MHSL Bedford Co Limited 11093369 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is letting and operating of own or leased real estate. Digita Accounts Production Advanced 6.30.9574.0 true 11093369 2023-01-01 2023-12-31 11093369 2023-12-31 11093369 bus:OrdinaryShareClass1 2023-12-31 11093369 core:RetainedEarningsAccumulatedLosses 2023-12-31 11093369 core:ShareCapital 2023-12-31 11093369 core:CurrentFinancialInstruments 2023-12-31 11093369 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11093369 core:Non-currentFinancialInstruments 2023-12-31 11093369 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 11093369 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 11093369 bus:SmallEntities 2023-01-01 2023-12-31 11093369 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11093369 bus:FilletedAccounts 2023-01-01 2023-12-31 11093369 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11093369 bus:RegisteredOffice 2023-01-01 2023-12-31 11093369 bus:Director1 2023-01-01 2023-12-31 11093369 bus:Director2 2023-01-01 2023-12-31 11093369 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11093369 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11093369 core:KeyManagementPersonnel 2023-01-01 2023-12-31 11093369 countries:EnglandWales 2023-01-01 2023-12-31 11093369 2022-12-31 11093369 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 11093369 2022-01-01 2022-12-31 11093369 2022-12-31 11093369 bus:OrdinaryShareClass1 2022-12-31 11093369 core:RetainedEarningsAccumulatedLosses 2022-12-31 11093369 core:ShareCapital 2022-12-31 11093369 core:CurrentFinancialInstruments 2022-12-31 11093369 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11093369 core:Non-currentFinancialInstruments 2022-12-31 11093369 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 11093369 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 11093369 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-01-01 2022-12-31 11093369 2021-12-31 11093369 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11093369

MHSL Bedford Co Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

MHSL Bedford Co Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

MHSL Bedford Co Limited

Company Information

Directors

Mark Christopher Hiley

Samantha Jodie Lewis

Registered office

Suite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester, M12 6JH

Accountants

Gordon Levy Limited
Chartered Accountants
Suite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester, M12 6JH

 

MHSL Bedford Co Limited

(Registration number: 11093369)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,698,050

1,698,050

Current assets

 

Debtors

5

30,239

33,424

Cash at bank and in hand

 

19,797

273,462

 

50,036

306,886

Creditors: Amounts falling due within one year

6

(920,801)

(927,556)

Net current liabilities

 

(870,765)

(620,670)

Total assets less current liabilities

 

827,285

1,077,380

Creditors: Amounts falling due after more than one year

6

(471,429)

(749,830)

Provisions for liabilities

(31,270)

(22,420)

Net assets

 

324,586

305,130

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

324,576

305,120

Shareholders' funds

 

324,586

305,130

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

MHSL Bedford Co Limited

(Registration number: 11093369)
Statement of Financial Position as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 14 September 2024 and signed on its behalf by:
 

.........................................
Mark Christopher Hiley
Director

 

MHSL Bedford Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester, M12 6JH

These financial statements were authorised for issue by the Board on 14 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from leasing of the investment property in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

MHSL Bedford Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from lessees with respect to the properties leased out by the company in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

MHSL Bedford Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Investment properties

2023
£

At 1 January

1,698,050

At 31 December

1,698,050


Investment properties were valued by an independent valuer, Glenny LLP, in June 2023. The directors assessment of the fair value as at the reporting date is based on the aforementioned valuation by the independent valuer.

5

Debtors

2023
£

2022
£

Trade debtors

28,200

30,620

Prepayments

2,039

2,804

30,239

33,424

 

MHSL Bedford Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

29,533

29,768

Trade creditors

 

1,039

5,379

Taxation and social security

 

11,490

16,820

Accruals and deferred income

 

26,185

23,035

Other creditors

 

852,554

852,554

 

920,801

927,556

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

471,429

749,830

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

471,429

749,830

Current loans and borrowings

2023
£

2022
£

Bank borrowings

29,533

29,768

 

MHSL Bedford Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Bank borrowings

Bank borrowings are secured by way of a charge over fixed assets of the company, including those held as investment property. Existing bank borrowings were refinanced during the year, the new loan facility carries an interest rate of 2.75% plus Bank of England base rate and is repayable over 5 years.

9

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

852,554

852,554

At end of period

852,554

852,554

2022

Key management
£

Total
£

At start of period

804,554

804,554

Advanced

48,000

48,000

At end of period

852,554

852,554

Terms of loans from related parties

The loans from key management include loans from the directors. The loans are unsecured, interest free and repayable on demand.