Registered number
07067671
Broadway MH Limited
Filleted Accounts
31 October 2023
Broadway MH Limited
Registered number: 07067671
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,023,010 1,009,010
Current assets
Cash at bank and in hand 2 13
Creditors: amounts falling due within one year 4 (159,165) (142,904)
Net current liabilities (159,163) (142,891)
Total assets less current liabilities 863,847 866,119
Creditors: amounts falling due after more than one year 5 (853,695) (846,456)
Provisions for liabilities (14,696) (14,696)
Net (liabilities)/assets (4,544) 4,967
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 118,588 118,588
Profit and loss account (123,232) (113,721)
Shareholder's funds (4,544) 4,967
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 member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mohammed Foysol Raza Miah
Director
Approved by the board on 29 July 2024
Broadway MH Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
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).
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.
Tangible fixed assets
Tangible fixed assets are measured at cost 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 N/A
Leasehold land and buildings over the lease term
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 November 2022 1,009,010
Additions 14,000
At 31 October 2023 1,023,010
Depreciation
At 31 October 2023 -
Net book value
At 31 October 2023 1,023,010
At 31 October 2022 1,009,010
Freehold land and buildings: 2023 2022
£ £
Historical cost 954,000 954,000
Cumulative depreciation based on historical cost - -
954,000 954,000
The fair value of the property at October 2019 was arrived at on the basis of a valuation carried
out at 2016 by Mr Miah, a director of the company who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location and takes into account the rental in the area where the property is situated.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,030 21,030
Other creditors 138,135 121,874
159,165 142,904
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 853,695 846,456
6 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 564,479 564,479
Secured bank loans 813,721 813,721
The bank loan is secured by a first legal charge over the investment property of the company and
over the assets of the company incorporating a fixed and floating charge and negative pledge. This is a 10 year interest only loan.
7 Revaluation reserve 2023 2022
£ £
At 1 November 2022 118,588 118,588
At 31 October 2023 118,588 118,588
8 Controlling party
The company is controlled by Mr Mohammed Foysol Raza Miah by virtue of majority shareholding.
9 Other information
Broadway MH Limited is a private company limited by shares and incorporated in England. Its registered office is:
Highstone House
165 High Street
Barnet
Hertfordshire
EN5 5SU
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