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REGISTERED NUMBER: 04813861















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

MIGAR HOMES LTD

MIGAR HOMES LTD (REGISTERED NUMBER: 04813861)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIGAR HOMES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: G M Gee





SECRETARY: G M Gee





REGISTERED OFFICE: Rossington Hall
Great North Road
Doncaster
South Yorkshire
DN11 0HR





REGISTERED NUMBER: 04813861





ACCOUNTANTS: Leesing Marrison Lee & Co
Chartered Certified Accountants
46 Main Street
Mexborough
South Yorkshire
S64 9DU

MIGAR HOMES LTD (REGISTERED NUMBER: 04813861)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 391 513
Investment property 5 4,953,179 5,423,137
4,953,570 5,423,650

CURRENT ASSETS
Debtors 6 2,322,686 1,738,873
Cash at bank and in hand 16,933 76,015
2,339,619 1,814,888
CREDITORS
Amounts falling due within one year 7 203,775 177,988
NET CURRENT ASSETS 2,135,844 1,636,900
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,089,414

7,060,550

CREDITORS
Amounts falling due after more than one
year

8

(3,808,109

)

(3,911,438

)

PROVISIONS FOR LIABILITIES (332,855 ) (332,855 )
NET ASSETS 2,948,450 2,816,257

CAPITAL AND RESERVES
Called up share capital 645,000 645,000
Retained earnings 2,303,450 2,171,257
SHAREHOLDERS' FUNDS 2,948,450 2,816,257

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

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

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.

MIGAR HOMES LTD (REGISTERED NUMBER: 04813861)

BALANCE SHEET - continued
31ST 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 by the director and authorised for issue on 11th November 2024 and were signed by:





G M Gee - Director


MIGAR HOMES LTD (REGISTERED NUMBER: 04813861)

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

1. STATUTORY INFORMATION

Migar Homes Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements are prepared on a going concern basis as the directors believe that the company will maintain positive cash flows for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Depreciation is not provided on Freehold Land and Buildings as in the opinion of the Directors the residual value will be at least equal to the cost of the assets concerned

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

MIGAR HOMES LTD (REGISTERED NUMBER: 04813861)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st April 2023
and 31st March 2024 12,335 2,500 327 15,162
DEPRECIATION
At 1st April 2023 12,008 2,315 326 14,649
Charge for year 74 47 1 122
At 31st March 2024 12,082 2,362 327 14,771
NET BOOK VALUE
At 31st March 2024 253 138 - 391
At 31st March 2023 327 185 1 513

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 5,423,137
Additions 29,429
Disposals (499,387 )
At 31st March 2024 4,953,179
NET BOOK VALUE
At 31st March 2024 4,953,179
At 31st March 2023 5,423,137

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2019 1,751,268
Cost 3,201,911
4,953,179

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 3,500 -
Other debtors 2,319,186 1,738,873
2,322,686 1,738,873

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 103,333 103,333
Trade creditors 600 600
Taxation and social security 88,595 62,298
Other creditors 11,247 11,757
203,775 177,988

MIGAR HOMES LTD (REGISTERED NUMBER: 04813861)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 3,348,109 3,451,438
Other creditors 460,000 460,000
3,808,109 3,911,438

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans over 5 years not repayable by
instalments

2,960,555

3,053,884
Preference shares 460,000 460,000
3,420,555 3,513,884

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 3,451,442 3,554,771

10. RELATED PARTY DISCLOSURES

The director is interested as director of and has a significant controlling interest in The Lodge at Rossington Hall Limited.

The director is also interested as a director and shareholder in Rossington Hall Limited and Migar Investments Limited. As at 31 March 2024 the company had advanced monies to these companies of £2,253,397 (2023: £1,677,483) and £61,390 (2023: £61,370) respectively which is included in Other Debtors. The advance is unsecured and does not bear interest.

11. ULTIMATE CONTROLLING PARTY

The director being the only shareholder exercises control over the company.