Registered number
10990848
MIHMIC Investments Limited
Filleted Accounts
31 October 2023
MIHMIC Investments Limited
Registered number: 10990848
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,117,719 2,015,762
Current assets
Debtors 4 1,342 -
Investments held as current assets 5 27,809 27,809
Cash at bank and in hand 234,507 37,530
263,658 65,339
Creditors: amounts falling due within one year 6 (97,098) (230,840)
Net current assets/(liabilities) 166,560 (165,501)
Total assets less current liabilities 2,284,279 1,850,261
Creditors: amounts falling due after more than one year 7 (2,390,592) (1,966,631)
Net liabilities (106,313) (116,370)
Capital and reserves
Called up share capital 100 100
Profit and loss account (106,413) (116,470)
Shareholders' funds (106,313) (116,370)
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.
J L Holland
Director
Approved by the board on 10 September 2024
MIHMIC Investments Limited
Notes to the Accounts
for the year ended 31 October 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, net of discounts and value added taxes. Turnover includes revenue earned from the rental of properties, which is recognised on a time basis in accordance with leases with tenants .
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 investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings - investment properties Nil
IT equipment over 5 years
Fixtures and fittings over 5 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Leasehold property Investment properties IT equipment & fixtures Total
£ £ £ £
Cost
At 1 November 2022 855,000 1,163,642 900 2,019,542
Additions - 96,766 2,090 98,856
Disposals (855,000) 855,000 - -
At 31 October 2023 - 2,115,408 2,990 2,118,398
Depreciation
At 1 November 2022 3,420 - 360 3,780
Charge for the year (3,420) - 319 (3,101)
At 31 October 2023 - - 679 679
Net book value
At 31 October 2023 - 2,115,408 2,311 2,117,719
At 31 October 2022 851,580 1,163,642 540 2,015,762
4 Debtors 2023 2022
£ £
Other debtors 1,342 -
5 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 27,809 27,809
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,324 5,192
Trade creditors 1,127 -
Other creditors 90,647 225,648
97,098 230,840
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,368,384 922,968
Other creditors 1,022,208 1,043,663
2,390,592 1,966,631
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 1,331,983 884,825
Bank loans are secured on the company's investment properties.
9 Related party transactions
The directors and members of their families have provided loans to the company amounting to £1,098,139.
Certain directors have also provided personal guarantess to certain of the company's mortgage lenders.
10 Controlling party
The company is under the control of J L Holland, who owns 60% of the issued share capital.
11 Other information
MIHMIC Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
114 Grove Park Road
London
SE9 4QB
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