IRIS Accounts Production v23.3.0.418 10510956 Board of Directors 1.4.22 31.3.23 31.3.23 0 0 false true true false false true false Fair value model Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure105109562022-03-31105109562023-03-31105109562022-04-012023-03-31105109562021-03-31105109562021-04-012022-03-31105109562022-03-3110510956ns16:EnglandWales2022-04-012023-03-3110510956ns15:PoundSterling2022-04-012023-03-3110510956ns11:Director12022-04-012023-03-3110510956ns11:Director22022-04-012023-03-3110510956ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3110510956ns11:FRS1022022-04-012023-03-3110510956ns11:Audited2022-04-012023-03-3110510956ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3110510956ns11:FullAccounts2022-04-012023-03-3110510956ns11:OrdinaryShareClass12022-04-012023-03-3110510956ns11:Director52022-04-012023-03-3110510956ns11:RegisteredOffice2022-04-012023-03-3110510956ns11:Director32022-04-012023-03-3110510956ns11:Director42022-04-012023-03-3110510956ns6:CurrentFinancialInstruments2023-03-3110510956ns6:CurrentFinancialInstruments2022-03-3110510956ns6:Non-currentFinancialInstruments2023-03-3110510956ns6:Non-currentFinancialInstruments2022-03-3110510956ns6:ShareCapital2023-03-3110510956ns6:ShareCapital2022-03-3110510956ns6:FurtherSpecificReserve3ComponentTotalEquity2023-03-3110510956ns6:FurtherSpecificReserve3ComponentTotalEquity2022-03-3110510956ns6:RetainedEarningsAccumulatedLosses2023-03-3110510956ns6:RetainedEarningsAccumulatedLosses2022-03-3110510956ns6:ShareCapital2021-03-3110510956ns6:RetainedEarningsAccumulatedLosses2021-03-3110510956ns6:FurtherSpecificReserve3ComponentTotalEquity2021-03-3110510956ns6:RetainedEarningsAccumulatedLosses2021-04-012022-03-3110510956ns6:FurtherSpecificReserve3ComponentTotalEquity2021-04-012022-03-3110510956ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-3110510956ns6:FurtherSpecificReserve3ComponentTotalEquity2022-04-012023-03-311051095612022-04-012023-03-311051095612021-04-012022-03-3110510956ns11:OrdinaryShareClass12021-04-012022-03-3110510956ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3110510956ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3110510956ns6:DeferredTaxation2022-03-3110510956ns6:DeferredTaxation2022-04-012023-03-3110510956ns6:DeferredTaxation2023-03-3110510956ns11:OrdinaryShareClass12023-03-31
REGISTERED NUMBER: 10510956 (England and Wales)









Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2023

for

Mova Property Limited

Mova Property Limited (Registered number: 10510956)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Mova Property Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs K Brimacombe
Ms E Day
Ms C W Morris





REGISTERED OFFICE: Pippbrook
Dorking
Surrey
RH4 1SJ





REGISTERED NUMBER: 10510956 (England and Wales)





AUDITORS: Bullimores LLP
Chartered Accountants
& Registered Auditor
Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF

Mova Property Limited (Registered number: 10510956)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report and accounts for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a property investment company.

REVIEW OF BUSINESS
The directors assume a long-term investor position aimed at withstanding cyclical fluctuations in asset classes and across the commercial property market as a whole. The assets held by Mova are well diversified across asset class, geographical location and tenant industry.

As at 31st March 2023, Mova Property Limited's portfolio was valued at £55.5 million by independent valuers, Wilks Head & Eve.

The company's borrowings which have not changed do not exceed £31 million, representing a loan to value percentage of 56% and repayment of the principal is not due until 25th March 2060.

The directors have monitored the financial performance and risk profile of the portfolio during 2022/23, both from a tenant covenant strength and on a rent collection rate basis.

The directors continue to monitor and manage the portfolio in light of the recommendations from external advisors. In the opinion of the directors commercial property still remains an attractive long-term investment in an environment of low interest rates and bond yields.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mrs K Brimacombe
Ms E Day

Other changes in directors holding office are as follows:

N I Gray - resigned 31 August 2022
P Anderson - resigned 14 September 2022
Ms C W Morris - appointed 12 September 2022

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Mova Property Limited (Registered number: 10510956)

Report of the Directors
for the Year Ended 31 March 2023

DIRECTORS' RESPONSIBILITIES STATEMENT - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and they have taken all the steps that ought to have taken as a director in order to make them aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Bullimores LLP, were appointed during the period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs K Brimacombe - Director


1 November 2023

Report of the Independent Auditors to the Members of
Mova Property Limited

Opinion
We have audited the financial statements of Mova Property Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Mova Property Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on pages two and three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Mova Property Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the reporting frameworks (FRS102, the Companies Act 2006 and the relevant tax compliance regulations in the UK)

We understood how the company is complying with those legal and regulatory frameworks by making enquiries of management.

We did not identify any matters relating to non-compliance with laws and regulations or relating to fraud.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussions with the directors to understand areas where they considered there was susceptibility to fraud. We also considered pressures on the directors to meet any external pressures in reporting the financial results of the company.

Audit procedures performed by the engagement team on the areas where fraud might occur included:
- evaluation of management's internal processes designed to prevent and detect irregularities
- journals entries testing, with a focus on manual entries and entries determined to be large or relating to unusual transactions
- examining third party documentation to support asset valuations and leases held.

Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:
- understanding of, and practical experience with audit engagements of a similar nature and complexity through the
appropriate training and participation
- knowledge of the industry in which the company operates
- understanding of the legal and regulatory requirements specific to the company

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

This accounts have been prepared for Corporation Tax 2023 purposes only.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Mova Property Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Nicholas Boot FCA (Senior Statutory Auditor)
for and on behalf of Bullimores LLP
Chartered Accountants
& Registered Auditor
Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF

6 November 2023

Mova Property Limited (Registered number: 10510956)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 2,864,822 2,772,440

Cost of sales 12,730 12,478
GROSS PROFIT 2,852,092 2,759,962

Administrative expenses 204,973 175,591
OPERATING PROFIT 2,647,119 2,584,371

Interest receivable and similar income 7,367 149
2,654,486 2,584,520
Gain/loss on revaluation of investments 1,041,000 7,483,700
3,695,486 10,068,220

Interest payable and similar expenses 3 1,964,901 1,991,819
PROFIT BEFORE TAXATION 1,730,585 8,076,401

Tax on profit 5 402,893 2,016,762
PROFIT FOR THE FINANCIAL YEAR 1,327,692 6,059,639

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,327,692

6,059,639

Mova Property Limited (Registered number: 10510956)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 7 55,603,400 54,546,400

CURRENT ASSETS
Debtors 8 26,615 35,883
Cash at bank 3,477,117 2,802,542
3,503,732 2,838,425
CREDITORS
Amounts falling due within one year 9 966,160 858,839
NET CURRENT ASSETS 2,537,572 1,979,586
TOTAL ASSETS LESS CURRENT
LIABILITIES

58,140,972

56,525,986

CREDITORS
Amounts falling due after more than one year 10 (31,283,518 ) (31,283,518 )

PROVISIONS FOR LIABILITIES 12 (2,290,392 ) (2,003,098 )
NET ASSETS 24,567,062 23,239,370

CAPITAL AND RESERVES
Called up share capital 13 16,322,074 16,322,074
Fair value reserve 8,903,105 7,862,106
Retained earnings (658,117 ) (944,810 )
SHAREHOLDERS' FUNDS 24,567,062 23,239,370

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





Ms E Day - Director


Mova Property Limited (Registered number: 10510956)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 16,322,074 989,251 378,406 17,689,731

Changes in equity
Dividends - (510,000 ) - (510,000 )
Total comprehensive income - (1,424,061 ) 7,483,700 6,059,639
Balance at 31 March 2022 16,322,074 (944,810 ) 7,862,106 23,239,370

Changes in equity
Total comprehensive income - 286,693 1,040,999 1,327,692
Balance at 31 March 2023 16,322,074 (658,117 ) 8,903,105 24,567,062

Mova Property Limited (Registered number: 10510956)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates . It also requires management to exercise judgement in applying the company's accounting policies. There are estimation uncertainties in the application of the accounting policies detailed in the section below that relates to Assumptions Made about the Future and Other Major Sources of Estimation Uncertainty. No significant judgements were required in the preparation of the accounts and in the application of the company's accounting policies.

The following principal accounting policies have been applied:

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rental income and other property related services and it is recognised in the profit and loss account on a straight line basis over the life of the lease.

Investment property
Investment properties are initially recorded at cost, including transaction costs and subsequently 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. Changes in fair value are recognised in the profit and loss account in the period that they arise. Where an investment is not held at fair value it is held at cost less depreciation and impairment.

Current and deferred taxation
Taxation for the period 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 and 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 reporting date in the countries where the company operates and generates income.

Deferred tax is recognised in respect of all timing differences that have been originated but not reversed at the balance sheet date. Deferred tax is transferred to the fair value reserve where appropriate.

Mova Property Limited (Registered number: 10510956)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES - continued

Going concern
The accounts have been prepared on a going concern basis as the directors have a reasonable expectation that the companies will continue in operational existence for the foreseeable future.

Assumptions Made about the Future and Other Major Sources of Estimation Uncertainty
The Report and Accounts contain estimated figures that are based on assumptions made by the company about the future or that are otherwise uncertain. Estimates are made taking into account historical experience, current trends and other relevant factors. However, because balances cannot be determined with certainty, actual results could be materially different from the assumptions and estimates.

Valuation of fixed assets
Asset valuation (including Fair Value measurement) and impairment is based on an estimate and the company relies on the expertise of its RICS Register Valuer, GSC Harbord MA MRICS 39IRRV (Hons) of Wilks Head & Eve LLP, to calculate valuations, useful lives and impairment reviews in accordance with professional guidance.
o The Valuer has completed the valuation report in accordance with the following guidance relating to asset valuation for capital accounting purposes:

o The Chartered Institute of Public Finance and Accounting Code of Practice on Local Authority Accounting in the United Kingdom ('The CIPFA Code') - 2022/23.

o International Financial Reporting Standards (IFRS).

o Royal Institution of Chartered Surveyors (RICS) Valuation - Global Standards (issued November 2019 and effective 31 January 2020) and the RICS Valuation - Global Standards 2017: UK National Supplement (issued November 2018 and effective from 14 January 2019).

When the fair values of financial assets and financial liabilities cannot be measured based on quoted prices in active markets (i.e. Level 1 inputs), their fair value is measured using valuation techniques. Where possible, the inputs to these valuation techniques are based on observable data, but where this is not possible professional judgement is required. These judgements typically include considerations such as uncertainty and risk. However, changes in assumptions used could affect the fair value of the company's assets and liabilities.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

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 no significant risks of change in value.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Finance costs
Finance costs are charged to the profit and loss account 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.

Mova Property Limited (Registered number: 10510956)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES - continued

Operating leases: the company as lessor
Rental income from operating leases is credited to the profit and loss account on a straight line basis over the term of the relevant lease.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Management charges policy
The charges payable by the Company (Mova Property Ltd) for the supply of the Services (Asset Investment Strategy) by the Supplier (Mole Valley District Council) save where an annual fixed fee is agreed between the Company and the Supplier, the Supplier shall calculate the charges on a time and materials basis, in accordance with the Supplier's standard daily fee rates as set out in agreed fee schedule.

Where the charges are calculated on a time and materials basis:

(a) The Supplier's standard daily fee rates for each individual person as set out in agreed fee schedule calculated on the basis of an eight-hour day, worked during Business Hours.

(b) The Supplier shall ensure that every individual whom it engages on the Services keeps a record of the time spent on the Services, and the Supplier shall indicate the time spent per individual in its invoices.

(c) The charges exclude cost of hotel, subsistence, travelling, and other reasonably incurred ancillary expenses by individuals whom the Supplier engages in connection with the Services. These charges will be payable monthly in arrears following submission of appropriate invoice

(d) The charges exclude cost to the Supplier of any materials or services procured by the Supplier from third parties for the provision of the Services as such items and their costs are approved by the Company in advance and are payable monthly in arrears.

Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.

2. EMPLOYEES AND DIRECTORS

During the period, no staff were directly employed by MOVA Property Limited (2022 - NIL)


3. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Bank loan interest 240 34
Other interest 1,964,661 1,991,785
1,964,901 1,991,819

Mova Property Limited (Registered number: 10510956)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. AUDITORS' REMUNERATION

Auditor's remuneration 2023 2022
£    £   
Fees payable to the company's auditor and its associates for the audit of the
company's annual accounts

5,400

5,00
Fees payable to the company's auditor and its associate for the other services 750 750
6,150 5,700

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 115,599 111,027

Deferred tax 287,294 1,905,735
Tax on profit 402,893 2,016,762

6. DIVIDENDS
31.3.23 31.3.22
£    £   
Ordinary shares shares of £1 each
Interim - 510,000

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 54,546,400
Additions 16,000
Revaluations 1,041,000
At 31 March 2023 55,603,400
NET BOOK VALUE
At 31 March 2023 55,603,400
At 31 March 2022 54,546,400

Mova Property Limited (Registered number: 10510956)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. INVESTMENT PROPERTY - continued


The fair value of the company's investment properties as at 31 March 2023 was determined by an independent external valuer at that date. The valuations are in accordance with the Royal Institution of Chartered Surveyors' ("RICS") valuation. Fair values of investment properties are calculated using an income approach and the main assumptions supporting the valuation are in respect of rents due, extant leases and yields.

The valuation of the investment properties was undertaken by Wilks Head & Eve LLP.

The change in the fair value of the investment property is moved to the Profit and Loss account and then transferred to Fair Value Reserve,

If the investment properties had not been revalued they would have been included at the following historical cost:

Historical cost

£   
At 1 April 2022 46,684,295
At 31 March 2023 46,684,295



8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 26,615 26,200
Other debtors - 9,683
26,615 35,883

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 39,168 -
Amounts owed to group undertakings 32,836 44,800
Tax 119,856 103,426
VAT 92,946 64,516
Other creditors 6,515 6,140
Accruals and deferred income 674,839 639,957
966,160 858,839

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Other loans (see note 11) 30,647,518 30,647,518
Other creditors 636,000 636,000
31,283,518 31,283,518

Mova Property Limited (Registered number: 10510956)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans > 5 years 30,647,518 30,647,518

The loans are split into senior and junior loan amounts the total amount borrowed is £30,647,518.


Interest bearing loans

Interest rate

Year of maturity
Repayment
Schedule

£   
Senior Debt

Mole Valley District Council5.9%2060Interest only6,456,444
Mole Valley District Council5.9%2060Interest only10,440,000
Mole Valley District Council5.9%2060Interest only9,180,000
Mole Valley District Council5.9%2060Interest only225,000

Junior Debt

Mole Valley District Council9.5%2060Interest only1,076,074
Mole Valley District Council9.5%2060Interest only1,740,000
Mole Valley District Council9.5%2060Interest only1,530,000


Balances are classified as senior debt and term loan are secured of the properties to which they relate. Junior debt is unsecured. Senior debt ranks in priority to junior debt and no payments shall be made in repayment of junior debt until senior debt has been repaid in full.

12. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 2,290,392 2,003,098

Deferred
tax
£   
Balance at 1 April 2022 2,003,098
Provided during year 287,294
Balance at 31 March 2023 2,290,392

Mova Property Limited (Registered number: 10510956)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
16,322,074 Ordinary shares £1 16,322,074 16,322,074

14. CONTINGENT ASSET

The company is currently in negotiation with a client on a 2021 rent review, this would increase rent receivable to a minimum of £110K to £614K back rent.

15. COMMITMENTS

The company has made a commitment for the next three years to make charitable donations totalling £147,735 annually.

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption conferred by FRS 102 s.33. 1A not to disclose transactions with other wholly owned members of the group.

17. CONTROLLING PARTY

The company is a wholly owned subsidiary of Mova Holdings Limited, which is the immediate parent company incorporated in the UK.

Mole Valley District Council is the ultimate parent company incorporated in the UK. The registered office of Mole Valley District council is Pippbrook, Dorking, Surrey, United Kingdom, RH4 1SJ.

The largest and smallest group in which the results of the company are consolidated is that headed by Mole Valley District Council. The consolidated accounts are available from the registered office address as above.

18. OTHER INFORMATION

Mova Property Limited is a private company limited by shares and incorporated in England, registration number 10510956. Its registered office is:

C/O Mole Valley District Council
Pippbrook
Dorking
Surrey
RH4 1SJ