Registration number:
Mithoff Property Investments Ltd
for the Year Ended 30 September 2023
Mithoff Property Investments Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mithoff Property Investments Ltd
(Registration number: SC676128)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Other reserves |
85,265 |
75,934 |
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Retained earnings |
(57,014) |
(51,430) |
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Shareholders' funds |
28,252 |
24,505 |
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Mithoff Property Investments Ltd
(Registration number: SC676128)
Balance Sheet as at 30 September 2023
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Mithoff Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
The principal place of business is:
1/1, 13 Havelock Street
Glasgow
G11 5JB
Scotland
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director of the company is of the opinion that there are no material uncertainties related to going concern that require disclosure. In arriving at this conclusion, the director has considered the working capital requirements for at least 12 months from the date of approval of the financial statements and the company's cash flow forecasts. The company has net current liabilities of £144,519 (2022: £185,631) and retained losses of £57,014 (2022: £51,430) as a result of funds personally invested with no formal repayment terms. The director has pledged to continue to support the company and therefore the financial statements have been prepared on a going concern basis.
Mithoff Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable on the rental of investment property and the provision of consultancy services in the ordinary course of the company’s activities. Turnover is shown gross of sales, returns, rebates and discounts.
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 deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
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 |
Plant and machinery |
10% Straight line |
Office Equipment |
20% Straight line |
Fixture and fittings |
20% Straight line |
Investment property
Mithoff Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price.
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.
Trade creditors are recognised at the transaction price.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Mithoff Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Investment properties |
2023 |
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At 1 October |
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Fair value adjustments |
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At 30 September |
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Investment properties have been valued by an independent valuer during the process of remortgaging on the properties concerned.
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Mithoff Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings include unsecured loans of £35,907 (2022: £33,910). Interest is charged on this amount at a rate of 6% per annum and there are no fixed terms for repayment.
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings include mortgages on each investment property which are secured of £375,367 (2022: £309,640). A charge is held over each property in favour of the associated lenders.
Mithoff Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Related party transactions |
At the balance sheet date the director, Mr Mithoff, was owed £91,435 (2022: £132,081). There are no terms for repayment of this loan and interest is being charged at a market rate.
Transactions with the director |
2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
Other payments made to company by director |
At 30 September 2023 |
Mr J Mithoff |
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Director's loan |
( |
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( |
(44,221) |
( |
2022 |
At 1 October 2021 |
Advances to director |
Repayments by director |
Other payments made to company by director |
At 30 September 2022 |
Mr J Mithoff |
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Director's loan |
( |
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( |
(59,336) |
( |
Mithoff Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Ultimate controlling party |
The ultimate controlling party is