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REGISTERED NUMBER: 02576564 (England and Wales)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MIDPOINT PROPERTIES LIMITED

MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDPOINT PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: D N Kambouris
Ms T P D Kambouri





SECRETARY: Ms N D Paphitis





REGISTERED OFFICE: 50 Seymour Street
London
W1H 7JG





REGISTERED NUMBER: 02576564 (England and Wales)





ACCOUNTANTS: Orcom Civvals Limited
Accountants
50 Seymour Street
London
W1H 7JG

MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 9,626,219 9,624,147

CURRENT ASSETS
Debtors 5 66,636 23,691
Cash at bank 2,421,070 2,065,205
2,487,706 2,088,896
CREDITORS
Amounts falling due within one year 6 617,983 454,199
NET CURRENT ASSETS 1,869,723 1,634,697
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,495,942

11,258,844

PROVISIONS FOR LIABILITIES 1,277,428 1,277,428
NET ASSETS 10,218,514 9,981,416

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 7 5,442,548 5,442,548
Retained earnings 7 4,774,966 4,537,868
SHAREHOLDERS' FUNDS 10,218,514 9,981,416

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2024 and were signed on its behalf by:





D N Kambouris - Director


MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Midpoint Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances.

The estimates and underlying assumptions are reviewed on an ongoing basis. There has been no judgements made by management in the application of FRS 102 that have had a significant effect on the financial statements and estimates with a significant risk of material adjustment.

Turnover
Turnover represents rent receivable.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or 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 balance sheet date.


MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 9,624,147
Additions 2,072
At 31 March 2023 9,626,219
NET BOOK VALUE
At 31 March 2023 9,626,219
At 31 March 2022 9,624,147

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2013 2,839,601
Valuation in 2015 3,450,375
Valuation in 2016 430,000
Cost 2,906,243
9,626,219

Investment properties were valued on an open market basis on 31 March 2022 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 5,091 5,091
Accrued income 40,000 -
Prepayments 21,545 18,600
66,636 23,691

MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 79,072 93,070
Social security and other taxes 218 218
Other creditors 525,786 269,013
Directors' current accounts 6,774 86,004
Accrued expenses 6,133 5,894
617,983 454,199

7. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2022 4,537,868 5,442,548 9,980,416
Profit for the year 337,098 337,098
Dividends (100,000 ) (100,000 )
At 31 March 2023 4,774,966 5,442,548 10,217,514

8. RELATED PARTY DISCLOSURES

Included in debtors is an amount of £Nil (2022: £Nil) due from a company in which the directors have an interest.

Included in creditors is an amount of £203,066 (2022: £46,293) due to companies in which the directors have an interest.

Also included in creditors is an amount of £321,504 (2022: £221,504) due to the parent company.

During the year, the company received rent amounting to £620,000 (2022: £600,000) from a company in which the directors had an interest.

9. CONTROLLING PARTY

The company is controlled by Midpoint Properties Holdings Limited by virtue of its holding of the issued share capital.