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Registration number: 11469692

Mitrium Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Mitrium Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Mitrium Properties Limited

(Registration number: 11469692)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,734,000

1,734,000

Current assets

 

Debtors

5

4,998

3,393

Cash at bank and in hand

 

57,393

35,761

 

62,391

39,154

Creditors: Amounts falling due within one year

6

(24,341)

(19,786)

Net current assets

 

38,050

19,368

Total assets less current liabilities

 

1,772,050

1,753,368

Creditors: Amounts falling due after more than one year

6

(1,736,727)

(1,735,923)

Net assets

 

35,323

17,445

Capital and reserves

 

Called up share capital

100

100

Retained earnings

35,223

17,345

Shareholders' funds

 

35,323

17,445

 

Mitrium Properties Limited

(Registration number: 11469692)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 March 2024 and signed on its behalf by:
 

.........................................
Mrs Sarah Nerys Wells
Company secretary and director

 

Mitrium Properties Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the letting and operating of own or leased real eastate. Turnover is shown net of sales returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Property

No depreciation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Mitrium Properties Limited

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

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Long leasehold land and buildings
£

Total
£

Cost or valuation

At 1 May 2022

1,734,000

1,734,000

At 30 April 2023

1,734,000

1,734,000

Depreciation

Carrying amount

At 30 April 2023

1,734,000

1,734,000

At 30 April 2022

1,734,000

1,734,000

Included within the net book value of land and buildings above is £1,734,000 (2022 - £1,734,000) in respect of long leasehold land and buildings.
 

 

Mitrium Properties Limited

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

400

200

Prepayments

-

3,193

Other debtors

4,598

-

 

4,998

3,393

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

(33)

Taxation and social security

4,194

5,290

Other creditors

20,147

14,529

24,341

19,786

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

926,104

928,665

Other non-current financial liabilities

 

810,623

807,258

 

1,736,727

1,735,923

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £905,751

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

926,104

928,665

 

Mitrium Properties Limited

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

8

Related party transactions

Summary of transactions with parent

During the year the parent company, Mitrium Holdings Limited, paid accountancy fee on behalf of the company totalling £260 (2022: £260)
During the year a connected company, Polar Bear Design Limited, paid loan repayments on behalf of the company totalling £5,692 (2022: £2,587)

 

Loans from related parties

2023

Parent
£

Total
£

At start of period

804,671

804,671

Advanced

260

260

At end of period

804,931

804,931

2022

Parent
£

Total
£

At start of period

804,411

804,411

Advanced

260

260

At end of period

804,671

804,671