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REGISTERED NUMBER: 04374565 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

MINSTER INDUSTRIAL PROPERTIES LIMITED

MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MINSTER INDUSTRIAL PROPERTIES LIMITED

COMPANY INFORMATION
For The Year Ended 29 February 2024







DIRECTORS: Mr Michael John Singleton
Mr Timothy Stuart Marshall
Mr Henry Clive Richardson





SECRETARY: Mr Timothy Stuart Marshall





REGISTERED OFFICE: 56 Gladstone Lane
Scarborough
North Yorkshire
YO12 7BS





REGISTERED NUMBER: 04374565 (England and Wales)





ACCOUNTANTS: Fortus Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 488
Investment property 5 3,599,484 3,278,000
3,599,484 3,278,488

CURRENT ASSETS
Debtors 6 50,082 58,663
Cash at bank 31,738 19,397
81,820 78,060
CREDITORS
Amounts falling due within one year 7 766,931 1,223,765
NET CURRENT LIABILITIES (685,111 ) (1,145,705 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,914,373 2,132,783

PROVISIONS FOR LIABILITIES 67,250 67,250
NET ASSETS 2,847,123 2,065,533

CAPITAL AND RESERVES
Called up share capital 999 999
Fair value reserve 8 925,869 531,660
Retained earnings 1,920,255 1,532,874
2,847,123 2,065,533

MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

BALANCE SHEET - continued
29 February 2024


The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 29 February 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





Mr Michael John Singleton - Director


MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024


1. STATUTORY INFORMATION

Minster Industrial 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 (£).


The level of rounding used in the financial statements is to the nearest £1.

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
The turnover shown in the profit and loss account represents the total invoice value, excluding value added tax, of sales made during the year. Sales are recognised in the profit and loss account in the period in which the work is carried out and rents receivable are recognised in the profit and loss account in the period to which they relate.

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 - 20% on cost
Fixtures, fittings and equipment - 20% on cost

Investment property
Investment properties are properties held to earn rentals or for capital appreciation or both.

Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise. Deferred taxation is provided on these gains.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account 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 that have been enacted or substantively enacted by the balance sheet date.


MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024


2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern - basis of preparation
In assessing the appropriateness of the application of the going concern basis, the directors have considered the uncertainties around the general economic environment, the current and future trading performance of the company and available cash. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, accordingly they continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Plant and and
machinery equipment Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 49,337 53,764 103,101
DEPRECIATION
At 1 March 2023 49,288 53,325 102,613
Charge for year 49 439 488
At 29 February 2024 49,337 53,764 103,101
NET BOOK VALUE
At 29 February 2024 - - -
At 28 February 2023 49 439 488

MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 3,278,000
Disposals (317,122 )
Revaluations 638,606
At 29 February 2024 3,599,484
NET BOOK VALUE
At 29 February 2024 3,599,484
At 28 February 2023 3,278,000

Investment properties included at fair value would have been included on a historical cost basis at:

2024 2023
£ £

Cost 2,364,991 2,679,195

The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

The investment properties have been valued by the directors at fair value taking into account existing tenancy arrangements.

During the year an increase in the fair value of the investment properties of £638,606 (2023 £nil) has been included directly in the profit and loss account.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 34,897 40,496
Prepayments and accrued income 15,185 18,167
50,082 58,663

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 21,466 41,772
Corporation tax - 17,826
Social security and other taxes 248 166
VAT 4,433 3,773
Other creditors 30,442 222,774
Directors' current accounts 651,054 871,054
Accruals and deferred income 59,288 66,400
766,931 1,223,765

MINSTER INDUSTRIAL PROPERTIES LIMITED (REGISTERED NUMBER: 04374565)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024


8. RESERVES
Fair
value
reserve
£   
At 1 March 2023 531,660
Revaluation of investment property 642,997
Deferred tax on investment property (241,479 )
Disposals (7,309 )

At 29 February 2024 925,869