4 false false false false false false false false false true false false false true true true No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 6,170,500 48,635 6,219,135 6,219,135 6,170,500 423,579 xbrli:pure xbrli:shares iso4217:GBP 03541553 2023-01-01 2023-12-31 03541553 2023-12-31 03541553 2022-01-01 2022-12-31 03541553 2022-12-31 03541553 bus:Director1 2023-01-01 2023-12-31 03541553 core:WithinOneYear 2023-12-31 03541553 core:WithinOneYear 2022-12-31 03541553 core:AfterOneYear 2023-12-31 03541553 core:AfterOneYear 2022-12-31 03541553 core:ShareCapital 2023-12-31 03541553 core:ShareCapital 2022-12-31 03541553 core:RetainedEarningsAccumulatedLosses 2023-12-31 03541553 core:RetainedEarningsAccumulatedLosses 2022-12-31 03541553 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 03541553 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 03541553 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 03541553 core:Non-currentFinancialInstruments 2023-12-31 03541553 core:Non-currentFinancialInstruments 2022-12-31 03541553 core:RevaluationInvestmentPropertyDeferredTax 2023-12-31 03541553 core:RevaluationInvestmentPropertyDeferredTax 2022-12-31 03541553 core:DeferredTaxation 2023-12-31 03541553 bus:SmallEntities 2023-01-01 2023-12-31 03541553 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03541553 bus:FullAccounts 2023-01-01 2023-12-31 03541553 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03541553 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03541553 core:AfterOneYear 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 03541553
Munster Limited
Filleted Unaudited Financial Statements
31 December 2023
Munster Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
5
6,219,135
6,170,500
Current assets
Debtors
6
123,157
( 462,197)
Cash at bank and in hand
13,518
10,526
---------
---------
136,675
( 451,671)
Creditors: amounts falling due within one year
7
211,410
( 85,347)
---------
---------
Net current liabilities
74,735
366,324
------------
------------
Total assets less current liabilities
6,144,400
5,804,176
Creditors: amounts falling due after more than one year
8
3,713,230
3,423,340
Provisions
Taxation including deferred tax
9
423,579
423,579
------------
------------
Net assets
2,007,591
1,957,257
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
11
2,007,589
1,957,255
------------
------------
Shareholders funds
2,007,591
1,957,257
------------
------------
These Financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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 .
Munster Limited
Balance Sheet (continued)
31 December 2023
These Financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Mr M Patel
Director
Company registration number: 03541553
Munster 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 9A The Broadway, Stanmore, Middlesex, HA7 4DA, UK.
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.
Revenue recognition
The rental income shown in the profit and loss account represents amounts receivable for the period.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Investments
Investment properties are revalued annually to their fair value and any surplus or deficit is dealt with through profit and loss.
No depreciation or amortisation is provided in respect of investment properties.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Investments
Investment properties
£
Cost
At 1 January 2023
6,170,500
Additions
48,635
------------
At 31 December 2023
6,219,135
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
6,219,135
------------
At 31 December 2022
6,170,500
------------
The valuation of investment properties was carried out as at the balance sheet date by the directors on an open market basis. No depreciation is provided in respect of these properties.
On a historical cost basis the investment properties would have been included at a cost of £4,063,157 (2022:£4,014,522)
6. Debtors
2023
2022
£
£
Trade debtors
60,000
Other debtors
63,157
( 462,197)
---------
---------
123,157
( 462,197)
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,134
14,823
Trade creditors
32,789
4,229
Social security and other taxes
963
Other creditors
165,487
( 105,362)
---------
---------
211,410
( 85,347)
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,713,230
3,423,340
------------
------------
The aggregate amount of creditors which are secured by a first legal charge over the company's investment properties amounted to £3,700,605 (2022:3,438,162) Within this above amount £932,551 is due between 1 and 5 years and £2,780,679 is due after 5 years.
9. Provisions
Deferred tax (note 10)
£
At 1 January 2023 and 31 December 2023
423,579
---------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 9)
423,579
423,579
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
423,579
409,636
Deferred tax on rolled over chargeable gains
13,943
---------
---------
423,579
423,579
---------
---------
11. Profit and loss account
2023 2022
£ £
Distributable reserves 262,582 212,248
Fair value gains on investment properties 1,745,007 1,745,007
------------ ------------
2,007,589 1,957,255
------------ ------------