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Registration number: 4601516

Midsummer Green Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Midsummer Green Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Midsummer Green Ltd

Company Information

Directors

R C H Boddington

R D Naylor

Registered office

1 The Limes
34 - 36 Linden Gardens
London
W2 4ET

Accountants

R M Willgoose
Chartered Accountant
Chestnut End
Leddington
Ledbury
Herefordshire
HR8 2LG

 

Midsummer Green Ltd

(Registration number: 4601516)
Balance Sheet as at 31 January 2023

Note

31 January
2023
£

31 January
2022
£

Fixed assets

 

Tangible assets

4

2,760

4,719

Investment property

5

517,429

517,429

Investments

6

710

710

 

520,899

522,858

Current assets

 

Debtors

7

247,179

248,559

Cash at bank and in hand

 

1,374

1,665

 

248,553

250,224

Creditors: Amounts falling due within one year

8

(3,250)

(4,892)

Net current assets

 

245,303

245,332

Total assets less current liabilities

 

766,202

768,190

Creditors: Amounts falling due after more than one year

8

(636,906)

(630,603)

Provisions for liabilities

(797)

(797)

Net assets

 

128,499

136,790

Capital and reserves

 

Called up share capital

9

10,000

10,000

Retained earnings

118,499

126,790

Shareholders' funds

 

128,499

136,790

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 October 2023 and signed on its behalf by:
 

 

Midsummer Green Ltd

(Registration number: 4601516)
Balance Sheet as at 31 January 2023

.........................................
R C H Boddington
Director

 

Midsummer Green Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 The Limes
34 - 36 Linden Gardens
London
W2 4ET

These financial statements were authorised for issue by the Board on 30 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Midsummer Green Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% straight line basis

Office equipment

25% straight line basis

Investment property

Investment properties are revalued annually at fair value and any surplus or deficit is dealt with through profit and loss. No depreciation is provided on investment properties.

Deferred tax is provided on these gains at the rates expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Midsummer Green Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

36,108

36,108

At 31 January 2023

36,108

36,108

Depreciation

At 1 February 2022

31,389

31,389

Charge for the year

1,959

1,959

At 31 January 2023

33,348

33,348

Carrying amount

At 31 January 2023

2,760

2,760

At 31 January 2022

4,719

4,719

5

Investment properties

31 January
2023
£

At 1 February

517,429

At 31 January

517,429

Investment properties are included at fair value.They were acquired at a cost of £423,439.

There has been no valuation of investment property by an independent valuer.

6

Investments

31 January
2023
£

31 January
2022
£

Investments in subsidiaries

710

710

 

Midsummer Green Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Subsidiaries

£

Cost or valuation

At 1 February 2022

710

Provision

Carrying amount

At 31 January 2023

710

At 31 January 2022

710

In the opinion of the directors the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.

7

Debtors

Current

Note

31 January
2023
£

31 January
2022
£

Trade debtors

 

600

1,800

Amounts owed by related parties

246,303

246,303

Prepayments

 

276

456

   

247,179

248,559

 

Midsummer Green Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

8

Creditors

Creditors: amounts falling due within one year

Note

31 January
2023
£

31 January
2022
£

Due within one year

 

Other creditors

 

3,250

4,892

Due after one year

 

Loans and borrowings

10

636,906

630,603

Creditors: amounts falling due after more than one year

Note

31 January
2023
£

31 January
2022
£

Due after one year

 

Loans and borrowings

10

636,906

630,603

31 January
2023
£

31 January
2022
£

Due after more than five years

After more than five years not by instalments

456,905

450,603

-

-

Creditors include director loan accounts of £456,905. (2022 - £450,603) There are no terms as to repayment and no interest has been charged on these amounts.

 

Midsummer Green Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Share capital

Allotted, called up and fully paid shares

 

31 January
2023

31 January
2022

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

         

10

Loans and borrowings

31 January
2023
£

31 January
2022
£

Non-current loans and borrowings

Bank borrowings

180,000

180,000

Other borrowings

456,906

450,603

636,906

630,603

Bank borrowings are secured by way of charges on investment properties valued at £254,929 at the financial year end.