MYTTON VILLA (SHREWSBURY) LIMITED
Company registration number 02168184 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
MYTTON VILLA (SHREWSBURY) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MYTTON VILLA (SHREWSBURY) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,121
12,125
Current assets
Debtors
4
4,829
4,418
Cash at bank and in hand
114,439
148,971
119,268
153,389
Creditors: amounts falling due within one year
5
(3,139)
(12,698)
Net current assets
116,129
140,691
Total assets less current liabilities
128,250
152,816
Creditors: amounts falling due after more than one year
6
(12,108)
(12,108)
Net assets
116,142
140,708
Capital and reserves
Called up share capital
7
130
130
Other reserves
116,012
140,578
Total equity
116,142
140,708

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
Mr S B Jolly
Director
Company registration number 02168184 (England and Wales)
MYTTON VILLA (SHREWSBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Mytton Villa (Shrewsbury) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dyke Yaxley Chartered Accountants, 1 Brassey Road, Old Potts Way, Shrewsbury, Shropshire, SY3 7FA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation charged
Fixtures and fittings
25% reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

MYTTON VILLA (SHREWSBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.8

Reserve Fund

Any surplus funds are transferred to the Reserve Fund for future major repair work. This was agreed at a meeting of the directors on 8th November 1997. As at 31st January 2024, the Reserve Fund had a balance of £1,030 (2023: £1,030).

1.9

Sinking Fund

In accordance with the lease, when a dwelling is sold by a lessee, an element of the sales proceeds is payable into a Sinking Fund. This is for the purpose of major repair work. As at 31st January 2024, the Sinking Fund had a balance of £114,190 (2023: £138,756).

1.10

Provisions for Cyclical Work Fund

Provision is made for the future external decorating and decorating of internal common parts. As at 31st January 2024, the Provision for Cyclical Work Fund had a balance of £792 (2023: £792).

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
MYTTON VILLA (SHREWSBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
12,108
8,043
20,151
Depreciation and impairment
At 1 February 2023
-
0
8,026
8,026
Depreciation charged in the year
-
0
4
4
At 31 January 2024
-
0
8,030
8,030
Carrying amount
At 31 January 2024
12,108
13
12,121
At 31 January 2023
12,108
17
12,125
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
884
740
Other debtors
3,945
3,678
4,829
4,418
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
531
9,661
Other creditors
2,608
3,037
3,139
12,698
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
12,108
12,108
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
130
130
130
130
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