Company registration number 10044392 (England and Wales)
MONTE BLACKBURN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MONTE BLACKBURN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MONTE BLACKBURN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
102,780,111
73,925,904
Investment property
5
261,116,802
250,664,936
363,896,913
324,590,840
Current assets
Debtors
6
12,427,925
8,150,420
Cash at bank and in hand
3,372,897
9,936,453
15,800,822
18,086,873
Creditors: amounts falling due within one year
7
(34,943,626)
(19,110,401)
Net current liabilities
(19,142,804)
(1,023,528)
Total assets less current liabilities
344,754,109
323,567,312
Creditors: amounts falling due after more than one year
8
(224,403,550)
(214,564,515)
Provisions for liabilities
(25,615,592)
(24,665,660)
Net assets
94,734,967
84,337,137
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9
94,734,867
84,337,037
Total equity
94,734,967
84,337,137

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

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 10 September 2024 and are signed on its behalf by:
Mr M Issa
Mr Z V Issa
Director
Director
Company registration number 10044392 (England and Wales)
MONTE BLACKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Monte Blackburn Limited is a private company limited by shares incorporated in England and Wales. The registered office is Waterside Head Office, Haslingden Road, Guide, Blackburn, BB1 2FA.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Rental income is recognised as it falls due. Rental income paid in advance is recognised as deferred income in creditors and rental income arrears are recognised as accrued income in debtors. Sale of land and property is recognised on the date of exchange of contracts for sale.

1.4
Tangible fixed assets

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

Assets in the course of construction are not depreciated.

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
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.

MONTE BLACKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MONTE BLACKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Classification of fixed assets

Management assess the probable use of properties on initial acquisition.

 

Properties that will be rented to third parties are classified as investment properties.

 

Properties that are acquired for development ahead of future sale or rental are initially recognised as assets under construction. Once sites are completed with the intention for rental to third parties they are transferred to investment properties.

MONTE BLACKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties

As described in note 5 to the financial statements, investment properties are stated at fair value. This has been calculated by reference to purchase price paid, investment yields for similar type of properties or any contracted sales prices.

3
Employees

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

2023
2022
Number
Number
Total
9
6
4
Tangible fixed assets
Assets under construction
£
Cost
At 1 January 2023
73,925,904
Additions
55,857,608
Disposals
(13,954,967)
Transfer to investment property
(13,048,434)
At 31 December 2023
102,780,111
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
102,780,111
At 31 December 2022
73,925,904
MONTE BLACKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Investment property
2023
£
Fair value
At 1 January 2023
250,664,936
Additions
1,550,603
Transfers
13,048,434
Disposals
(5,644,829)
Revaluations
1,497,658
At 31 December 2023
261,116,802

The fair value of the investment properties has been calculated as at the year end date by a RICS qualified surveyor employed within a business in which the directors are associated. In calculating the fair value, reference has been made to purchase price paid, current rental yields and any contracted sales prices agreed.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
168,954,540
159,537,660
Accumulated depreciation
-
-
Carrying amount
168,954,540
159,537,660
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,995,663
1,621,238
Amounts owed by group undertakings
1,034,716
2,784,056
Other debtors
9,397,546
3,745,126
12,427,925
8,150,420
MONTE BLACKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,574,422
1,019,343
Amounts owed to group undertakings
14,996,832
14,996,832
Taxation and social security
111,326
328,147
Other creditors
3,261,046
2,766,079
34,943,626
19,110,401
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
224,403,550
214,564,515
9
Profit and loss reserves

At the year end, the profit and loss account reserve includes £68,882,089 (2022: £68,357,096) relating to the revaluation of investment properties and related deferred tax provisions. This amount is non-distributable leaving an amount of £25,852,778 (2022: £15,979,941) as distributable.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Paul Williams BA(Hons) FCA
Statutory Auditor:
MHA
11
Related party transactions
Balances with related parties

The following amounts were outstanding at the reporting end date:

Category
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Directors
-
0
-
0
224,403,550
214,564,515
Other information

The company has taken advantage of the exemption permitted under Section 1AC.35 from disclosing transactions with the parent company as the company is a wholly owned subsidiary.

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