IRIS Accounts Production v24.2.0.383 06017703 Board of Directors 1.2.23 31.1.24 31.1.24 12.7.2024 true true false true false false true false Auditors Opinion Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh060177032023-01-31060177032024-01-31060177032023-02-012024-01-31060177032022-01-31060177032022-02-012023-01-31060177032023-01-3106017703ns15:EnglandWales2023-02-012024-01-3106017703ns14:PoundSterling2023-02-012024-01-3106017703ns10:Director12023-02-012024-01-3106017703ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3106017703ns10:SmallEntities2023-02-012024-01-3106017703ns10:Audited2023-02-012024-01-3106017703ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3106017703ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3106017703ns10:FullAccounts2023-02-012024-01-3106017703ns10:Director22023-02-012024-01-3106017703ns10:Director32023-02-012024-01-3106017703ns10:Director42023-02-012024-01-3106017703ns10:Director52023-02-012024-01-3106017703ns10:Director62023-02-012024-01-3106017703ns10:RegisteredOffice2023-02-012024-01-3106017703ns5:CurrentFinancialInstruments2024-01-3106017703ns5:CurrentFinancialInstruments2023-01-3106017703ns5:Non-currentFinancialInstruments2024-01-3106017703ns5:Non-currentFinancialInstruments2023-01-3106017703ns5:ShareCapital2024-01-3106017703ns5:ShareCapital2023-01-3106017703ns5:SharePremium2024-01-3106017703ns5:SharePremium2023-01-3106017703ns5:RevaluationReserve2024-01-3106017703ns5:RevaluationReserve2023-01-3106017703ns5:RetainedEarningsAccumulatedLosses2024-01-3106017703ns5:RetainedEarningsAccumulatedLosses2023-01-3106017703ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-02-012024-01-3106017703ns5:MotorVehicles2023-02-012024-01-3106017703ns5:ComputerEquipment2023-02-012024-01-3106017703ns5:LandBuildings2023-01-3106017703ns5:MotorVehicles2023-01-3106017703ns5:ComputerEquipment2023-01-3106017703ns5:LandBuildings2023-02-012024-01-3106017703ns5:LandBuildings2024-01-3106017703ns5:MotorVehicles2024-01-3106017703ns5:ComputerEquipment2024-01-3106017703ns5:LandBuildings2023-01-3106017703ns5:MotorVehicles2023-01-3106017703ns5:ComputerEquipment2023-01-3106017703ns5:CostValuation2023-01-3106017703ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3106017703ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3106017703ns5:CurrentFinancialInstruments2023-02-012024-01-3106017703ns5:Non-currentFinancialInstruments2023-02-012024-01-3106017703ns5:WithinOneYear2024-01-3106017703ns5:WithinOneYear2023-01-3106017703ns5:BetweenOneFiveYears2024-01-3106017703ns5:BetweenOneFiveYears2023-01-3106017703ns5:AllPeriods2024-01-3106017703ns5:AllPeriods2023-01-3106017703ns5:Secured2024-01-3106017703ns5:Secured2023-01-3106017703ns5:DeferredTaxation2023-01-3106017703ns5:DeferredTaxation2024-01-31
REGISTERED NUMBER: 06017703 (England and Wales)












MYA PROPERTY LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MYA PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: M Yeganegy
Ms D A Yeganegy
Ms L Yeganegy
B Yeganegy
P J Cousins
Dr R Robinson



REGISTERED OFFICE: 142 Lodge Road
Southampton
Hampshire
SO14 6QR



REGISTERED NUMBER: 06017703 (England and Wales)



SENIOR STATUTORY AUDITOR: Gary Brown FCCA



AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 46,418 49,810
Investments 5 40,100 40,100
Investment property 6 119,770,319 115,825,384
119,856,837 115,915,294

CURRENT ASSETS
Stocks 4,681 4,681
Debtors 7 2,542,064 1,623,870
Cash at bank and in hand 838,723 119,284
3,385,468 1,747,835
CREDITORS
Amounts falling due within one year 8 (61,385,660 ) (1,935,909 )
NET CURRENT LIABILITIES (58,000,192 ) (188,074 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

61,856,645

115,727,220

CREDITORS
Amounts falling due after more than one
year

9

(6,812,500

)

(62,726,890

)

PROVISIONS FOR LIABILITIES 12 (8,224,128 ) (7,869,545 )
NET ASSETS 46,820,017 45,130,785

CAPITAL AND RESERVES
Called up share capital 41,000 41,000
Share premium 7,560,255 7,560,255
Non-distributable profit and loss reserve 29,573,994 28,211,403
Retained earnings 9,644,768 9,318,127
SHAREHOLDERS' FUNDS 46,820,017 45,130,785

MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703)

BALANCE SHEET - continued
31 JANUARY 2024


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 by the Board of Directors and authorised for issue on 12 July 2024 and were signed on its behalf by:





M Yeganegy - Director


MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

MYA Property 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 FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain investment properties at fair value. The principal accounting policies adopted are set out below.

Preparation of consolidated financial statements
The financial statements contain information about MYA Property Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is stated net of value added tax and represents sales of services and gross rents receivable.

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 - 2% Straight line
Motor vehicles - 25% Reducing balance
Computer equipment - 25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Investments in subsidiaries
Investment in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversal of impairment losses are recognised immediately in the income statement.

Investment property
The investment property is shown at its fair value as valued by independent professional valuers on a three year cycle and by the Directors in the interim period. Any movements in fair value are recognised in arriving at the profit before tax. Deferred tax is provided against these movements.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
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.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and deposit held at call with banks.

Financial assets
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 18 ) .

4. TANGIBLE FIXED ASSETS
Freehold Motor Computer
property vehicles equipment Totals
£ £ £ £
COST
At 1 February 2023
and 31 January 2024 118,307 18,402 34,026 170,735
DEPRECIATION
At 1 February 2023 78,847 13,994 28,084 120,925
Charge for year 924 1,075 1,393 3,392
At 31 January 2024 79,771 15,069 29,477 124,317
NET BOOK VALUE
At 31 January 2024 38,536 3,333 4,549 46,418
At 31 January 2023 39,460 4,408 5,942 49,810

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 February 2023
and 31 January 2024 40,100
NET BOOK VALUE
At 31 January 2024 40,100
At 31 January 2023 40,100

MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


6. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 February 2023 115,825,384
Additions 2,666,215
Disposals (438,454 )
Revaluations 1,717,174
At 31 January 2024 119,770,319
NET BOOK VALUE
At 31 January 2024 119,770,319
At 31 January 2023 115,825,384

Fair value at 31 January 2024 is represented by:
£
Valuation in 2016 16,929,433
Valuation in 2017 3,810,547
Valuation in 2018 308,307
Valuation in 2019 1,894,188
Valuation in 2020 3,852,437
Valuation in 2021 1,673,049
Valuation in 2022 1,841,488
Valuation in 2023 5,771,500
Valuation in 2024 1,717,174
Cost 81,972,196
119,770,319

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 81,972,196 79,744,435

Investment property was valued on an open market basis on 31 January 2024 by directors or independent valuers .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 567,432 479,016
Amounts owed by group undertakings 1,857,592 996,614
Other debtors 117,040 148,240
2,542,064 1,623,870

MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 58,802,376 -
Trade creditors 145,978 168,764
Taxation and social security 687,216 495,455
Other creditors 1,750,090 1,271,690
61,385,660 1,935,909

Of the bank loans due within the next 12 months, £10,196,063 have been rolled over into a new loan after the year end, with the balance of £48,606,313 expected to be rolled over on or before their maturity date.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 5,812,500 61,714,876
Other creditors 1,000,000 1,012,014
6,812,500 62,726,890

Other creditors due more than one year consist of the Director Loan Account balance.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 84,000 -
Between one and five years 204,120 -
288,120 -

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 64,614,876 61,714,876

The bank loans and overdrafts are secured by means of legal charges over the properties owned by the company.

MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


12. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax on investment
properties 8,224,128 7,869,545
8,224,128 7,869,545

Deferred tax
on
investment
properties
£
Balance at 1 February 2023 7,869,545
Charge for the year 354,583
Balance at 31 January 2024 8,224,128

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gary Brown FCCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited