REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
MIDSUMMER HOLDINGS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
MIDSUMMER HOLDINGS LIMITED |
MIDSUMMER HOLDINGS LIMITED (REGISTERED NUMBER: 02025433) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Chairman's Report | 2 |
Report of the Director | 3 |
Statement of Financial Position | 4 |
Notes to the Financial Statements | 5 |
MIDSUMMER HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisers and Accountants |
Unit 2.02 High Weald House, |
Glovers End |
Bexhill |
East Sussex |
United Kingdom |
TN39 5ES |
MIDSUMMER HOLDINGS LIMITED (REGISTERED NUMBER: 02025433) |
CHAIRMAN'S REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The Chairman presents his Statement for the year. |
Review |
Much of the subsidiary company, Mayflower Manhattan Limited's focus in the year has been on two major matters. Firstly, implementing exacting building safety measures pursuant to legislation enacted 'Post Grenfell'. Secondly, on the complex process of attaining planning permission for an additional floor of flats on an existing 7 storey building in central Cambridge and removal of the mobile network operators in situ. This has been prolonged due to various planning technicalities. The application has the support of the Council's Officers and we anticipate permission will be granted before the company's current year end. As well as providing some fine new homes, the proposal promises to significantly transform a prosaic 1960s style block into an accomplished building. The architects and professional team deserve much credit. |
As the subsidiary's current concentration is on purpose-built flats, conversion of a detached office building into flats in Peterborough, referred to last year, is being undertaken by a third party. |
Reflecting a quieter year in sales activity, pre-tax profit of the subsidiary company was £279,864 (2022: £451,671). |
Economy |
The worrying level of RPI inflation, touching 14% in late 2022 and early 2023, appears to be under control but the resultant higher level of interest rates has restricted ability to purchase new homes. Partly as a result, demand for shorter term residential tenancies continues to be exceptionally strong. |
Housing Sector |
A succession of 16 Housing Ministers from May 2010 is testimony to the drift and absence of direction faced by a key sector in the UK that should be delivering significant growth. Much of the inability to provide the widely agreed upon number of new homes - reaching a nadir following the scrapping of house-building targets in December 2022 - stemmed from a political impasse. |
The recent change in government promises reinvigoration to the housing industry. An overhaul is welcomed by the many specialist professions, skilled trades and builders to bring clarity, confidence and competence to central policy formation. The new administration offers the prospect of well-considered long-term measures to address the pressing need for more homes in the UK. As well as refinement to the planning process, a critical review of expansion into the countryside is overdue. Only 6% (7% including gardens) of the UK land mass is urbanised. Flying over south England - the most populated part of the UK - the typical vista is of a patchwork of fields with only an occasional settlement appearing on the horizon. It is possible to utilise rural land adjoining built-up areas without creating a sense of urban sprawl: it requires expert design and appropriate infrastructure together with - a component wanting in some incursions - a suitable and substantial landscape treatment. |
Conclusion |
The subsidiary's vocation is to provide apartments in safe and well managed residential estates that are scenically uplifting. Attractive, leafy and green spaces are, in our view, an important visual amenity for flat dwellers. Sensitive landscaping can also significantly inform the value of properties. |
Nigel Grimshaw MA (Cantab) |
Executive Chairman. July 2024 |
MIDSUMMER HOLDINGS LIMITED (REGISTERED NUMBER: 02025433) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The director presents his report with the financial statements of the company for the year ended 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of owning, developing and maintaining estates of flats. This is a mature long term role. |
DATE OF INCORPORATION |
Midsummer Holdings Limited was incorporated on 5 June 1986 |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
MIDSUMMER HOLDINGS LIMITED (REGISTERED NUMBER: 02025433) |
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
MIDSUMMER HOLDINGS LIMITED (REGISTERED NUMBER: 02025433) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Midsummer Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
2.1 BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. |
The company was dormant throughout the current year and previous year. |
2.2 Valuation of investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
2.3 Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
2.4 Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently; at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
MIDSUMMER HOLDINGS LIMITED (REGISTERED NUMBER: 02025433) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss as recognised in the Income Statement. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Investments |
in |
subsidiary |
companies |
£ |
Cost |
At 1 November 2022 |
and 31 October 2023 | 50,000 |
Net book value |
At 31 October 2023 | 50,000 |
At 31 October 2022 | 50,000 |
MIDSUMMER HOLDINGS LIMITED (REGISTERED NUMBER: 02025433) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
Subsidiary undertakings |
The following were subsidiary undertakings of the Company: |
Name |
Country of incorporation |
Class of shares |
Holding |
Principal activity |
Mayflower Manhattan Limited |
United Kingdom |
Ordinary |
100% |
Ownership of Residential Estates |
The aggregate of the share capital and reserves as at 31 October 2023 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows: |
Aggregate of share capital and reserves |
Profit/(loss |
) |
£ | £ |
Mayflower Manhattan Limited | 10,419,542 | 218,296 |
The investment in the subsidiary is measured at cost less any accumulated impairment. However, the directors believe that the fair value of the investment is in excess of £10.4million. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
7. | CONTROLLING PARTY |
The ultimate controlling party is N C Grimshaw by virtue of his ownership of all the issued share capital of the company. |