MTIS Prop Co Limited
Registered number: 09501228
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,852,277 1,852,277
Current assets
Debtors 4 73,749 70,672
Cash at bank and in hand 86,518 129,264
160,267 199,936
Creditors: amounts falling due within one year 5 (122,915) (142,893)
Net current assets 37,352 57,043
Total assets less current liabilities 1,889,629 1,909,320
Creditors: amounts falling due after more than one year 6 (1,553,202) (1,604,238)
Net assets 336,427 305,082
Capital and reserves
Called up share capital 110 110
Profit and loss account 336,317 304,972
Shareholders' funds 336,427 305,082
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Webster
Director
Approved by the board on 16 September 2024
MTIS Prop Co Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January and 31 December 2023 1,852,277
Depreciation
At 1 January and 31 December 2023 -
Net book value
At 1 January and 31 December 2023 1,852,277
4 Debtors 2023 2022
£ £
Trade debtors 67,185 66,048
Other debtors 6,564 4,624
73,749 70,672
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 53,251 52,600
Trade creditors 1,430 3,164
Corporation tax 7,352 28,850
Other taxes and social security costs 25,302 22,226
Other creditors 35,580 36,053
122,915 142,893
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 965,606 1,016,642
Other creditors 587,596 587,596
1,553,202 1,604,238
7 Other information
MTIS Prop Co Limited is a private company limited by shares and incorporated in England. Its registered office is 2nd Floor, Godfree Court, Apex Yard, Long Lane, London, SE1 4PL
MTIS Prop Co Limited 09501228 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 S Webster No description of principal activity 09501228 2022-01-01 2022-12-31 09501228 core:WithinOneYear 2022-12-31 09501228 core:AfterOneYear 2022-12-31 09501228 core:ShareCapital 2022-12-31 09501228 core:RetainedEarningsAccumulatedLosses 2022-12-31 09501228 2023-01-01 2023-12-31 09501228 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09501228 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09501228 bus:Director40 2023-01-01 2023-12-31 09501228 1 2023-01-01 2023-12-31 09501228 2 2023-01-01 2023-12-31 09501228 countries:England 2023-01-01 2023-12-31 09501228 bus:FRS102 2023-01-01 2023-12-31 09501228 bus:FilletedAccounts 2023-01-01 2023-12-31 09501228 2023-12-31 09501228 core:WithinOneYear 2023-12-31 09501228 core:AfterOneYear 2023-12-31 09501228 core:ShareCapital 2023-12-31 09501228 core:RetainedEarningsAccumulatedLosses 2023-12-31 09501228 core:LandBuildings 2023-12-31 09501228 2022-12-31 iso4217:GBP xbrli:pure