Registered number
00560217
Minns (Oxford) Limited
Filleted Accounts
31 March 2024
Minns (Oxford) Limited
Registered number: 00560217
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 5 2,115,001 2,115,001
Current assets
Debtors 6 19,740 198,781
Cash at bank and in hand 2,161 9,248
21,901 208,029
Creditors: amounts falling due within one year 7 (23,796) (221,442)
Net current liabilities (1,895) (13,413)
Net assets 2,113,106 2,101,588
Capital and reserves
Called up share capital 187,763 187,763
Fair value reserve 8 (24,000) (24,000)
Capital redemption reserve 27,672 27,672
Profit and loss account 1,921,671 1,910,153
Shareholders' funds 2,113,106 2,101,588
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kevin Minns
Director
Approved by the board on 2 December 2024
Minns (Oxford) Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 30% reducing balance
Fixtures, fittings, tools and equipment over 5 years
Depreciation is provided only on investment properties which are leasehold and where the unexpired lease term is less than 20 years.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is creditied or charged to profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Taxation 2024 2023
£ £
Current tax 1,529 1,545
Adjustments in respect of previous periods (432)
1,529 1,113
There is a potential deferred tax asset of £4,670 in respect of the revaluation of the ground rent investments in the year ended 31 March 2022, disclosed in investment properties.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
(including Directors)
4 Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 4,720
At 31 March 2024 4,720
Depreciation
At 1 April 2023 4,720
At 31 March 2024 4,720
Net book value
At 31 March 2024 -
5 Investments
Other
investments
£
Cost
At 1 April 2023 2,115,001
At 31 March 2024 2,115,001
The Director has revalued the ground rent investments at 31 March 2019 of Foresters Court, Kidlington and Hampden Building, Kidlington for the purposes of these accounts at £70,000 and £150,000 respectively, which he considers to represent fair value. The Director considers the ground rent investment at Riverside Court, Oxford to have £nil value due to the peppercorn ground rent.
6 Debtors 2024 2023
£ £
Trade debtors 750 250
Amounts owed by group undertakings and undertakings in which the company has a participating interest 14,220 193,761
Deferred tax asset 4,670 4,670
Other debtors 100 100
19,740 198,781
7 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 27 27
Taxation and social security costs 15,704 194,850
Other creditors 8,065 26,565
23,796 221,442
8 Fair value reserve 2024 2023
£ £
At 1 April 2023 (24,000) (24,000)
At 31 March 2024 (24,000) (24,000)
9 Controlling party
The ultimate controlling party is the sole director, Kevin Minns.
10 Other information
Minns (Oxford) Limited is a private company limited by shares and incorporated in England. It's registered office is:
Prama House
267 Banbury Road
Oxford
OX2 7HT
Minns (Oxford) Limited 00560217 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Kevin Minns No description of principal activity 00560217 2022-04-01 2023-03-31 00560217 core:WithinOneYear 2023-03-31 00560217 core:ShareCapital 2023-03-31 00560217 core:OtherReservesSubtotal 2023-03-31 00560217 core:RetainedEarningsAccumulatedLosses 2023-03-31 00560217 core:RevaluationReserve 2022-03-31 00560217 2023-04-01 2024-03-31 00560217 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00560217 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00560217 bus:Director40 2023-04-01 2024-03-31 00560217 1 2023-04-01 2024-03-31 00560217 2 2023-04-01 2024-03-31 00560217 countries:England 2023-04-01 2024-03-31 00560217 bus:FRS102 2023-04-01 2024-03-31 00560217 bus:FilletedAccounts 2023-04-01 2024-03-31 00560217 2024-03-31 00560217 core:WithinOneYear 2024-03-31 00560217 core:ShareCapital 2024-03-31 00560217 core:OtherReservesSubtotal 2024-03-31 00560217 core:RetainedEarningsAccumulatedLosses 2024-03-31 00560217 core:Vehicles 2024-03-31 00560217 core:RevaluationReserve 2024-03-31 00560217 2023-03-31 00560217 core:Vehicles 2023-03-31 00560217 core:RevaluationReserve 2023-03-31 iso4217:GBP xbrli:pure