REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended |
30 September 2023 |
for |
Midland Properties (West Midlands) |
Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended |
30 September 2023 |
for |
Midland Properties (West Midlands) |
Limited |
Midland Properties (West Midlands) |
Limited (Registered number: 01184009) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Midland Properties (West Midlands) |
Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Church Court |
Stourbridge Road |
Halesowen |
West Midlands |
B63 3TT |
Midland Properties (West Midlands) |
Limited (Registered number: 01184009) |
Balance Sheet |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve | 10 |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Midland Properties (West Midlands) |
Limited (Registered number: 01184009) |
Balance Sheet - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Midland Properties (West Midlands) |
Limited (Registered number: 01184009) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Midland Properties (West Midlands) Limited is a |
The company's business address is Bloxwich Hall, Elmore Court, Elmore Green Road, Bloxwich, Walsall WS3 2DL |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Midland Properties (West Midlands) |
Limited (Registered number: 01184009) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 100,000 (2022 - £ 100,000 ) which is not depreciated. |
Cost or valuation at 30 September 2023 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2021 | 450,000 | - | - |
Cost | - | 567,789 | 1,484 |
450,000 | 567,789 | 1,484 |
Midland Properties (West Midlands) |
Limited (Registered number: 01184009) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2021 | - | - | 450,000 |
Cost | 152,119 | 684 | 722,076 |
152,119 | 684 | 1,172,076 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 46,659 | 46,659 |
Freehold land and buildings were valued on an open market basis on 30 September 2021 by the directors . |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
PROVISIONS |
At 1 October 2022 |
and 30 September 2023 | 174,238 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
Additions |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Fair value at 30 September 2023 is represented by: |
£ |
Valuation in 2021 | 1,284,672 |
Cost | 10,569,578 |
11,854,250 |
Midland Properties (West Midlands) |
Limited (Registered number: 01184009) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
6. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 10,569,578 | 9,105,828 |
Investment properties were valued on an open market basis on 30 September 2021 by the directors . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
Included in other debtors is £Nil(2022 - £857,900) due after more than one year. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
10. | RESERVES |
Capital | Fair |
Retained | redemption | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2022 | 13,376,150 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Deferred tax | 102,000 | - | (102,000 | ) | - |
At 30 September 2023 | 13,314,944 |
11. | OTHER FINANCIAL COMMITMENTS |
At 30 September 2023 the company had other financial commitments of £21,182 (2022 - £670). |
Midland Properties (West Midlands) |
Limited (Registered number: 01184009) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
12. | RELATED PARTY DISCLOSURES |
At 30 September 2023 the company owed £130 (2022 - £3,136) to Upward Developments (West Midlands) Limited. |
At 30 September 2023 the company was owed £1,134,092 (2022 - £2,001,500) by Upward Enterprises Limited. |
At 30 September 2023 the company owed £951,386 (2022 - £203,779) to N & C Enterprises Limited. |
N Drury is a director of the above companies. |
13. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of N&C Enterprises Limited, a company with a registered office address of Church Court, Stourbridge Road, Halesowen, West Midlands B63 3TT. |