Registered number
12095601
Montpelier Property Limited
Filleted Accounts
31 July 2023
Montpelier Property Limited
Registered number: 12095601
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 755,500 762,000
Current assets
Debtors 4 82,874 5,817
Cash at bank and in hand 98,428 178,419
181,302 184,236
Creditors: amounts falling due within one year 5 (16,513) (5,739)
Net current assets 164,789 178,497
Total assets less current liabilities 920,289 940,497
Creditors: amounts falling due after more than one year 6 (771,966) (839,918)
Net assets 148,323 100,579
Capital and reserves
Called up share capital 102 4
Revaluation reserve 8 122,092 122,092
Profit and loss account 26,129 (21,517)
Shareholders' funds 148,323 100,579
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K. Edwards
Director
Approved by the board on 14 March 2024
Montpelier Property Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention 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).
Turnover
Turnover is measured at the fair value of the rents and other property income received or receivable, net of discounts.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Freehold buildings over 50 years
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 August 2022 775,000
At 31 July 2023 775,000
Depreciation
At 1 August 2022 13,000
Charge for the year 6,500
At 31 July 2023 19,500
Net book value
At 31 July 2023 755,500
At 31 July 2022 762,000
4 Debtors 2023 2022
£ £
Other debtors 82,874 5,817
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,385 5,739
Taxation and social security costs 14,128 -
16,513 5,739
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 278,972 319,664
Other creditors 492,994 520,254
771,966 839,918
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 119,000 119,000
Instalments falling due for payment after more than five years 73,972 -
192,972 119,000
Secured bank loans 397,972 438,664
The company's bankers hold charges over the freehold properties.
8 Revaluation reserve 2023 2022
£ £
At 1 August 2022 122,092 122,092
At 31 July 2023 122,092 122,092
9 Loans from directors
Description and conditions B/fwd Introduced Withdrawn C/fwd
£ £ £ £
K. Edwards
Amount due to the director at the balance sheet date - 122,740 - 122,740
- 122,740 - 122,740
10 Related party transactions
At the balance sheet date there was £209,705 (2022 £359,705) payable to International Model Management Limited, a company in which the director K. Edwards has an interest.
At the balance sheet date there was £12,362 (2022 £12,362) payable to Mr A. Fields who has an interest in the company.
At the balance sheet date there was £82,574 (2022 £600) receivable from Glostrup Property Limited, a company in which the director K. Edwards has an interest.
11 Controlling party
The company is controlled by the directors and voting shareholders G. Edwards and K. Edwards.
12 Other information
Montpelier Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
Studio 19
Deane House
27 Greenwood Place
London
NW5 1LB
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