REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 January 2024 |
for |
MINTGREEN PROPERTIES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 January 2024 |
for |
MINTGREEN PROPERTIES LIMITED |
MINTGREEN PROPERTIES LIMITED (REGISTERED NUMBER: 03300539) |
Contents of the Financial Statements |
for the Year Ended 28 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MINTGREEN PROPERTIES LIMITED |
Company Information |
for the Year Ended 28 January 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
MINTGREEN PROPERTIES LIMITED (REGISTERED NUMBER: 03300539) |
Balance Sheet |
28 January 2024 |
28.1.24 | 28.1.23 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MINTGREEN PROPERTIES LIMITED (REGISTERED NUMBER: 03300539) |
Balance Sheet - continued |
28 January 2024 |
The financial statements were approved by the director and authorised for issue on |
MINTGREEN PROPERTIES LIMITED (REGISTERED NUMBER: 03300539) |
Notes to the Financial Statements |
for the Year Ended 28 January 2024 |
1. | STATUTORY INFORMATION |
Mintgreen Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
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 estimation means that actual outcomes could differ from those estimates. Judgements in respect of valuation of investment properties have had the most significant effects on amounts recognised in the financial statements. |
Turnover |
Turnover comprises the fair value of the consideration rent received or receivable and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. |
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
Fixtures and fittings - 25% on reducing balance |
Motor vehicle - 25% on reducing balance |
MINTGREEN PROPERTIES LIMITED (REGISTERED NUMBER: 03300539) |
Notes to the Financial Statements - continued |
for the Year Ended 28 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and |
preference shares that are classified as debt, are initially recognised at transaction price unless the |
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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. |
MINTGREEN PROPERTIES LIMITED (REGISTERED NUMBER: 03300539) |
Notes to the Financial Statements - continued |
for the Year Ended 28 January 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Going concern |
The directors and bankers have provided their intentions to continue to provide the financial support to enable the company to remain in business for the foreseeable future, therefore the financial statements have been prepared on a going concern basis. |
Investments |
Listed and unlisted investments are carried at fair value and changes to fair value are recognised in the Profit and Loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Freehold | Long | and | Motor |
property | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 29 January 2023 |
Additions |
Revaluations | ( |
) | ( |
) |
At 28 January 2024 |
DEPRECIATION |
At 29 January 2023 |
Charge for year |
At 28 January 2024 |
NET BOOK VALUE |
At 28 January 2024 |
At 28 January 2023 |
The freehold and leasehold properties were revalued by the directors at their fair value at the year end. |
MINTGREEN PROPERTIES LIMITED (REGISTERED NUMBER: 03300539) |
Notes to the Financial Statements - continued |
for the Year Ended 28 January 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 29 January 2023 |
Disposals | ( |
) |
Revaluations | ( |
) |
At 28 January 2024 |
NET BOOK VALUE |
At 28 January 2024 |
At 28 January 2023 |
Cost or valuation at 28 January 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2024 | 5,462,860 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.1.24 | 28.1.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.1.24 | 28.1.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.1.24 | 28.1.23 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans |
MINTGREEN PROPERTIES LIMITED (REGISTERED NUMBER: 03300539) |
Notes to the Financial Statements - continued |
for the Year Ended 28 January 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.1.24 | 28.1.23 |
£ | £ |
Bank loans |
The bank loans are secured by the company's freehold and leasehold properties. |
The director has provided personal guarantee limited to the sum of £2,000,000 in favour of the bank. |
Personal guarantee and corporate guarantee have been provided by related parties in favour of the bank. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.1.24 | 28.1.23 |
value: | £ | £ |
Ordinary share | £1 | 2 | 2 |
11. | RELATED PARTY DISCLOSURES |
Included in debtors amounts falling due within one year are loans to related companies of £13,496,523 (2023: £12,865,842 ). The loans are interest free and repayable on demand. |
Included in creditors amounts falling due within one year is an amount owed to related companies of £Nil (2023: £125,645). |