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REGISTERED NUMBER: 04054885 (England and Wales)















MISTLEMORE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






MISTLEMORE PROPERTIES LIMITED (REGISTERED NUMBER: 04054885)






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




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


MISTLEMORE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: G D Bennett
W N Mason-Jones





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 04054885 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

MISTLEMORE PROPERTIES LIMITED (REGISTERED NUMBER: 04054885)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1 1
Investment property 5 2,265,000 2,265,000
2,265,001 2,265,001

CURRENT ASSETS
Debtors 6 1,181 1,061
Cash at bank 173,606 110,183
174,787 111,244
CREDITORS
Amounts falling due within one year 7 201,376 28,792
NET CURRENT (LIABILITIES)/ASSETS (26,589 ) 82,452
TOTAL ASSETS LESS CURRENT LIABILITIES 2,238,412 2,347,453

CREDITORS
Amounts falling due after more than one year 8 (303,737 ) (485,735 )

PROVISIONS FOR LIABILITIES (166,450 ) (166,450 )
NET ASSETS 1,768,225 1,695,268

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Fair value reserve 12 1,083,548 1,083,548
Retained earnings 12 683,677 610,720
SHAREHOLDERS' FUNDS 1,768,225 1,695,268

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MISTLEMORE PROPERTIES LIMITED (REGISTERED NUMBER: 04054885)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 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 and authorised for issue by the Board of Directors and authorised for issue on 8 November 2024 and were signed on its behalf by:




G D Bennett - Director



W N Mason-Jones - Director


MISTLEMORE PROPERTIES LIMITED (REGISTERED NUMBER: 04054885)

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

1. STATUTORY INFORMATION

Mistlemore Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the income statement and the fair value reserve. No depreciation is provided in respect of investment properties.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. FIXED ASSET INVESTMENTS

Market value of unlisted investments at 31st March 2024 - £1 (2023 - £1).

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,265,000
NET BOOK VALUE
At 31 March 2024 2,265,000
At 31 March 2023 2,265,000

MISTLEMORE PROPERTIES LIMITED (REGISTERED NUMBER: 04054885)

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

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,249,999
Cost 1,015,001
2,265,000

The investment property was valued by a director having considered the fair value of recent, comparable property sales in the local area.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Prepayments and accrued income 1,181 1,061

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 11,694 10,471
Taxation 21,202 8,805
Amounts due to related parties 75,000 -
Directors' current accounts 75,000 -
Accrued expenses 18,480 9,516
201,376 28,792

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 303,737 485,735

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 249,016 436,753

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 11,694 10,471

Amounts falling due between two and five years:
Bank loans - 2-5 years 54,721 48,982

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 249,016 436,753

MISTLEMORE PROPERTIES LIMITED (REGISTERED NUMBER: 04054885)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 315,431 496,206

The bank and building society loans are secured against individual investment properties of the company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 "A" Ordinary £1 500 500
500 "B" Ordinary £1 500 500
1,000 1,000

12. RESERVES

The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable fair value reserve in order to assist with the identification of profits available for distribution.

13. RELATED PARTY AND DIRECTORS LOANS

During the year Mr W N Mason Jones, who is a director of the company, made a personal loan to the company to finance the repayment of a company bank loan. Interest is being paid at 1% above bank base rate.


During the year Longmore Properties Limited, of which Mr G D Bennett is a director, made a loan to the company to finance the repayment of a company bank loan. Interest is being paid at 1% above bank base rate.