Financial Statements
Minihow Limited
For the year ended 31 December 2023
Registered number: 03414645
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Company Information
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Chartered Accountants & Statutory Auditors
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Contents
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Director's responsibilities statement
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Independent auditor's report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Director's report
For the year ended 31 December 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
The principal activity of the Company during the year is the letting of investment property.
Business review and dividends
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Rental income for the financial year amounted to £111,000 (2022: £111,000), while total turnover for the year resulted to £111,003 (2022: £121,598). The Company earned a net loss after taxation totaling £166,995 (2022: net income after taxation £86,689).
The net current asset position of the Company as at the financial year end amounted to £128,984 (2022: £87,666).
The net asset position of the Company as at the financial year end amounted to £1,365,763 (2022: £1,532,758).
The directors did not recommend a dividend during the year (2022: £Nil).
The director who served during the year was:
Disclosure of information to auditor
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The director at the time when this Director's report is approved has confirmed that:
∙so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Events since the end of the year
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There have been no events after the balance sheet date affecting the Company since the financial year.
The auditor, Grant Thornton, was appointed subsequent to year-end and has indicated their willingness to continue in office in accordance with section 485 of the Companies Act 2006.
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Page 1
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Director's report (continued)
For the year ended 31 December 2023
This report was approved by the board and signed on its behalf.
Page 2
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Director's responsibilities statement
For the year ended 31 December 2023
The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Liam Cunningham
Director
Date: 25 September 2024
Page 3
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Independent auditor's report to the members of Minihow Limited
We have audited the financial statements of Minihow Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, Minihow Limited's financial statements:
∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the director, with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of Minihow Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Director's report . The director are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Director's report for the year for which the financial statements are prepared is consistent with the financial statements, and
∙the Director's report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Director's report .
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the director was not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Director's report.
Page 5
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Independent auditor's report to the members of Minihow Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
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Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
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The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
Page 6
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Independent auditor's report to the members of Minihow Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection and review of minutes of directors’ meetings during the year to corroborate inquiries made;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including going concern and
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Shelley (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants
& Statutory Auditors
Dublin 2
Date: 25 September 2024
Page 7
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Statement of comprehensive income
For the year ended 31 December 2023
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Interest payable and similar expenses
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Loss from change in fair value
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(Loss)/Profit for the year
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All amounts relate to continuing operations.
There was no other comprehensive income for 2023 (2022: £Nil).
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The notes on pages 11 to 18 form part of these financial statements.
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Page 8
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Minihow Limited
Registered number:03414645
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Statement of financial position
As at 31 December 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to
the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 18 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2023
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Comprehensive income for the year
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Statement of changes in equity
For the year ended 31 December 2022
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Comprehensive income for the year
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The notes on pages 11 to 18 form part of these financial statements.
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Page 10
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Notes to the financial statements
For the year ended 31 December 2023
Minihow Limited (the Company) is a private company, limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company’s registered office is 4th Floor Khiara House, 25/26 Poland Street, London W1F 8QN, United Kingdom.
The principal activities are set out in the Director’s report.
The financial statements are presented in pounds sterling (£) which is the presentation and functional currency of the Company and rounded to the nearest.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental Income
Turnover represents rental income charged to the Statement of comprehensive income on a straight line basis over the lease term. The aggregate benefit of lease incentives is recognised as a reduction to the income recognised over the lease term on a straight line basis. Revenue from the leasing of investment property is recognised when all of the following conditions are satisfied;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the lease agreement;
∙the costs incurred or to be incurred in respect of the the lease agreement can be measured reliably.
Other Income
Total turnover also consists of other income pertaining to revenue that does not come from the company's main business operations of leasing out investment property to earn rental income. The Company recognizes said other income from loan guarantee fee as a guarantor.
Page 11
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classified as investment property.
Investment property is carried at fair value derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
At each reporting date, the Directors reviews the fair value of the investment property. The directors basis of valuation is based on assumptions in relation to rental yields and estimated future achievable rents. These assumptions were arrived at taking account of information and advice from external property consultants, in-house property experts, publicly available data and judgment.
No depreciation is provided. Changes in fair value are recognised in profit or loss.
Page 12
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Valuation of investment property
The value of investment property is inherently subjective and requires an assessment on the valuation to be carried out for each financial period. Therefore, the directors have deemed this to be a critical accounting judgment for the Company.
The fair value of the Company’s investment property at 31 December 2023 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of the property being valued. The valuations performed conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties.
The comparison approach was used for all properties which involved reviewing recent market evidence from the sales of similar properties during the financial years.
For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yield to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free financial years. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.
Impairment of amounts owed by group undertakings
The Company transacts with a varied number of related parties within the group that are usually repayable on demand, unsecured and non-interest bearing credit terms. The Company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis. The Company did not provide a provision on amounts owed by group undertakings in the current year (2022: €Nil).
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - £Nil).
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Page 14
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Notes to the financial statements
For the year ended 31 December 2023
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Current tax on profits for the year
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Origination and reversal of timing differences
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of19% before 1 April 2023 and 25% thereafter (2022 -19%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
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Effect of adjustment in respect to prior period year
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Fair value losses not deductible for tax purposes
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Profit on or after 1 April 2023 on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
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Deferred tax expense from change in fair value (Note 10)
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Total tax charge for the year
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Factors that may affect future tax charges
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In 2021, an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 19% old rate used above reflects prorated income for 3 months and then 25% new rate was applied to prorated income for the remaining 9 months. The 25% rate is used to measure UK deferred taxes in 2023 (and in 2022 to the extent the related timing differences were expected to reverse after 1 April 2023).
Page 15
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Notes to the financial statements
For the year ended 31 December 2023
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Loss on change in fair value
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Amounts owed by group undertakings
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Trade debtors represent debtors arising from trade and are measured net of allowance for doubtful accounts. At financial year end the provision for doubtful debts amounted to £Nil (2022: £Nil).
Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.
Other debtors consists mostly of tenants' security deposits placed with a financial institution.
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Cash and cash equivalents
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Page 16
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Notes to the financial statements
For the year ended 31 December 2023
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Creditors: Amounts falling due within one year
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Amount owed to parent undertakings
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Trade creditors and accruals are payable at various dates in the next 3 months in accordance with the suppliers' usual and customary credit terms.
Amount owed to parent undertakings is unsecured, repayable on demand and carries interest of 3% p.a.
Director loans are unsecured, interest free and are repayable on demand.
Other creditors pertains mainly to security deposits from tenants.
Corporation tax is payable over the coming months in accordance with the applicable statutory provisions.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Revaluation of investment property
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Page 17
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Notes to the financial statements
For the year ended 31 December 2023
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Allotted, called up and fully paid
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2 Ordinary shares of £1.00 each
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Profit and loss account
The profit and loss reserves represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.
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Related party transactions
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The Company has availed of the exemption provided in FRS102 Section 33 Related Party Disclosure not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.
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Post balance sheet events
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There have been no events after the balance sheet date affecting the Company since the financial year.
The Company regards Hume Street Management Consultancy Limited, a company incorporated in Ireland, as its immediate parent company.
The parent of the largest group in which the results are consolidated is Wintergreen Holdings Limited. The consolidated financial statements of Wintergreen Holding Limited are prepared in accordance with FRS 102 and are available to the public and may be obtained from www.cro.ie. Wintergreen Holdings Limited is registered in Ireland. The company regards Belleville Limited, a company registered I the Isle of Man, as its ultimate parent Company.
The ultimate controlling party is Patrick McKillen, Snr.
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