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Registered Number: 10891971
England and Wales

 

 

 

MEDINA CONNECT PROPERTY 2 LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 146,135    146,135 
146,135    146,135 
Current assets      
Debtors: amounts falling due after one year 81,626    66,426 
Creditors: amount falling due within one year (10,070)   (7,438)
Net current assets 71,556    58,988 
 
Total assets less current liabilities 217,691    205,123 
Creditors: amount falling due after more than one year (154,288)   (151,518)
Net assets 63,403    53,605 
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account 63,303    53,505 
Shareholder's funds 63,403    53,605 
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 29 March 2024 and were signed on its behalf by:


-------------------------------
Mr Sagheer Akhter
Director
1
General Information
MEDINA CONNECT PROPERTY 2 LTD is a private company, limited by shares, registered in England and Wales, registration number 10891971, registration address 64 Castle Boulevard, Nottingham, Nottinghamshire, NG71FN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Rents Received
Rent received comprises the value of services supplied by the company, net of any trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Investment properties
Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the balance sheet to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
2.

Average number of employees

Average number of employees during the year was 4 (2022 : 4).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 April 2022 146,135    146,135 
Additions  
Disposals  
At 31 March 2023 146,135    146,135 
Depreciation
At 01 April 2022  
Charge for year  
On disposals  
At 31 March 2023  
Net book values
Closing balance as at 31 March 2023 146,135    146,135 
Opening balance as at 01 April 2022 146,135    146,135 


4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Medina Connect Ltd15,200 15,200 81,626 66,426 

The company has directors in common with Medina Connect Ltd. Medina Connect Ltd operates as a residential care home from the property 'Connect House', of which 8% is owned by Medina Connect Property 2 Ltd. During the year rent, was charged to Medina Connect Ltd at full market value and on normal commercial terms. The year end balance is included within debtors due after more than one year. The Freehold property cost represents 8% of the total purchase price paid for the property 'Connect House', 20% was paid by Medina Connect Property Ltd and 72% by Medina Trust (Pension Fund).
2