0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 295,812 143,650 439,462 439,462 295,812 xbrli:pure xbrli:shares iso4217:GBP 13138029 2023-02-01 2024-01-31 13138029 2024-01-31 13138029 2023-01-31 13138029 2022-02-01 2023-01-31 13138029 2023-01-31 13138029 2022-01-31 13138029 bus:Director1 2023-02-01 2024-01-31 13138029 bus:Director2 2023-02-01 2024-01-31 13138029 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 13138029 core:WithinOneYear 2024-01-31 13138029 core:WithinOneYear 2023-01-31 13138029 core:AfterOneYear 2023-01-31 13138029 core:ShareCapital 2024-01-31 13138029 core:ShareCapital 2023-01-31 13138029 core:RetainedEarningsAccumulatedLosses 2024-01-31 13138029 core:RetainedEarningsAccumulatedLosses 2023-01-31 13138029 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 13138029 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 13138029 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 13138029 bus:SmallEntities 2023-02-01 2024-01-31 13138029 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 13138029 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 13138029 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13138029 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 13138029
MMID Properties Ltd
Filleted Unaudited Financial Statements
31 January 2024
MMID Properties Ltd
Balance Sheet
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
4
439,462
295,812
Current assets
Debtors
5
14,252
8,694
Cash at bank and in hand
1,157
2,029
--------
--------
15,409
10,723
Creditors: amounts falling due within one year
6
( 495,903)
( 126,691)
---------
---------
Net current liabilities
( 480,494)
( 115,968)
---------
---------
Total assets less current liabilities
( 41,032)
179,844
Creditors: amounts falling due after more than one year
7
( 200,000)
--------
---------
Net liabilities
( 41,032)
( 20,156)
--------
---------
Capital and reserves
Called up share capital
20
20
Profit and loss account
( 41,052)
( 20,176)
--------
--------
Shareholders deficit
( 41,032)
( 20,156)
--------
--------
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.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MMID Properties Ltd
Balance Sheet (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
Mr Michael I Dew
Mr Martin I Dew
Director
Director
Company registration number: 13138029
MMID Properties Ltd
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 The Old Forge, Bowling Green Yard, Kirkgate, Knaresborough, HG5 8FL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received for services rendered.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to it's fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
4. Tangible assets
Investment property
£
Cost
At 1 February 2023
295,812
Additions
143,650
---------
At 31 January 2024
439,462
---------
Depreciation
At 1 February 2023 and 31 January 2024
---------
Carrying amount
At 31 January 2024
439,462
---------
At 31 January 2023
295,812
---------
The investment property has been measured at fair value which is the open market value of the property.Any fair value adjustment has been taken through the profit and loss account.
5. Debtors
2024
2023
£
£
Trade debtors
91
Other debtors
14,161
8,694
--------
-------
14,252
8,694
--------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
66
Other creditors
495,903
126,625
---------
---------
495,903
126,691
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
200,000
----
---------
8. Directors' advances, credits and guarantees
The directors have provided the company with unsecured loans, classified as short term, which have no repayment terms and do not bear interest.