REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MIDPOINT PROPERTIES LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings | 7 |
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. |
MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564) |
BALANCE SHEET - continued |
31 MARCH 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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Accrued income |
Prepayments |
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 |
Social security and other taxes |
Other creditors |
Directors' current accounts | 6,774 | 86,004 |
Accrued expenses |
7. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 9,980,416 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2023 | 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. |