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Registered Number: 00883876
England and Wales

 

 

 

MINSCOMBE PROPERTIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Director F J Bailey
Registered Number 00883876
Registered Office 14 St Helen's Crescent
Benson
Wallingford
Oxfordshire
OX10 6RX
Accountants Kirkpatrick and Hopes Limited
Merlin House
Brunel Road
Theale, Reading
Berkshire
RG7 4AB
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 68    133 
68    133 
Current assets      
Stocks 4 268,764    264,322 
Debtors 5 9,580    8,423 
Cash at bank and in hand 83,185    243,947 
361,529    516,692 
Creditors: amount falling due within one year 6 (62,653)   (199,266)
Net current assets 298,876    317,426 
 
Total assets less current liabilities 298,944    317,559 
Net assets 298,944    317,559 
 

Capital and reserves
     
Called up share capital 67    67 
Share premium account 7 20    20 
Capital Redemption Reserve 8 33    33 
Profit and loss account 298,824    317,439 
Shareholders' funds 298,944    317,559 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 23 September 2024 and were signed by:


-------------------------------
F J Bailey
Director
2
General Information
Minscombe Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 00883876, registration address 14 St Helen's Crescent, Benson , Wallingford, Oxfordshire, OX10 6RX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and 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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor vehicles - 20% straight line
Computer Equipment - 33% Straight line
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value. Stock represents land and properties currently under construction or waiting to be sold.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Computer Equipment   Total
  £   £   £
At 01 January 2023 3,250    2,955    6,205 
Additions    
Disposals    
At 31 December 2023 3,250    2,955    6,205 
Depreciation
At 01 January 2023 3,250    2,822    6,072 
Charge for year   65    65 
On disposals    
At 31 December 2023 3,250    2,887    6,137 
Net book values
Closing balance as at 31 December 2023   68    68 
Opening balance as at 01 January 2023   133    133 


4.

Stocks

2023
£
  2022
£
Work in Progress 268,764    264,322 
268,764    264,322 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Other Debtors 9,580    8,423 
9,580    8,423 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
PAYE & Social Security 45    48 
Accrued Expenses 2,800    3,060 
Directors' Current Accounts 59,808    196,158 
62,653    199,266 

7.

Share premium account

2023
£
  2022
£
Equity Share Premium b/fwd 20    20 
20    20 

8.

Capital Redemption Reserve

2023
£
  2022
£
Capital Redemption Reserve b/fwd 33    33 
33    33 

9.

Director’s loan

Director's Advances, Credits And Guarantees

At the year end, the following balance existed on a loan account with the director £59,808 in credit (2022 - £196,158 in credit).

The above loan is interest free with no fixed date of repayment.
10.

Ultimate Controlling Party

The company is under the control of its company secretary Mrs N E Bailey, and its director F J Bailey who together own 100% of the company's issued share capital.
3