Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true12022-04-01falseNo description of principal activity1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12280228 2022-04-01 2023-03-31 12280228 2020-11-01 2022-03-31 12280228 2023-03-31 12280228 2022-03-31 12280228 c:Director1 2022-04-01 2023-03-31 12280228 d:FreeholdInvestmentProperty 2023-03-31 12280228 d:FreeholdInvestmentProperty 2022-03-31 12280228 d:CurrentFinancialInstruments 2023-03-31 12280228 d:CurrentFinancialInstruments 2022-03-31 12280228 d:Non-currentFinancialInstruments 2023-03-31 12280228 d:Non-currentFinancialInstruments 2022-03-31 12280228 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12280228 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12280228 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 12280228 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 12280228 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 12280228 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 12280228 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 12280228 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 12280228 d:ShareCapital 2023-03-31 12280228 d:ShareCapital 2022-03-31 12280228 d:RetainedEarningsAccumulatedLosses 2023-03-31 12280228 d:RetainedEarningsAccumulatedLosses 2022-03-31 12280228 d:OtherDeferredTax 2023-03-31 12280228 d:OtherDeferredTax 2022-03-31 12280228 c:OrdinaryShareClass1 2022-04-01 2023-03-31 12280228 c:OrdinaryShareClass1 2023-03-31 12280228 c:OrdinaryShareClass1 2022-03-31 12280228 c:FRS102 2022-04-01 2023-03-31 12280228 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12280228 c:FullAccounts 2022-04-01 2023-03-31 12280228 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12280228 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12280228









MIDLAND PROPERTIES (HARBORNE) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
MIDLAND PROPERTIES (HARBORNE) LIMITED
REGISTERED NUMBER: 12280228

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,400,000
1,400,000

  
1,400,000
1,400,000

Current assets
  

Debtors: amounts falling due within one year
 5 
1,524
88,816

Cash at bank and in hand
  
100,261
68,706

  
101,785
157,522

Creditors: amounts falling due within one year
 6 
(541,479)
(561,511)

Net current liabilities
  
 
 
(439,694)
 
 
(403,989)

Total assets less current liabilities
  
960,306
996,011

Creditors: amounts falling due after more than one year
 7 
(475,000)
(545,000)

Provisions for liabilities
  

Deferred tax
 9 
(66,273)
(66,273)

  
 
 
(66,273)
 
 
(66,273)

Net assets
  
419,033
384,738


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
418,933
384,638

  
419,033
384,738


Page 1

 
MIDLAND PROPERTIES (HARBORNE) LIMITED
REGISTERED NUMBER: 12280228
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 November 2023.




T Afzal
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MIDLAND PROPERTIES (HARBORNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 12280228.  The Company's registered office is Sterling House, 71 Francis Road, Edgbaston, Birmingham, B16 8SP.
The year end was previously changed to bring it in line with the fiscal year so the comparative figures cover the period from 1 November 2020 to 31 March 2022. These accounts cover the year ended 31 March 2023.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts are prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental of property
Turnover from the rental of investment property is recognised when all the following conditions are
satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive consideration due for the rental of property;
- the period of rental can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MIDLAND PROPERTIES (HARBORNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
MIDLAND PROPERTIES (HARBORNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
Page 5

 
MIDLAND PROPERTIES (HARBORNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
MIDLAND PROPERTIES (HARBORNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,400,000



At 31 March 2023
1,400,000


Comprising


Cost
1,051,196

Annual revaluation surplus/(deficit):


2022
348,804

At 31 March 2023
1,400,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.

During the year deferred tax of £Nil (2022 - £66,273) has been calculated on revaluations in the year of £Nil (2022 - £348,804).







5.


Debtors

2023
2022
£
£


Trade debtors
-
87,832

Prepayments and accrued income
1,524
984

1,524
88,816


Page 7

 
MIDLAND PROPERTIES (HARBORNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
20,000
20,000

Trade creditors
2,059
-

Amounts owed to group undertakings
2,120
2,120

Corporation tax
8,044
24,080

Other taxation and social security
4,060
19,381

Other creditors
483,777
474,079

Accruals and deferred income
21,419
21,851

541,479
561,511



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
475,000
545,000

475,000
545,000


The following liabilities were secured:

2023
2022
£
£



Bank loans
495,000
565,000

495,000
565,000

Details of security provided:

Bank loans are secured by a first legal charge over the properties along with a fixed and floating debenture over the company's assets. The secured loans are held within creditors due in less than one year of £20,000 (2022 - £20,000) and creditors due in more than one year of £475,000 (2022 - £545,000).

Page 8

 
MIDLAND PROPERTIES (HARBORNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
20,000
20,000


20,000
20,000

Amounts falling due 1-2 years

Bank loans
20,000
20,000


20,000
20,000

Amounts falling due 2-5 years

Bank loans
455,000
525,000


455,000
525,000


495,000
565,000



9.


Deferred taxation




2023


£






At beginning of year
(66,273)



At end of year
(66,273)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of investment property
(66,273)
(66,273)

(66,273)
(66,273)

Page 9

 
MIDLAND PROPERTIES (HARBORNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Related party transactions

During the year the director made a loan to the company of £Nil (2022 - £Nil) and received repayments of £Nil (2022 - £600). In addition the director settled expenses and liabilities of £9,696 (2022 - £2,758) on behalf of the company. The amount due to the director as at 31 March 2023 was £483,775 (2022 - £474,079). The loan is interest free and repayable on demand.


12.


Controlling party

The immediate and ultimate parent company is Midlands Properties & Finance (Birmingham) Limited, a company registered in England and Wales. The registered office of the parent company is Sterling House, 71 Francis Road, Edgbaston, Birmingham, B16 8SP.

 
Page 10