Company registration number 04638982 (England and Wales)
MICROTIMA PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
MICROTIMA PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MICROTIMA PROPERTIES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
439
656
Investment property
4
385,000
385,000
385,439
385,656
Current assets
Debtors
5
18,280
29,387
Cash at bank and in hand
11,588
25,349
29,868
54,736
Creditors: amounts falling due within one year
6
(9,414)
(27,772)
Net current assets
20,454
26,964
Total assets less current liabilities
405,893
412,620
Creditors: amounts falling due after more than one year
7
(6,783)
(19,065)
Provisions for liabilities
(2,001)
(2,001)
Net assets
397,109
391,554
Capital and reserves
Called up share capital
162
162
Profit and loss reserves
396,947
391,392
Total equity
397,109
391,554
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MICROTIMA PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 November 2023 and are signed on its behalf by:
Mrs SA Richardson
Director
Company registration number 04638982 (England and Wales)
MICROTIMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Microtima Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Albion House, Old Glass Works, Stepney Bank, Newcastle upon Tyne, Tyne and Wear, United Kingdom, NE1 2NP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net rental income from properties, excluding value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
20% on costs
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MICROTIMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Office equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
369
1,264
1,314
2,947
Depreciation and impairment
At 1 March 2022
357
1,085
849
2,291
Depreciation charged in the year
10
26
181
217
At 28 February 2023
367
1,111
1,030
2,508
Carrying amount
At 28 February 2023
2
153
284
439
At 28 February 2022
12
179
465
656
4
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
385,000
MICROTIMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
4
Investment property
(Continued)
- 5 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 30 August 2017 by Naylors Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The directors are of the opinion that the market value is not significantly different to that stated above.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,846
28,120
Unpaid share capital
27
27
Prepayments and accrued income
1,407
1,240
18,280
29,387
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8
4,437
17,207
Trade creditors
9
41
Corporation tax
1,407
7,123
Other creditors
569
569
Accruals and deferred income
2,992
2,832
9,414
27,772
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
6,783
19,065
8
Loans and overdrafts
2023
2022
£
£
Bank loans
11,220
36,272
Payable within one year
4,437
17,207
Payable after one year
6,783
19,065
The bank loan is secured with a first legal charge over the freehold property.