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REGISTERED NUMBER: 04374565 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

MINSTER INDUSTRIAL PROPERTIES LIMITED

MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MINSTER INDUSTRIAL PROPERTIES LIMITED

COMPANY INFORMATION
For The Year Ended 28 February 2023







DIRECTORS: Mr Michael John Singleton
Mr Timothy Stuart Marshall
Mr Henry Clive Richardson





SECRETARY: Mr Timothy Stuart Marshall





REGISTERED OFFICE: 56 Gladstone Lane
Scarborough
North Yorkshire
YO12 7BS





REGISTERED NUMBER: 04374565 (England and Wales)





ACCOUNTANTS: Fortus North Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

BALANCE SHEET
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 488 1,125
Investment property 5 3,278,000 2,468,000
3,278,488 2,469,125

CURRENT ASSETS
Debtors 6 58,663 59,770
Cash at bank 19,397 104,824
78,060 164,594
CREDITORS
Amounts falling due within one year 7 1,223,765 450,203
NET CURRENT LIABILITIES (1,145,705 ) (285,609 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,132,783 2,183,516

CREDITORS
Amounts falling due after more than
one year

8

-

(127,666

)

PROVISIONS FOR LIABILITIES (67,250 ) (50,919 )
NET ASSETS 2,065,533 2,004,931

CAPITAL AND RESERVES
Called up share capital 999 999
Fair value reserve 10 531,660 546,500
Retained earnings 1,532,874 1,457,432
2,065,533 2,004,931

MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

BALANCE SHEET - continued
28 February 2023


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 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





Mr Michael John Singleton - Director


MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 28 February 2023


1. STATUTORY INFORMATION

Minster Industrial 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.

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


The level of rounding used in the financial statements is to the nearest £1.

2. ACCOUNTING POLICIES

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

Turnover
The turnover shown in the profit and loss account represents the total invoice value, excluding value added tax, of sales made during the year. Sales are recognised in the profit and loss account in the period in which the work is carried out and rents receivable are recognised in the profit and loss account in the period to which they relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures, fittings and equipment - 20% on cost

Investment property
Investment properties are properties held to earn rentals or for capital appreciation or both.

Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise. Deferred taxation is provided on these gains.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account 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 that have been enacted or substantively enacted by the balance sheet date.


MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 28 February 2023


2. ACCOUNTING POLICIES - continued
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.

Going concern - basis of preparation
In assessing the appropriateness of the application of the going concern basis, the directors have considered the uncertainties around the general economic environment, the current and future trading performance of the company and available cash. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, accordingly they continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Plant and and
machinery equipment Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 49,337 53,764 103,101
DEPRECIATION
At 1 March 2022 49,234 52,742 101,976
Charge for year 54 583 637
At 28 February 2023 49,288 53,325 102,613
NET BOOK VALUE
At 28 February 2023 49 439 488
At 28 February 2022 103 1,022 1,125

MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 28 February 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 2,468,000
Additions 808,426
Revaluations 1,574
At 28 February 2023 3,278,000
NET BOOK VALUE
At 28 February 2023 3,278,000
At 28 February 2022 2,468,000

Investment properties included at fair value would have been included on a historical cost basis at:

2023 2022
£ £

Cost 2,679,195 1,870,769

The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

The investment properties have been valued by the directors at fair value taking into account existing tenancy arrangements.

During the year a increase in the fair value of investment properties of £1,574 (2022 Nil) has been included directly in the profit and loss account.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 40,496 49,475
Prepayments and accrued income 18,167 10,295
58,663 59,770

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 113,541
Trade creditors 41,772 6,760
Corporation tax 17,826 19,591
Social security and other taxes 166 4,113
VAT 3,773 9,953
Other creditors 222,774 11,596
Directors' current accounts 871,054 216,054
Accruals and deferred income 66,400 68,595
1,223,765 450,203

MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 28 February 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans falling due within
two to five years - 102,483
Bank loans falling due after more than
five years

-

25,183
- 127,666

Amounts falling due in more than five years:

Repayable by instalments
Bank loans falling due after more than
five years

-

25,183

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 241,207

The company's bank borrowings included in creditors due within and over one year are secured by a debenture over the company's assets and a mortgage over freehold property owned by the company.

10. RESERVES
Fair
value
reserve
£   
At 1 March 2022 546,500
Revaluation of investment property 1,574
Deferred tax on investment property (16,414 )

At 28 February 2023 531,660