Registered number
11492262
Msted Properties Ltd
Abridged unaudited Accounts
31 July 2023
Msted Properties Ltd
Registered number: 11492262
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 408,973 413,875
Current assets
Cash at bank and in hand 3,957 7,417
Creditors: amounts falling due within one year 4 (4,395) (3,063)
Net current (liabilities)/assets (438) 4,354
Total assets less current liabilities 408,535 418,229
Creditors: amounts falling due after more than one year 5 (394,334) (407,484)
Provisions for liabilities (4,217) (4,356)
Net assets 9,984 6,389
Capital and reserves
Called up share capital 10 10
Profit and loss account 9,974 6,379
Shareholders' funds 9,984 6,389
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs C Gabbitass
Director
Approved by the board on 28 March 2024
Msted Properties Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention (modified to include the revaluation of freehold property at fair value) 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Rental income is allocated to the period to which it relates and any rent prepaid is carried forward to the appropriate period.
Tangible fixed assets
Tangible fixed assets are measured at fair value less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 1
3 Tangible fixed assets
Leasehold Investment Property Plant and machinery etc Total
£ £ £
Fair Value
At 1 August 2022 427,552 4,771 432,323
At 31 July 2023 427,552 4,771 432,323
Depreciation
At 1 August 2022 16,604 1,844 18,448
Charge for the year 4,171 731 4,902
At 31 July 2023 20,775 2,575 23,350
Net book value
At 31 July 2023 406,777 2,196 408,973
At 31 July 2022 410,948 2,927 413,875
Leasehold land and buildings: 2023 2022
£ £
Historical cost 407,552 407,552
Cumulative depreciation based on historical cost 20,775 16,604
386,777 390,948
The Director has indicated a fair valuation of the property based on sale values of similar properties either in the same building or the immediate locale. In view of the uncertain property market conditions no revaluation this year is considered appropriate.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 2,430 1,098
Other creditors 1,965 1,965
4,395 3,063
5 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 394,334 407,484
6 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 394,334 407,484
The loan shown above is from the director and is unsecured. There are no formal repayment terms but repayments will be made from available profits or upon the sale of the investment property.
7 Other information
Msted Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
38 Fieldway
Berkhamsted
Herts
HP4 2NY
Msted Properties Ltd 11492262 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts October 2023 release 2 Mrs C Gabbitass No description of principal activity 11492262 2021-08-01 2022-07-31 11492262 core:WithinOneYear 2022-07-31 11492262 core:AfterOneYear 2022-07-31 11492262 core:ShareCapital 2022-07-31 11492262 core:RetainedEarningsAccumulatedLosses 2022-07-31 11492262 2022-08-01 2023-07-31 11492262 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 11492262 bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 11492262 bus:Director40 2022-08-01 2023-07-31 11492262 1 2022-08-01 2023-07-31 11492262 2 2022-08-01 2023-07-31 11492262 core:LandBuildings 2022-08-01 2023-07-31 11492262 core:PlantMachinery 2022-08-01 2023-07-31 11492262 countries:England 2022-08-01 2023-07-31 11492262 bus:FRS102 2022-08-01 2023-07-31 11492262 bus:FullAccounts 2022-08-01 2023-07-31 11492262 2023-07-31 11492262 core:WithinOneYear 2023-07-31 11492262 core:AfterOneYear 2023-07-31 11492262 core:ShareCapital 2023-07-31 11492262 core:RetainedEarningsAccumulatedLosses 2023-07-31 11492262 core:LandBuildings 2023-07-31 11492262 core:PlantMachinery 2023-07-31 11492262 2022-07-31 11492262 core:LandBuildings 2022-07-31 11492262 core:PlantMachinery 2022-07-31 iso4217:GBP xbrli:pure