Registered number
14920898
M.I.S Properties 2 Ltd
Filleted Accounts
30 June 2024
M.I.S Properties 2 Ltd
Registered number: 14920898
Balance Sheet
as at 30 June 2024
Notes 2024
£
Fixed assets
Tangible assets 3 11,227,351
Current assets
Cash at bank and in hand 2,666,552
Creditors: amounts falling due within one year 4 (162,654)
Net current assets 2,503,898
Total assets less current liabilities 13,731,249
Creditors: amounts falling due after more than one year 5 (5,613,884)
Provisions for liabilities (2,030,654)
Net assets 6,086,711
Capital and reserves
Called up share capital 100
Profit and loss account 6,086,611
Shareholders' funds 6,086,711
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 and delivered 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.
Mr C Charalambous
Director
Approved by the board on 10 October 2024
M.I.S Properties 2 Ltd
Notes to the Accounts
for the period from 1 August 2023 to 30 June 2024
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 (as applied to small entities by section 1A of the standard).
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:
Fixtures, fittings, tools and equipment 25% on reducing balance method.
Investments
Investments properties for which fair value can be measured reliably, without undue cost or effort, are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss. No depreciation is provided.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024
Number
Average number of persons employed by the company 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
Additions 11,150,000 103,135 11,253,135
At 30 June 2024 11,150,000 103,135 11,253,135
Depreciation
Charge for the period - 25,784 25,784
At 30 June 2024 - 25,784 25,784
Net book value
At 30 June 2024 11,150,000 77,351 11,227,351
Freehold land and buildings: 2024
£
Historical cost 3,027,383
Cumulative depreciation based on historical cost -
3,027,383
The freehold properties were revalued on 19 June 2023 by Mr Christian Glazier MRICS of BNP Paribas Real Estate, Chartered Surveyors on open market basis.The above valuation has been reviewed by the directors on 30 June 2024 and considered that there is no major difference from the previous years.
4 Creditors: amounts falling due within one year 2024
£
Taxation and social security costs 26,977
Other creditors 135,677
162,654
5 Creditors: amounts falling due after one year 2024
£
Bank loans 3,000,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,613,884
5,613,884
6 Loans 2024
£
Creditors include:
Secured bank loans 3,000,000
Bank loans are secured by the company's freehold properties.
8 Related party transactions
The company is a 100% subsidiary of M.I.S.Properties Ltd. During the year the parent company transferred a freehold proprerty in the sum of £9,630,000 (Historic cost £3,027,000). At the year end intercompay balance was £2,613,884. No interest is charged.
At the Balance Sheet date £2,750 was due from the company to the directors.
9 Controlling party
The intermediate controlling party is M.I.S.Properties Ltd, a company registered in England. The ultimate controlling parties are Mr and Mrs Charalambous who have a controlling interest in M.I.S. Properties Ltd.
10 Other information
M.I.S Properties 2 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Flat 9 Grovelands Court
Chase Road
London
N14 6HY
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