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Company registration number: 02887902
Missionbuild Limited
Unaudited filleted financial statements
31 January 2024
Missionbuild Limited
Contents
Balance sheet
Notes to the financial statements
Missionbuild Limited
Balance sheet
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 24,412 36,658
Investment properties 6 1,849,902 1,901,740
_______ _______
1,874,314 1,938,398
Current assets
Debtors 7 5,945 2,163
Cash at bank and in hand 65,033 54,511
_______ _______
70,978 56,674
Creditors: amounts falling due
within one year 8 ( 32,114) ( 27,367)
_______ _______
Net current assets 38,864 29,307
_______ _______
Total assets less current liabilities 1,913,178 1,967,705
Creditors: amounts falling due
after more than one year 9 ( 625,785) ( 644,117)
Provisions for liabilities 10 ( 105,647) ( 105,540)
_______ _______
Net assets 1,181,746 1,218,048
_______ _______
Capital and reserves
Called up share capital 70 70
Profit and loss account 1,181,676 1,217,978
_______ _______
Shareholders funds 1,181,746 1,218,048
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 October 2024 , and are signed on behalf of the board by:
Jane Elviss
Director
Company registration number: 02887902
Missionbuild Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 37/38 West Sunniside, Sunderland, Tyne & Wear, SR1 1BU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements :Revaluation of investment propertiesThe company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The valuation of the company's property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental values from that particular property. As a result, the valuations the company places on its property portfolio are subject to a degree of uncertainty and are made on the assumptions which may not be accurate, particularly in periods of volatility or low transaction flow in the property market.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 February 2023 and 31 January 2024 44,762 48,000 92,762
_______ _______ _______
Depreciation
At 1 February 2023 44,104 12,000 56,104
Charge for the year 246 12,000 12,246
_______ _______ _______
At 31 January 2024 44,350 24,000 68,350
_______ _______ _______
Carrying amount
At 31 January 2024 412 24,000 24,412
_______ _______ _______
At 31 January 2023 658 36,000 36,658
_______ _______ _______
6. Investment properties
Other investments other than loans Total
£ £
Cost
At 1 February 2023 1,901,740 1,901,740
Disposals ( 51,838) ( 51,838)
_______ _______
At 31 January 2024 1,849,902 1,849,902
_______ _______
Impairment
At 1 February 2023 and 31 January 2024 - -
_______ _______
Carrying amount
At 31 January 2024 1,849,902 1,849,902
_______ _______
At 31 January 2023 1,901,740 1,901,740
_______ _______
Investment properties comprise freehold land and buildings of £1,901,740 (2022 : £1,901,740). The historical cost of investment properties is £1,337,825 (2022 : £1,337,825). In the opinion of the Directors there has been no movement in the valuation of the investment properties as at the 31 Janaury 2024.
7. Debtors
2024 2023
£ £
Other debtors 5,945 2,163
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 14,587 15,236
Corporation tax 8,832 5,223
Social security and other taxes 536 235
Other creditors 8,159 6,673
_______ _______
32,114 27,367
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 621,722 635,992
Other creditors 4,063 8,125
_______ _______
625,785 644,117
_______ _______
The bank loans represent mortgages that are secured against the investment property portfolio.
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 February 2023 105,540 105,540
Other movements 1 107 107
_______ _______
At 31 January 2024 105,647 105,647
_______ _______
11. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 10) 105,647 105,540
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances ( 357) ( 464)
Fair value adjustment of investment property 106,004 106,004
_______ _______
105,647 105,540
_______ _______
12. Directors advances, credits and guarantees
During the year there were no advances, credits and guarantees made to the Director.