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Company registration number: 07494158
Mitoria Properties Limited
Unaudited filleted financial statements
29 February 2024
Mitoria Properties Limited
Contents
Statement of financial position
Notes to the financial statements
Mitoria Properties Limited
Statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 1,101,059 1,101,059
_______ _______
1,101,059 1,101,059
Current assets
Debtors 5 3,969 4,468
Cash at bank and in hand 18,112 94,437
_______ _______
22,081 98,905
Creditors: amounts falling due
within one year 6 ( 32,930) ( 34,060)
_______ _______
Net current (liabilities)/assets ( 10,849) 64,845
_______ _______
Total assets less current liabilities 1,090,210 1,165,904
Creditors: amounts falling due
after more than one year 7 ( 456,564) ( 516,667)
Provisions for liabilities ( 3,782) ( 6,869)
_______ _______
Net assets 629,864 642,368
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 8 629,863 642,367
_______ _______
Shareholders funds 629,864 642,368
_______ _______
For the year ending 29 February 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.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr Michael Cowley Mrs Victoria Cowley
Director Director
Company registration number: 07494158
Mitoria Properties Limited
Notes to the financial statements
Year ended 29 February 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 7 Ketterer Court, Jackson Street, St Helens, Mesreyside, WA9 3AH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration receivable for property rentals. Revenue from property rentals is recognised accoring to the period of the rental charge.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 1% straight line on buildings
Long leasehold property - 1 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Long leasehold property Total
£ £ £
Cost
At 1 March 2023 and 29 February 2024 984,000 117,059 1,101,059
_______ _______ _______
Depreciation
At 1 March 2023 and 29 February 2024 - - -
_______ _______ _______
Carrying amount
At 29 February 2024 984,000 117,059 1,101,059
_______ _______ _______
At 28 February 2023 984,000 117,059 1,101,059
_______ _______ _______
Investment property
Investment property values are reviewed by the directors at the year end using online valuation tools and resources.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Long leasehold property Total
£ £ £
At 29 February 2024
Aggregate cost 947,850 117,059 1,064,909
Aggregate depreciation (36,350) (4,780) (41,130)
_______ _______ _______
Carrying amount 911,500 112,279 1,023,779
_______ _______ _______
At 28 February 2023
Aggregate cost 947,850 117,059 1,064,909
Aggregate depreciation (33,300) (3,610) (36,910)
_______ _______ _______
Carrying amount 914,550 113,449 1,027,999
_______ _______ _______
5. Debtors
2024 2023
£ £
Trade debtors 3,000 3,500
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1 1
Other debtors 968 967
_______ _______
3,969 4,468
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 14,000 14,000
Social security and other taxes - 9,685
Other creditors 18,930 10,375
_______ _______
32,930 34,060
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 115,199 129,302
Other creditors 341,365 387,365
_______ _______
456,564 516,667
_______ _______
8. Reserves
Included within Profit and Loss account reserves are £35,361 (2023: £35,361) of non-distributable reserves relating to fair value adjustments to Investment Properties.
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
North West Vending Limited 46,000 20,000 ( 341,365) ( 387,365)
_______ _______ _______ _______
Mitoria Properties Limited and North West Vending Limited are group companies. North West Vending Limited has made interest free loans to Mitoria Properties Limited, no terms have been set for its repayment. Mitoria Properties Limited owns a property which is used rent free for storage by North West Vending Limited.
10. Controlling party
The company was controlled during the period by the directors.