IRIS Accounts Production v24.3.0.553 12867630 Board of Directors 1.7.23 30.6.24 30.6.24 0 0 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh128676302023-06-30128676302024-06-30128676302023-07-012024-06-30128676302022-06-30128676302022-07-012023-06-30128676302023-06-3012867630ns15:EnglandWales2023-07-012024-06-3012867630ns14:PoundSterling2023-07-012024-06-3012867630ns10:Director12023-07-012024-06-3012867630ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3012867630ns10:SmallEntities2023-07-012024-06-3012867630ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-3012867630ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3012867630ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3012867630ns10:FullAccounts2023-07-012024-06-3012867630ns10:OrdinaryShareClass12023-07-012024-06-3012867630ns10:Director22023-07-012024-06-3012867630ns10:RegisteredOffice2023-07-012024-06-3012867630ns5:CurrentFinancialInstruments2024-06-3012867630ns5:CurrentFinancialInstruments2023-06-3012867630ns5:Non-currentFinancialInstruments2024-06-3012867630ns5:Non-currentFinancialInstruments2023-06-3012867630ns5:ShareCapital2024-06-3012867630ns5:ShareCapital2023-06-3012867630ns5:FurtherSpecificReserve3ComponentTotalEquity2024-06-3012867630ns5:FurtherSpecificReserve3ComponentTotalEquity2023-06-3012867630ns5:RetainedEarningsAccumulatedLosses2024-06-3012867630ns5:RetainedEarningsAccumulatedLosses2023-06-3012867630ns5:PlantMachinery2023-07-012024-06-3012867630ns5:PlantMachinery2023-06-3012867630ns5:PlantMachinery2024-06-3012867630ns5:PlantMachinery2023-06-3012867630ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3012867630ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3012867630ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-06-3012867630ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-06-3012867630ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-06-3012867630ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-3012867630ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-06-3012867630ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-06-3012867630ns5:Secured2024-06-3012867630ns5:Secured2023-06-3012867630ns10:OrdinaryShareClass12024-06-3012867630ns5:RetainedEarningsAccumulatedLosses2023-06-3012867630ns5:FurtherSpecificReserve3ComponentTotalEquity2023-06-3012867630ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-30
REGISTERED NUMBER: 12867630 (England and Wales)







Unaudited Financial Statements for the Year Ended 30 June 2024

for

Myrtle Farm Properties Ltd

Myrtle Farm Properties Ltd (Registered number: 12867630)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Myrtle Farm Properties Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr M Williams
Mrs S Williams





REGISTERED OFFICE: Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY





REGISTERED NUMBER: 12867630 (England and Wales)





ACCOUNTANTS: Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY

Myrtle Farm Properties Ltd (Registered number: 12867630)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 92,806 67,550
Investment property 5 6,150,000 3,150,000
6,242,806 3,217,550

CURRENT ASSETS
Debtors 6 72,492 115,147
Cash at bank 340,761 378,318
413,253 493,465
CREDITORS
Amounts falling due within one year 7 (3,117,834 ) (2,397,291 )
NET CURRENT LIABILITIES (2,704,581 ) (1,903,826 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,538,225 1,313,724

CREDITORS
Amounts falling due after more than one year 8 (2,063,723 ) (880,037 )

PROVISIONS FOR LIABILITIES (184,524 ) (16,888 )
NET ASSETS 1,289,978 416,799

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 483,965 (65,471 )
Retained earnings 11 805,913 482,170
SHAREHOLDERS' FUNDS 1,289,978 416,799

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Myrtle Farm Properties Ltd (Registered number: 12867630)

Balance Sheet - continued
30 June 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 Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





Mr M Williams - Director


Myrtle Farm Properties Ltd (Registered number: 12867630)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Myrtle Farm Properties Ltd 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.

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.

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 each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

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 NIL (2023 - NIL).

Myrtle Farm Properties Ltd (Registered number: 12867630)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 July 2023 71,565
Additions 36,794
At 30 June 2024 108,359
DEPRECIATION
At 1 July 2023 4,015
Charge for year 11,538
At 30 June 2024 15,553
NET BOOK VALUE
At 30 June 2024 92,806
At 30 June 2023 67,550

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 3,150,000
Additions 2,267,418
Revaluations 732,582
At 30 June 2024 6,150,000
NET BOOK VALUE
At 30 June 2024 6,150,000
At 30 June 2023 3,150,000

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2023 (87,295 )
Valuation in 2024 732,582
Cost 5,504,713
6,150,000

If investment property had not been revalued it would have been included at the following historical cost:

30.6.24 30.6.23
£    £   
Cost 5,504,713 3,237,295

Investment property was valued on an open market basis on 30 June 2024 by the directors .

Myrtle Farm Properties Ltd (Registered number: 12867630)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 59,451 51,680
Other debtors 11,450 63,367
Prepayments 1,591 100
72,492 115,147

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 77,302 75,296
Trade creditors 17,135 49,007
Tax 94,292 53,144
VAT 4,205 12,481
Other creditors 1,360,666 554,920
Directors' current accounts 1,500,389 1,608,466
Deferred income 62,560 42,777
Accrued expenses 1,285 1,200
3,117,834 2,397,291

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans - 1-2 years 79,134 78,731
Bank loans - 2-5 years 278,771 258,411
Bank loans more 5 yr by instal 1,705,818 542,895
2,063,723 880,037

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,705,818 542,895

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 2,141,025 955,333

The above bank loans are all secured against an investment property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100

Myrtle Farm Properties Ltd (Registered number: 12867630)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 July 2023 482,170 (65,471 ) 416,699
Profit for the year 873,179 873,179
Assets revalued in period (549,436 ) 549,436 -
At 30 June 2024 805,913 483,965 1,289,878