M.I.P. DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company is a private limited company incorporated in England and Wales. The Company prepares its financial statements in sterling and rounds to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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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.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term creditors are measured at the transaction price.
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Freehold investment property
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The 2023 valuations were made by the directors, on an open market value for existing use basis.
The 2023 valuations were made by the directors on an open market value for existing use basis and are currently carried at cost in the financial statements, as they are in the course development.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Page 2
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