Company Registration No. 05345473 (England and Wales)
MUGGLESWICK ESTATE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
MUGGLESWICK ESTATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MUGGLESWICK ESTATE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,283,620
4,299,965
Current assets
Debtors
4
1,799,460
1,913,362
Cash at bank and in hand
13,004
51,747
1,812,464
1,965,109
Creditors: amounts falling due within one year
5
(302,471)
(276,477)
Net current assets
1,509,993
1,688,632
Total assets less current liabilities
5,793,613
5,988,597
Capital and reserves
Called up share capital
6
4,000,000
4,000,001
Profit and loss reserves
1,793,613
1,988,596
Total equity
5,793,613
5,988,597
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 10 April 2024
..................................................
Mr J F Herrmann
Director
Company Registration No. 05345473
MUGGLESWICK ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
Muggleswick Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beaumont House Office, Allenheads, Hexham, NE47 9HJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
not provided
Leasehold improvements
15% on reducing balance
Plant and machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
Freehold land and buildings have not been depreciated in accordance with Section 17 of FRS 102 because the value is attributed to land with the buildings element of the original cost being immaterial.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MUGGLESWICK ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MUGGLESWICK ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
MUGGLESWICK ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Land and buildings Freehold
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2022
4,117,700
453,207
103,376
273,344
4,947,627
Additions
25,474
21,090
46,564
Disposals
(15,700)
(15,700)
At 31 January 2023
4,117,700
453,207
128,850
278,734
4,978,491
Depreciation and impairment
At 1 February 2022
407,841
96,104
143,717
647,662
Depreciation charged in the year
6,900
6,998
33,311
47,209
At 31 January 2023
414,741
103,102
177,028
694,871
Carrying amount
At 31 January 2023
4,117,700
38,466
25,748
101,706
4,283,620
At 31 January 2022
4,117,700
45,366
7,272
129,627
4,299,965
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,600
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,797,005
1,882,571
Other debtors
2,455
28,191
1,799,460
1,913,362
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
40,052
186,568
Amounts owed to group undertakings and undertakings in which the company has a participating interest
102,060
84,460
Taxation and social security
33,139
5,449
Other creditors
127,220
302,471
276,477
MUGGLESWICK ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
4,000,000 Ordinary of £1 each
4,000,000
4,000,001
4,000,000
4,000,001
7
Related party transactions
Transactions with related parties
East Allenheads Estate Limited, a company controlled by J F Herrmann, owed £1,784,969 (2022: £1,870,534) to the company as at the balance sheet date. This amount is included within amounts due from participating interests.
Stublick Estates Limited, a company controlled by J F Herrmann, was owed £102,060 (2022: £84,460) by the company as at the balance sheet date. This amount is included within amounts due to participating interests.
Allenheads Limited, a company controlled by J F Herrmann, owed £12,037 (2022: £12,037) to the company as at the balance sheet date. This amount is included within amounts due from participating interests.