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REGISTERED NUMBER: 04057500 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

MINSTER PROPERTIES LIMITED

MINSTER PROPERTIES LIMITED (REGISTERED NUMBER: 04057500)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MINSTER PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: Mr Michael John Singleton
Mr Timothy Stuart Marshall





SECRETARY: Mr Timothy Stuart Marshall





REGISTERED OFFICE: 56 Gladstone Lane
Scarborough
North Yorkshire
YO12 7BS





REGISTERED NUMBER: 04057500 (England and Wales)





ACCOUNTANTS: Fortus North Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

MINSTER PROPERTIES LIMITED (REGISTERED NUMBER: 04057500)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,786 19,577
Investments 5 4 4
Investment property 6 272,000 272,000
286,790 291,581

CURRENT ASSETS
Stocks 1,050 13,876
Debtors 7 195,936 14,364
Cash at bank and in hand 53,837 263,128
250,823 291,368
CREDITORS
Amounts falling due within one year 8 21,835 35,661
NET CURRENT ASSETS 228,988 255,707
TOTAL ASSETS LESS CURRENT LIABILITIES 515,778 547,288

CREDITORS
Amounts falling due after more than
one year

9

(248,616

)

(258,322

)

PROVISIONS FOR LIABILITIES (25,308 ) (26,219 )
NET ASSETS 241,854 262,747

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 145,825 145,825
Retained earnings 95,929 116,822
241,854 262,747

MINSTER PROPERTIES LIMITED (REGISTERED NUMBER: 04057500)

BALANCE SHEET - continued
31 AUGUST 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:





Mr Michael John Singleton - Director


MINSTER PROPERTIES LIMITED (REGISTERED NUMBER: 04057500)

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


1. STATUTORY INFORMATION

Minster 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 (£).


The level of rounding used in the financial statements is to the nearest £1.

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.

Turnover
The turnover shown in the profit and loss account represents the total invoice value, excluding value added tax, of sales made during the year. Sales are recognised in the profit and loss account in the period in which the work is carried out. Rental income is recognised in the profit and loss account in the period in which the rents relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 25% on cost and 10% on cost
Motor vehicles - 25% on reducing balance

Investment property
Investment properties are properties held to earn rentals or for capital appreciation or both.

Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise. Deferred taxation is provided on these gains.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.


MINSTER PROPERTIES LIMITED (REGISTERED NUMBER: 04057500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Fixed asset investments are stated at cost less any provision for permanent diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 September 2022
and 31 August 2023 44,724 14,700 59,424
DEPRECIATION
At 1 September 2022 31,281 8,566 39,847
Charge for year 3,257 1,534 4,791
At 31 August 2023 34,538 10,100 44,638
NET BOOK VALUE
At 31 August 2023 10,186 4,600 14,786
At 31 August 2022 13,443 6,134 19,577

MINSTER PROPERTIES LIMITED (REGISTERED NUMBER: 04057500)

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


5. FIXED ASSET INVESTMENTS
Interest
in other
participating
interests
£   
COST
At 1 September 2022
and 31 August 2023 4
NET BOOK VALUE
At 31 August 2023 4
At 31 August 2022 4

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 272,000
NET BOOK VALUE
At 31 August 2023 272,000
At 31 August 2022 272,000

Tangible fixed assets included at fair value would have been included on a historical cost basis at:

2023 2022
£ £

Cost 103,675 103,675

The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

The investment properties have been valued by the directors at fair value taking into account existing tenancy arrangements .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,701 13,954
Amounts owed by group undertakings 185,000 -
Other debtors 7,235 410
195,936 14,364

MINSTER PROPERTIES LIMITED (REGISTERED NUMBER: 04057500)

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


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,900 7,900
Trade creditors 8,003 2,474
Taxation and social security 2,691 17,501
Other creditors 3,241 7,786
21,835 35,661

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 248,616 258,322

Amounts falling due in more than five years:

Repayable by instalments
Bank loans falling due after more than
five years

224,128

224,128

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 256,516 266,222

The bank loans are secured by a charge over the company's investment properties and a charge over freehold property held as trading stock.

11. RESERVES
Fair
value
reserve
£   
At 1 September 2022
and 31 August 2023 145,825

12. RELATED PARTY TRANSACTIONS

Other related party transactions
Included within debtors due within one year is £185,000 (2022 £NIL) owing to a connected company. This loan is deemed to be repayable on demand and no interest has been charged to the company on the amount outstanding.