REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
The Mid Surrey Company Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
The Mid Surrey Company Ltd |
The Mid Surrey Company Ltd (Registered number: 08622534) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Mid Surrey Company Ltd |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Studio 16 |
Cloisters House |
8 Battersea Park Road |
London |
SW8 4BG |
The Mid Surrey Company Ltd (Registered number: 08622534) |
Balance Sheet |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve | ( |
) | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 Mid Surrey Company Ltd (Registered number: 08622534) |
Balance Sheet - continued |
31 July 2023 |
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 |
The Mid Surrey Company Ltd (Registered number: 08622534) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
The Mid Surrey Company Ltd is a |
The presentation currency of the financial statements is Pound Sterling (£). |
The financial statements present information about the company as a single entity. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Income from fixed asset investments |
Income from fixed asset investments relates to rents received in the United Kingdom. Rental income is recognised in the period in which the tenants occupy the properties. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Furniture, fixtures & fittings and computer equipment- 20% on cost |
Other investments |
Other investments are held at cost less accumulated impairment losses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. |
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. |
The Mid Surrey Company Ltd (Registered number: 08622534) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense for the year comprises current tax. Tax is recognised in the income and expenditure account, except that a charge attributable to an item of income and expense recognised as other comprehensive income, or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity, respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
- the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities, or other future taxable profits; and |
- any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as other debtors and creditors. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. |
Debtors and creditors |
Basic financial assets and liabilities, including other debtors and other creditors, are initially recognised at transaction price, 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. Such assets and liabilities are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash at bank. |
Share premium |
Share premium arose following a reorganisation in 2013 and reflected the underlying values of the properties. |
Going concern |
The directors consider that there are no material uncertainties about the company's ability to continue as a going concern. In forming their opinion, the directors have considered a period of one year from the date of signing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The Mid Surrey Company Ltd (Registered number: 08622534) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
4. | TANGIBLE FIXED ASSETS |
Furniture, |
fixtures |
& fittings |
and |
computer |
equipment |
£ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The Mid Surrey Company Ltd (Registered number: 08622534) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
6. | INVESTMENT PROPERTY |
Total |
COST OR VALUATION | £ |
At 1 August 2022 | 8,560,000 |
Additions | 46,904 |
Net gains from fair value adjustment | 1,198,096 |
At 31 July 2023 | 9,805,000 |
NET BOOK VALUE |
At 31 July 2023 | 9,805,000 |
At 31 July 2022 | 8,560,000 |
Cost or valuation at 31 July 2023 is represented by: | £ |
Transfer value at 5 August 2013 | 6,415,000 |
Cost | 432,649 |
Net gains from fair value adjustment | 2,957,351 |
9,805,000 |
The net book value represents historic cost, which incorporates the transfer value. |
The investment properties were valued on an open market basis on 13 February 2013 by Major Son & Phipps Estate Agents & Valuer, for the purpose of determining the transfer value. |
The investment properties were valued on an open market basis on 31 July 2023 by Major Son & Phipps Estate Agents & Valuer and on 18 July 2023 by Annett Associates Chartered Surveyors & Valuer, for the purpose of determining the fair value at the year end. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Prepayments and acrrued income | 38,348 | 37,023 |
The Mid Surrey Company Ltd (Registered number: 08622534) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors | 24,682 | 24,270 |
Accruals | 23,619 | 20,462 |
Taxation and social security |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 1,875,610 | 1,564,360 |
Deferred |
tax |
£ |
Balance at 1 August 2022 |
Charge to Income Statement during year |
Balance at 31 July 2023 |
10. | RELATED PARTY DISCLOSURES |
During the year, the directors were reimbursed £2,351 (2022: £1,953) for expenses paid relating to the properties and general office expenses. Included in creditors at the year-end is an amount owed to the directors totalling £Nil (2022: £1,953). |
During the year, total dividends amounting to £31,800 (2022: £31,800) were paid to the directors. |