Minns (Oxford) Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
30% reducing balance |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Depreciation is provided only on investment properties which are leasehold and where the unexpired lease term is less than 20 years. |
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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. |
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Investments |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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2 |
Taxation |
2024 |
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2023 |
£ |
£ |
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Current tax |
1,529 |
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1,545 |
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Adjustments in respect of previous periods |
(432) |
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1,529 |
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1,113 |
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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. |
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3 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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(including Directors) |
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4 |
Tangible fixed assets |
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Motor vehicles |
£ |
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Cost |
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At 1 April 2023 |
4,720 |
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At 31 March 2024 |
4,720 |
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Depreciation |
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At 1 April 2023 |
4,720 |
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At 31 March 2024 |
4,720 |
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Net book value |
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At 31 March 2024 |
- |
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5 |
Investments |
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Other |
investments |
£ |
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Cost |
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At 1 April 2023 |
2,115,001 |
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At 31 March 2024 |
2,115,001 |
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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. |
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6 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
750 |
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250 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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14,220 |
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193,761 |
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Deferred tax asset |
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4,670 |
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4,670 |
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Other debtors |
100 |
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100 |
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19,740 |
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198,781 |
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7 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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27 |
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27 |
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Taxation and social security costs |
15,704 |
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194,850 |
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Other creditors |
8,065 |
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26,565 |
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23,796 |
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221,442 |
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8 |
Fair value reserve |
2024 |
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2023 |
£ |
£ |
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At 1 April 2023 |
(24,000) |
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(24,000) |
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At 31 March 2024 |
(24,000) |
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(24,000) |
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9 |
Controlling party |
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The ultimate controlling party is the sole director, Kevin Minns. |
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10 |
Other information |
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Minns (Oxford) Limited is a private company limited by shares and incorporated in England. It's registered office is: |
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Prama House |
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267 Banbury Road |
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Oxford |
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OX2 7HT |