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REGISTERED NUMBER: 06834741 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

MID-SUSSEX PROPERTIES LIMITED

MID-SUSSEX PROPERTIES LIMITED (REGISTERED NUMBER: 06834741)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

MID-SUSSEX PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: K J Tahney
A M Tahney
Mrs C A Tahney





SECRETARY: Mrs C A Tahney





REGISTERED OFFICE: Ashdown House
Library Way
UCKFIELD
East Sussex
TN22 1AR





REGISTERED NUMBER: 06834741 (England and Wales)





ACCOUNTANTS: Synergee Limited
Pluto House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1DJ

MID-SUSSEX PROPERTIES LIMITED (REGISTERED NUMBER: 06834741)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 16,191 21,588
Investments 5 200 200
Investment property 6 24,125,000 19,622,111
24,141,391 19,643,899

CURRENT ASSETS
Stocks - 252,241
Debtors 7 1,029,485 2,257,870
Cash at bank 131,828 373,247
1,161,313 2,883,358
CREDITORS
Amounts falling due within one year 8 (184,468 ) (629,397 )
NET CURRENT ASSETS 976,845 2,253,961
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,118,236

21,897,860

CREDITORS
Amounts falling due after more than one year 9 (10,800,000 ) (9,500,000 )
NET ASSETS 14,318,236 12,397,860

CAPITAL AND RESERVES
Called up share capital 200 200
Revaluation reserve 11 6,890,091 4,831,854
Retained earnings 7,427,945 7,565,806
SHAREHOLDERS' FUNDS 14,318,236 12,397,860

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.

MID-SUSSEX PROPERTIES LIMITED (REGISTERED NUMBER: 06834741)

BALANCE SHEET - continued
31 MARCH 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2023 and were signed on its behalf by:





K J Tahney - Director


MID-SUSSEX PROPERTIES LIMITED (REGISTERED NUMBER: 06834741)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Mid-Sussex Properties Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents rental income and service charges receivable during the year from owned and leased investment properties.

Rental income and service charges from owned and leased investment properties is accrued on a time-apportioned basis under the terms of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - between 8% to 11% straight line method

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only enters into basic financial instruments 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 non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.


MID-SUSSEX PROPERTIES LIMITED (REGISTERED NUMBER: 06834741)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
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.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash is represented by cash in hand and bank current and short term deposit accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 40,790 1,246 42,036
DEPRECIATION
At 1 April 2022 19,202 1,246 20,448
Charge for year 5,397 - 5,397
At 31 March 2023 24,599 1,246 25,845
NET BOOK VALUE
At 31 March 2023 16,191 - 16,191
At 31 March 2022 21,588 - 21,588

MID-SUSSEX PROPERTIES LIMITED (REGISTERED NUMBER: 06834741)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 200
NET BOOK VALUE
At 31 March 2023 200
At 31 March 2022 200

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 19,622,111
Additions 2,444,652
Revaluations 2,058,237
At 31 March 2023 24,125,000
NET BOOK VALUE
At 31 March 2023 24,125,000
At 31 March 2022 19,622,111

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2017 1,739,333
Valuation in 2019 1,225,000
Valuation in 2021 (260,000 )
Valuation in 2022 2,127,521
Valuation in 2023 2,058,237
Cost 17,234,909
24,125,000

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

2023 2022
£    £   
Cost 14,062,832 14,291,274

Investment property was valued on an open market basis on 31 March 2023 by the directors .

MID-SUSSEX PROPERTIES LIMITED (REGISTERED NUMBER: 06834741)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,051 24,670
Amounts owed by group undertakings 1,000,000 1,693,627
Other debtors 3,434 539,573
1,029,485 2,257,870

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 3,549
Trade creditors 2,347 677
Amounts owed to group undertakings - 431,544
Taxation and social security 13,096 92,975
Other creditors 169,025 100,652
184,468 629,397

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 10,800,000 9,500,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 10,800,000 9,503,549

11. RESERVES
Revaluation
reserve
£   
At 1 April 2022 4,831,854
Bonus share issue 2,058,237

At 31 March 2023 6,890,091

12. RELATED PARTY DISCLOSURES

Various loans were made to Mid-Sussex Homes Limited during the year and the balance outstanding as at the year end was £1,000,000 (2022:£1,693,627) These loans are interest free.

13. ULTIMATE CONTROLLING PARTY

During the year the company was under the control of K J Tahney the majority shareholder.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MID-SUSSEX PROPERTIES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mid-Sussex Properties Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Mid-Sussex Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mid-Sussex Properties Limited and state those matters that we have agreed to state to the Board of Directors of Mid-Sussex Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mid-Sussex Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mid-Sussex Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mid-Sussex Properties Limited. You consider that Mid-Sussex Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mid-Sussex Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Synergee Limited
Pluto House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1DJ


4 October 2023