Registered number
09714778
Multi Industrial Estate Ltd
Filleted Accounts
31 December 2023
Multi Industrial Estate Ltd
Registered number: 09714778
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,504,545 1,305,347
Current assets
Debtors 4 113,825 60,683
Cash at bank and in hand 40,088 11,639
153,913 72,322
Creditors: amounts falling due within one year 5 (851,212) (833,889)
Net current liabilities (697,299) (761,567)
Total assets less current liabilities 807,246 543,780
Provisions for liabilities 7 (115,902) (50,085)
Net assets 691,344 493,695
Capital and reserves
Called up share capital 100 100
Other reserve 6 347,707 213,524
Profit and loss account 343,537 280,071
Shareholders' funds 691,344 493,695
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 Halai
Director
Approved by the board on 20 August 2024
Multi Industrial Estate Ltd
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, excluding discounts, rebates, value added tax and other sales taxes.
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 15% reducing balance basis
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of timing differences.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment property Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 1,300,000 16,679 1,316,679
Surplus on revaluation 200,000 - 200,000
At 31 December 2023 1,500,000 16,679 1,516,679
Depreciation
At 1 January 2023 - 11,332 11,332
Charge for the year - 802 802
At 31 December 2023 - 12,134 12,134
Fair Value & Net Book Value
At 31 December 2023 1,500,000 4,545 1,504,545
At 31 December 2022 1,300,000 5,347 1,305,347
The fair value of the investment property has been arrived at on basis of a valuation carried out at the year end by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.
4 Debtors 2023 2022
£ £
Trade debtors 113,825 60,377
Other debtors - 306
113,825 60,683
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 133 133
Taxation and social security costs 26,937 10,108
Other creditors 824,142 823,648
851,212 833,889
6 Revaluation reserve 2023 2022
£ £
At 1 January 2023 213,524 213,524
Gain on revaluation of investment property 200,000
Deferred taxation arising on the revaluation of investment property (65,817)
At 31 December 2023 347,707 213,524
7 Other information
Multi Industrial Estate Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4
Palmerston Centre
Oxford Road
Harrow
HA3 7RG
7 Provision for liabilities 2023 2022
£ £
Deferred tax b/f at 1 January 2023 50,085 50,085
Deferred tax provided in the year 65,817 -
115,902 50,085
8 Related party disclosure
Included within other creditors are amounts due to the directors as follows:
J Halai - £393,824 (2022: £393,824)
K Patel - £428,824 (2022: £428,824)
There are no terms as to interest or repayment in respect of the above balances.
Multi Industrial Estate Ltd 09714778 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 J Halai No description of principal activity 09714778 2022-01-01 2022-12-31 09714778 core:WithinOneYear 2022-12-31 09714778 core:ShareCapital 2022-12-31 09714778 core:OtherReservesSubtotal 2022-12-31 09714778 core:RetainedEarningsAccumulatedLosses 2022-12-31 09714778 core:RevaluationReserve 2021-12-31 09714778 2023-01-01 2023-12-31 09714778 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09714778 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09714778 bus:Director40 2023-01-01 2023-12-31 09714778 core:LandBuildings 2023-01-01 2023-12-31 09714778 core:PlantMachinery 2023-01-01 2023-12-31 09714778 countries:England 2023-01-01 2023-12-31 09714778 bus:FRS102 2023-01-01 2023-12-31 09714778 bus:FilletedAccounts 2023-01-01 2023-12-31 09714778 2023-12-31 09714778 core:WithinOneYear 2023-12-31 09714778 core:ShareCapital 2023-12-31 09714778 core:OtherReservesSubtotal 2023-12-31 09714778 core:RetainedEarningsAccumulatedLosses 2023-12-31 09714778 core:LandBuildings 2023-12-31 09714778 core:PlantMachinery 2023-12-31 09714778 core:RevaluationReserve 2023-12-31 09714778 2022-12-31 09714778 core:LandBuildings 2022-12-31 09714778 core:PlantMachinery 2022-12-31 09714778 core:RevaluationReserve 2022-12-31 iso4217:GBP xbrli:pure