Montpelier Properties Limited |
Registered number: |
07271085 |
Statement of Financial Position |
as at 31 December 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
53,081 |
|
|
3,105 |
Investments |
4 |
|
|
11,715,543 |
|
|
11,660,543 |
|
|
|
|
11,768,624 |
|
|
11,663,648 |
|
Current assets |
Debtors |
5 |
|
1,484,155 |
|
|
1,296,796 |
Cash at bank and in hand |
|
|
144,767 |
|
|
758,236 |
|
|
|
1,628,922 |
|
|
2,055,032 |
|
Creditors: amounts falling due within one year |
6 |
|
(25,977) |
|
|
(39,895) |
|
Net current assets |
|
|
|
1,602,945 |
|
|
2,015,137 |
|
Total assets less current liabilities |
|
|
|
13,371,569 |
|
|
13,678,785 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(8,974,891) |
|
|
(9,348,554) |
|
Provisions for liabilities |
|
|
|
(396,499) |
|
|
(386,049) |
|
|
Net assets |
|
|
|
4,000,179 |
|
|
3,944,182 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2,000,000 |
|
|
2,000,000 |
Profit and loss account |
|
|
|
2,000,179 |
|
|
1,944,182 |
|
Shareholders' funds |
|
|
|
4,000,179 |
|
|
3,944,182 |
|
|
|
|
|
|
|
|
The directors are 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The directors' report and statement of income and retained earnings have not been delivered to the Registrar of Companies. |
|
|
|
|
G J Fry |
Director |
Approved by the board on 4 June 2024 |
|
Montpelier Properties Limited |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The financial statements 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 represents the value of rental income in respect of the investment properties in note 4. |
|
|
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 at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25% reducing balance |
|
|
Investments |
|
Investments include investment properties which are recognised using the fair value method, fair value being the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.Other investment relates to shares bought during the year. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current periods. 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. 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. |
|
|
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 statement of income and retained earnings. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 January 2023 |
13,173 |
|
Additions |
76,128 |
|
At 31 December 2023 |
89,301 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2023 |
10,068 |
|
Charge for the year |
26,152 |
|
At 31 December 2023 |
36,220 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
53,081 |
|
At 31 December 2022 |
3,105 |
|
|
4 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 January 2023 |
11,660,543 |
|
VAT adjustment |
- |
|
Revaluation |
55,000 |
|
|
At 31 December 2023 |
11,715,543 |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
75,000 |
|
- |
|
Intercompany loan |
|
1,327,770 |
|
1,211,803 |
|
Other debtors |
81,385 |
|
84,993 |
|
|
|
|
|
|
1,484,155 |
|
1,296,796 |
|
|
|
|
|
|
|
|
|
|
Other debtors include £74,286 (€88,500) withholding tax due. |
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Advance rent |
- |
|
4,792 |
|
Taxation and social security costs |
1,467 |
|
11,365 |
|
Other creditors |
24,510 |
|
23,738 |
|
|
|
|
|
|
25,977 |
|
39,895 |
|
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Loan |
8,974,891 |
|
9,348,554 |
|
|
|
|
|
|
|
|
|
|
The loan represents interest free amounts owed to the principal shareholder. |
|
8 |
Related party transactions |
|
|
Montpelier Properties Limited is a wholly owned subsidiary of Montpelier Holdings Limited incorporated 26 July 2019 and a related party of Montpelier Portfolio Limited an investment company trading in financial instruments also incorporated 26 July 2019. |
|
|
9 |
Other information |
|
|
Montpelier Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Central House |
|
124 High Street |
|
Hampton Hill |
|
Middlesex |
|
TW12 1NS |