Registered number
12087151
Midha Property Group Limited
Unaudited Filleted Accounts
31 December 2023
Midha Property Group Limited
Registered number: 12087151
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,156,449 923,632
1,156,449 923,632
Current assets
Debtors 4 112,004 32,028
Cash at bank and in hand 11,165 20,306
123,169 52,334
Creditors: amounts falling due within one year 5 (1,322,618) (974,588)
Net current liabilities (1,199,449) (922,254)
Total assets less current liabilities (43,000) 1,378
Provisions for liabilities - -
Net (liabilities)/assets (43,000) 1,378
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (44,000) 378
Shareholders' funds (43,000) 1,378
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 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.
Mr I S Midha
Director
Approved by the board on 6 August 2024
Midha Property Group Limited
Notes to the Accounts
for the year ended 31 December 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. Turnover includes revenue earned from the rendering of services and rental of property. Turnover from the rendering of services and rental income 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:
Fixtures, fittings, tools and equipment over 5 years
Investment Property
Investment property is included at fair value. Gains are recognised in the Income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment Property Total
£ £
Cost
At 1 January 2023 923,632 923,632
Additions 232,817 232,817
Surplus on revaluation - -
Disposals - -
At 31 December 2023 1,156,449 1,156,449
Depreciation
At 1 January 2023 - -
Charge for the year - -
Surplus on revaluation - -
On disposals - -
At 31 December 2023 - -
Net book value
At 31 December 2023 1,156,449 1,156,449
At 31 December 2022 923,632 923,632
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,160,949 923,632
Cumulative depreciation based on historical cost - -
1,160,949 923,632
The director is in the opinion that the fair value of the investment properties has remained the same as acquisition costs. This opinion was ascertained based on similar properties in the locality and reviews conducted on an open market valuation of a freehold basis.
4 Debtors 2023 2022
£ £
Other debtors 112,004 32,028
112,004 32,028
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 483,000 252,634
Taxation and social security costs - 8,345
Other creditors 839,618 713,609
1,322,618 974,588
6 Loans 2023 2022
£ £
Secured bank loans 483,000 278,000
7 Other information
Midha Property Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
34 Carpenders Close
Harpenden
AL5 3HN
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