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Company No: 12089103 (England and Wales)

MUTEUAL PROPERTY (2019) LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

MUTEUAL PROPERTY (2019) LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

MUTEUAL PROPERTY (2019) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
MUTEUAL PROPERTY (2019) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 6,058 8,077
Investment property 4 4,445,923 4,445,923
4,451,981 4,454,000
Current assets
Debtors 5 12,100 5,664
Cash at bank and in hand 49,762 17,123
61,862 22,787
Creditors: amounts falling due within one year 6 ( 3,126,883) ( 2,949,668)
Net current liabilities (3,065,021) (2,926,881)
Total assets less current liabilities 1,386,960 1,527,119
Creditors: amounts falling due after more than one year 7 ( 1,699,723) ( 1,684,789)
Net liabilities ( 312,763) ( 157,670)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 312,764 ) ( 157,671 )
Total shareholder's deficit ( 312,763) ( 157,670)

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

Directors' responsibilities:

The financial statements of Muteual Property (2019) Limited (registered number: 12089103) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

T R A Allan
Director

09 September 2024

MUTEUAL PROPERTY (2019) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
MUTEUAL PROPERTY (2019) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Muteual Property (2019) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 99 Heath Street, London, NW3 6ST, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £312,763. The company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Revenue is recognised at fair value of the consideration received or receivable for rents.

Finance costs

Finance costs are charged to profit and loss over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 14,360 14,360
At 31 January 2024 14,360 14,360
Accumulated depreciation
At 01 February 2023 6,283 6,283
Charge for the financial year 2,019 2,019
At 31 January 2024 8,302 8,302
Net book value
At 31 January 2024 6,058 6,058
At 31 January 2023 8,077 8,077

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 4,445,923
As at 31 January 2024 4,445,923

5. Debtors

2024 2023
£ £
Other debtors 12,100 5,664

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 14,144
Trade creditors 869 452
Amounts owed to group undertakings 3,102,930 2,916,730
Other taxation and social security 11,965 6,225
Other creditors 11,119 12,117
3,126,883 2,949,668

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,699,723 1,684,789

The bank loans are secured over the assets of the company.

8. Related party transactions

Included within creditors are:
£3,102,930 (2022: £2,916,730) payable to companies under common control.

Included within income is:
Rent of £24,000 (2022: £14,400) receivable from a company under common control.

9. Ultimate controlling party

Parent Company:

Allan Properties Limited
99 Heath Street
London
NW3 6SS
United Kingdom

The company is controlled by T R A Allan by virtue of his ownership of more than 75% of issued share capital.