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Registration number: 03238037

Middlesex Textiles (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Middlesex Textiles (UK) Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 10

 

Middlesex Textiles (UK) Limited

(Registration number: 03238037)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

13,018

12,210

Investment property

6

3,959,258

3,959,258

Other financial assets

7

-

750,647

 

3,972,276

4,722,115

Current assets

 

Debtors

8

23,216

11,778

Cash at bank and in hand

 

1,588,379

1,551,096

 

1,611,595

1,562,874

Creditors: Amounts falling due within one year

9

(25,785)

(9,497)

Net current assets

 

1,585,810

1,553,377

Total assets less current liabilities

 

5,558,086

6,275,492

Provisions for liabilities

(744,500)

(589,372)

Net assets

 

4,813,586

5,686,120

Capital and reserves

 

Called up share capital

13

680

680

Capital redemption reserve

320

320

Revaluation reserve

2,707,131

2,849,631

Retained earnings

2,105,455

2,835,489

Shareholders' funds

 

4,813,586

5,686,120

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.

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.

 

Middlesex Textiles (UK) Limited

(Registration number: 03238037)
Balance Sheet as at 31 December 2023

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 Profit and Loss Account.

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 

.........................................
Mr D L Joseph
Company secretary and director

 

Middlesex Textiles (UK) Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

680

320

2,849,631

2,835,489

5,686,120

Profit for the year

-

-

-

99,966

99,966

Other comprehensive income

-

-

(142,500)

-

(142,500)

Total comprehensive income

-

-

(142,500)

99,966

(42,534)

Dividends

-

-

-

(830,000)

(830,000)

At 31 December 2023

680

320

2,707,131

2,105,455

4,813,586

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2022

680

320

2,657,303

2,846,491

5,504,794

Loss for the year

-

-

-

(9,002)

(9,002)

Other comprehensive income

-

-

192,328

-

192,328

Total comprehensive income

-

-

192,328

(9,002)

183,326

Dividends

-

-

-

(2,000)

(2,000)

At 31 December 2022

680

320

2,849,631

2,835,489

5,686,120

 

Middlesex Textiles (UK) 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: 3rd Floor, 166 College Road, Harrow, Middlesex, HA1 1BH, United Kingdom.

These financial statements were authorised for issue by the Board on 17 September 2024.

2

Accounting policies

Going concern

The directors believe that the company is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus may continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover and revenue recognition

Turnover is measured at fair value of the consideration received or receivable from the investment in and letting of land and property and other investment activities, which are exempt from VAT.

Tangible assets

Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss 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.

Depreciation

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Asset class

Depreciation method and rate

Plant and Machinery

10% reducing balance method

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or defecit on revaluation is recognised in a separate non-distributable fair value reserve.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property under tangible fixed assets.

Fixed asset investments

 

Middlesex Textiles (UK) Limited

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

Fixed asset investments are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses. Any fixed asset investments carried at revalued amounts are recorded at their fair value at the date of the valuation less any subsequent impairment losses. The surplus or defecit on revaluation is recognised in profit or loss.

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairnent loss. If any such indication existsm the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financiaal assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent it relates to items reognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of timing difference.

Rental profit

Net rental profit amounting to £70,394 (2022: £72,434) arises on properties situated in Israel and are in accordance with accounts prepared by Israeli accountants. The properties are managed by a local firm of managing agents and controlled by a local solicitor who reports to the directors in the United Kingdom.

Foreign Exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit or loss.

 

Middlesex Textiles (UK) Limited

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

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptionhs are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

These financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statement are rounded to the nearest £.

3

Staff numbers

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

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

28,271

13,658

Deferred taxation

Arising from origination and reversal of timing differences

12,628

(17,959)

Tax expense/(receipt) in the income statement

40,899

(4,301)

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

Deferred tax arising on revaluation of property: £142,500 (2022: £46,000)

The applicable rate of UK Corporation Tax was 23.52% (2022: 19%).

 

Middlesex Textiles (UK) Limited

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

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Property revaluations

744,500

744,500

2022

Liability
£

Property revaluations

602,000

Other investments revalued

(12,628)

589,372

Deferred tax on property revaluations is not expected to reverse in the next year, or foreseeable future.

5

Tangible assets

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

38,940

38,940

Additions

2,255

2,255

At 31 December 2023

41,195

41,195

Depreciation

At 1 January 2023

26,730

26,730

Charge for the year

1,447

1,447

At 31 December 2023

28,177

28,177

Carrying amount

At 31 December 2023

13,018

13,018

At 31 December 2022

12,210

12,210

6

Investment properties

2023
£

At 1 January at fair value

3,959,258

At 31 December at fair value

3,959,258

 

Middlesex Textiles (UK) Limited

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

The freehold investment properties in Eilat, Israel were revalued in December 2022 by £238,328 to £3,959,258 (16,900,000 ILS) by Ilan Bar-Hanin, a local property management firm who are independent of the company and have experience of valuing similar properties. The valuation was made on the basis of open market for existing use. The directors are not aware of any material change in value since the date of the valuation and consider the valuation of 31 December 2023 not to be materially different from the market value. If the investment properties were included in the balance sheet on an historic cost basis, then the carrying amount would be £507,627 (2022: £507,627).

A provision for deffered tax in the region of £744,500 arising on the revaluation has been made in these financial statements.

7

Other financial assets (current and non-current)

Other financial assets represent an investment in a Transact portfolio dealing mainly in bonds and other securities.

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

750,647

750,647

Disposals

(750,647)

(750,647)

At 31 December 2023

-

-

All financial asset investments were sold/redeemed in August 2023.

8

Debtors

Current

2023
£

2022
£

Other debtors

23,216

11,778

 

23,216

11,778

 

Middlesex Textiles (UK) Limited

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

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

14,666

380

Accruals and deferred income

6,750

6,930

Other creditors

4,369

2,187

25,785

9,497

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(142,500)

(142,500)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

192,328

192,328

11

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of 44.12 (2022 - 2.94) per each Ordinary Shares

30,000

2,000

Interim dividend of 1,176.47 (2022 - Nil) per each Ordinary Shares

800,000

-

830,000

2,000

The directors do not propose a final dividend.

 

Middlesex Textiles (UK) Limited

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

12

Related party transactions

At the balance sheet date, the company owed the directors £2,048 (2022: £1,822).

These loans are unsecured, interest free and repayable on demand.

12.1

Controlling party

In the opinion of the director, the controlling party throughout the current period was Mr D. L. Joseph who is a director and the sole shareholder. The controlling party throughout the previous period and up to 31/12/2022 was Mr M. J. Mahalla who was the sole director and shareholder.

13

Called up share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

680

680

680

680