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REGISTERED NUMBER: 10923275 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MONTREUX PROPERTY HOLDINGS LIMITED

MONTREUX PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10923275)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MONTREUX PROPERTY HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: G M Mullan





REGISTERED OFFICE: Thameside House
Hurst Road
East Molesey
Surrey
KT8 9AY





REGISTERED NUMBER: 10923275 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH

MONTREUX PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10923275)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,698,925 2,723,253
Investments 5 10,176 10,176
2,709,101 2,733,429

CURRENT ASSETS
Debtors 6 2,639,993 2,449,791
Cash at bank 255 593
2,640,248 2,450,384
CREDITORS
Amounts falling due within one year 7 6,446,471 6,162,962
NET CURRENT LIABILITIES (3,806,223 ) (3,712,578 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,097,122

)

(979,149

)

CREDITORS
Amounts falling due after more than one
year

8

924,513

951,505
NET LIABILITIES (2,021,635 ) (1,930,654 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 (2,021,735 ) (1,930,754 )
SHAREHOLDERS' FUNDS (2,021,635 ) (1,930,654 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The 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.

The financial statements were approved and authorised for issue by the director and authorised for issue on 25 June 2024 and were signed by:





G M Mullan - Director


MONTREUX PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10923275)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Montreux Property Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Accounting standards require the director to consider the appropriateness of the going concern basis when preparing the financial statements. The director confirms that he considers that the going concern basis remains appropriate. The director believes that the company has sufficient resources to continue in operational existence for the foreseeable future. The director believes this to be the case as the company has the support of the director via a creditor which is subject to common control and has confirmed it will not demand repayment of amounts owing to it to the detriment of the company's ability to continue to meet it's liabilities as they fall due for the foreseeable future. The director confirms financial facilities will remain available to the company for at least the next 12 months.

Having regard to the above, the director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover comprises of rental income recognised on an accrual basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 50 years.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost less impairment.

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.

MONTREUX PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10923275)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 January 2023 3,015,278
Additions 36,403
At 31 December 2023 3,051,681
DEPRECIATION
At 1 January 2023 292,025
Charge for year 60,731
At 31 December 2023 352,756
NET BOOK VALUE
At 31 December 2023 2,698,925
At 31 December 2022 2,723,253

MONTREUX PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10923275)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 10,176
NET BOOK VALUE
At 31 December 2023 10,176
At 31 December 2022 10,176

The company holds a 100% shareholding in both The Warehouse Gyms Holdings Limited and XF Gyms Limited, companies registered in England and Wales.

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 2,614,215 2,434,523
Other debtors 2,143 -
VAT 4,012 5,354
Prepayments 12,168 9,914
2,632,538 2,449,791

Amounts falling due after more than one year:
Prepayments and accrued income 7,455 -

Aggregate amounts 2,639,993 2,449,791

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 78,674 86,339
Other loans (see note 9) 6,350,263 6,072,922
Trade creditors 15,734 2,067
Accruals and deferred income 1,800 1,634
6,446,471 6,162,962

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 924,513 951,505

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due more than
5 years 609,816 570,962
609,816 570,962

MONTREUX PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10923275)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 78,674 86,339
Other loans 6,350,263 6,072,922
6,428,937 6,159,261

Amounts falling due between one and two years:
Bank loans - 1-2 years 78,674 89,723

Amounts falling due between two and five years:
Bank loans - 2-5 years 236,023 290,820

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due more than
5 years 609,816 570,962
609,816 570,962

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,003,187 1,037,844

Interest is charged at a fixed rate of 2.6% and the loan is secured via a charge against the properties held by the company within fixed assets.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100

12. RESERVES
Retained
earnings
£   

At 1 January 2023 (1,930,754 )
Deficit for the year (90,981 )
At 31 December 2023 (2,021,735 )

MONTREUX PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10923275)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Montreux Group Overseas Limited
Common control

During the year the company received loan advancements from Montreux Group Overseas Limited of £277,342 (2022: £511,261). Therefore as at the balance sheet date the amount owing to Montreux Group Overseas Limited was £6,350,263 (2022: £6,072,922). Interest on the loan is charged at 12% per annum, however there is no charge this period (2022: £604,926).

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is O S Harris.

15. CHARGES

The company has four existing charges held against properties, that remain outstanding at the balance sheet date. The charges are held over debentures in relation to the mortgages secured upon the properties by the banks providing the mortgages.