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Registration number: SC676128

Mithoff Property Investments Ltd

Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Mithoff Property Investments Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Mithoff Property Investments Ltd

(Registration number: SC676128)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,067

1,400

Investment property

5

505,000

495,000

 

506,067

496,400

Current assets

 

Debtors

6

461

964

Cash at bank and in hand

 

355

92

 

816

1,056

Creditors: Amounts falling due within one year

7

(145,335)

(186,687)

Net current liabilities

 

(144,519)

(185,631)

Total assets less current liabilities

 

361,548

310,769

Creditors: Amounts falling due after more than one year

7

(375,367)

(309,640)

Provisions for liabilities

42,071

23,376

Net assets

 

28,252

24,505

Capital and reserves

 

Called up share capital

1

1

Other reserves

85,265

75,934

Retained earnings

(57,014)

(51,430)

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:

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 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 director on 31 January 2024
 

 

Mithoff Property Investments Ltd

(Registration number: SC676128)
Balance Sheet as at 30 September 2023


Mr J Mithoff
Director

 

Mithoff Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
5 Buchanan Street
Balfron
G63 0RL
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 director on 31 January 2024.

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.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by either an external valuer or the director. In determining the value, observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset are used. Changes in fair value are recognised in profit or loss.

 

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Mithoff Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

1,523

281

1,804

At 30 September 2023

1,523

281

1,804

Depreciation

At 1 October 2022

364

40

404

Charge for the year

305

28

333

At 30 September 2023

669

68

737

Carrying amount

At 30 September 2023

854

213

1,067

At 30 September 2022

1,159

241

1,400

5

Investment properties

2023
£

At 1 October

495,000

Fair value adjustments

10,000

At 30 September

505,000

Investment properties have been valued by an independent valuer during the process of remortgaging on the properties concerned.

6

Debtors

Current

2023
£

2022
£

Trade debtors

200

438

Prepayments

261

526

 

461

964

 

Mithoff Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

35,507

33,910

Trade creditors

 

895

374

Accruals and deferred income

 

15,684

18,201

Other creditors

 

93,249

134,202

 

145,335

186,687

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
£

Due after one year

 

Loans and borrowings

8

375,367

309,640

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

375,367

309,640

2023
£

2022
£

Current loans and borrowings

Other borrowings

35,507

33,910

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

10

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

Director's loan

(132,081)

85,869

(312)

(44,221)

(90,745)

           
         

 

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

Director's loan

(150,387)

77,955

(312)

(59,336)

(132,081)

           
         

 

 

Mithoff Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

11

Ultimate controlling party

The ultimate controlling party is is Mr J Mithoff, by virtue of his shareholding.