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MD PRIVATE LIMITED (REGISTERED NUMBER: 11068458) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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3. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Computer |
property | fittings | Equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Cost or valuation at 31 March 2021 is represented by: |
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Fixtures |
Freehold | and | Computer |
property | fittings | Equipment | Totals |
£ | £ | £ | £ |
Valuation in 2021 | 9,290,760 | 3,374 | 2,884 | 9,297,018 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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VAT |
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Prepayments |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Tax |
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VAT | - | 721 |
Other creditors |
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Directors' loan accounts | 88,638 | 42,055 |
Accruals and deferred income |
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Accrued expenses |
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MD PRIVATE LIMITED (REGISTERED NUMBER: 11068458) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Other creditors | 450,000 | - |
Directors' loan accounts | 2,962,616 | 1,958,256 |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year, P Montalto and Mrs G Montalto decreased their loan into the company. As at 31 March 2021 the company owed them £1,512,616 (2020: £1,958,256). |
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During the year, N Duffy increased her loan to the company. As at 31 March 2021 the company owed her £1,044,319 (2020: £42,055). |
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During the year, Mr J Duffy increased his loan to the company. As at 31 March 2021, the company owed him £494,319 (2020: £42,055). Previously this was disclosed as a other creditor. |
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These balances represented the maximum amounts outstanding during the year and the loans are interest free and repayable on demand. |
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8. | POST BALANCE SHEET EVENTS |
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Just prior to the balance sheet date an outbreak of COVID-19 virus occured causing a global pandemic recognised by the World health Organisation (WHO). |
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The effect of UK government measures to limit the spread of the virus have been widespread, urging people to remain at home wherever possible, including working from home if available and undertake social distancing measures. Part of the measures have been to close all non essential businesses from opening to the public and providing a "holiday period" for mortgage payments. |
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All residential rental properties are currently trading as normal with any rent reductions or grace periods to be provided at the landlords discretion, the only change in government legislation that directly effects the landlord is that tenants may not be evicted as a direct result of the COVID-19 outbreak and lockdown measures. |
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The management has assessed the impact of the above measures on the business and will have to wait further announcements by the government before making any further decisions on the properties not currently occupied. |
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The directors continue to monitor the situation as it rapidly changes and believe the company is positioned well to react to further developments. |
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9. | ULTIMATE CONTROLLING PARTY |
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The controlling party is P Montalto. |
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This was by virtue of his 58%. holding of the issued share capital. |