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COMPANY REGISTRATION NUMBER: 03883580
MINIVIEW PROPERTIES LIMITED
Unaudited Financial Statements
31 December 2023
MINIVIEW PROPERTIES LIMITED
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Directors' report
2
Statement of income and retained earnings
4
Statement of financial position
5
Notes to the financial statements
7
The following pages do not form part of the financial statements
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements
13
MINIVIEW PROPERTIES LIMITED
Officers and Professional Advisers
The board of directors
Mr P. A Amin
Ms Shital Amin
Dr Nishal Amin
Ms Nita Amin
Company secretary
Dr Nishal Amin
Registered office
781-783 Harrow Road
Sudbury Town
Wembley
Middlesex
HAO 2LP
Accountants
AMCO Consultancy Limited
Accountants
781-783 Harrow Road
Sudbury Town
Wembley
United Kingdom
HA0 2LP
MINIVIEW PROPERTIES LIMITED
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr P. A Amin
Ms Shital Amin
Dr Nishal Amin
Ms Nita Amin
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 March 2024 and signed on behalf of the board by:
Mr P. A Amin
Dr Nishal Amin
Director
Company Secretary
Registered office:
781-783 Harrow Road
Sudbury Town
Wembley
Middlesex
HAO 2LP
MINIVIEW PROPERTIES LIMITED
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
54,236
70,415
---------
---------
Gross profit
54,236
70,415
Administrative expenses
71,983
55,613
---------
---------
Operating (loss)/profit
( 17,747)
14,802
---------
---------
(Loss)/profit before taxation
6
( 17,747)
14,802
Tax on profit from ordinary activities
2,883
---------
---------
(Loss)/profit for the financial year and total comprehensive income
( 17,747)
11,919
---------
---------
Retained earnings at the start of the year
487,814
475,895
----------
----------
Retained earnings at the end of the year
470,067
487,814
----------
----------
All the activities of the company are from continuing operations.
MINIVIEW PROPERTIES LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
1,510,181
1,487,989
Current assets
Debtors
8
24,215
22,786
Cash at bank and in hand
19,090
9,052
---------
---------
43,305
31,838
Creditors: amounts falling due within one year
9
18,703
8,357
---------
---------
Net current assets
24,602
23,481
-------------
-------------
Total assets less current liabilities
1,534,783
1,511,470
Creditors: amounts falling due after more than one year
10
205,358
161,906
Provisions
Deferred taxation on revaluation
90,123
90,123
Accruals and deferred income
908
3,300
-------------
-------------
Net assets
1,238,394
1,256,141
-------------
-------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
768,227
768,227
Profit and loss account
470,067
487,814
-------------
-------------
Shareholders funds
1,238,394
1,256,141
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MINIVIEW PROPERTIES LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 March 2024 , and are signed on behalf of the board by:
Mr P. A Amin
Ms Shital Amin
Director
Director
Dr Nishal Amin
Ms Nita Amin
Director
Director
Company registration number: 03883580
MINIVIEW PROPERTIES LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 781-783 Harrow Road, Sudbury Town, Wembley, HAO 2LP, Middlesex.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
Current corporation tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the current tax rates and laws that have been enacted
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
18% reducing balance
Fixtures and Fittings
-
18% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Director's fees: Voted
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
30,000
30,000
---------
---------
The directors remuneration stated above represents directors fees voted on 19th December 2023 £30,000 (2022: 20th December 2022: £30,000) on which PAYE have been paid.
6. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
538
656
----
----
7. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
At cost or at valuation
At 1 January 2023
1,485,000
2,396
6,096
1,493,492
Additions during the year
17,000
2,300
3,430
22,730
-------------
-------
-------
-------------
At 31 December 2023
1,502,000
4,696
9,526
1,516,222
-------------
-------
-------
-------------
Depreciation
At 1 January 2023
1,890
3,613
5,503
Charge for the year
91
447
538
-------------
-------
-------
-------------
At 31 December 2023
1,981
4,060
6,041
-------------
-------
-------
-------------
Carrying amount
At 31 December 2023
1,502,000
2,715
5,466
1,510,181
-------------
-------
-------
-------------
At 31 December 2022
1,485,000
506
2,483
1,487,989
-------------
-------
-------
-------------
Included within the above is investment property as follows:
£
At 1 January 2023
626,650
Additions
17,000
----------
At 31 December 2023
643,650
----------
Land and building appearing in note 7 is held as an investment property and was revalued by the Ringley Surveyors Limited (Member of Royal Institute of Chartered Surveyors)on the 6th January 2022 at fair market value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2023
Aggregate cost
643,650
Aggregate depreciation
----------
Carrying value
643,650
----------
At 31 December 2022
Aggregate cost
626,650
Aggregate depreciation
----------
Carrying value
626,650
----------
8. Debtors
2023
2022
£
£
Trade debtors
24,199
22,786
Other debtors
16
---------
---------
24,215
22,786
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,703
5,474
Corporation tax
2,883
---------
-------
18,703
8,357
---------
-------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
205,358
161,906
----------
----------
Creditors amounts falling due after more than one year represents the Directors'loan accounts £205,358(2022 £161,906) as stated in note 13 below.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
90,123
90,123
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Revaluation of tangible assets
90,123
90,123
---------
---------
12. Financial instruments
Financial instruments comprising bank loan liability and creditors are measured at fair value taking into account timing and certainty of future cash flow and also the amount of any impairment loss for each class of financial assets.
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P. A Amin
( 20,180)
( 39,535)
9,739
( 49,976)
Ms Shital Amin
( 44,672)
( 9,000)
1,800
( 51,872)
Dr Nishal Amin
( 38,096)
( 38,096)
Ms Nita Amin
( 58,958)
( 9,000)
2,544
( 65,414)
----------
---------
---------
----------
( 161,906)
( 57,535)
14,083
( 205,358)
----------
---------
---------
----------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P. A Amin
( 15,363)
( 12,600)
7,783
( 20,180)
Ms Shital Amin
( 37,472)
( 7,200)
( 44,672)
Dr Nishal Amin
( 38,096)
( 38,096)
Ms Nita Amin
( 51,758)
( 7,200)
( 58,958)
----------
---------
-------
----------
( 142,689)
( 27,000)
7,783
( 161,906)
----------
---------
-------
----------
MINIVIEW PROPERTIES LIMITED
Management Information
Year ended 31 December 2023
The following pages do not form part of the financial statements.
MINIVIEW PROPERTIES LIMITED
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of MINIVIEW PROPERTIES LIMITED
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
AMCO Consultancy Limited Accountants
781-783 Harrow Road Sudbury Town Wembley United Kingdom HA0 2LP
25 March 2024