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Registration number: 07486974

Midpark Capital Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Midpark Capital Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Midpark Capital Limited

Company Information

Directors

Mr BW Cowles

Mrs K B Cowles

Company secretary

Mr BW Cowles

Registered office

1 The Old Manor
Paxford
Chipping Campden
Gloucestershire
GL55 6XL

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Midpark Capital Limited

(Registration number: 07486974)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

140,703

149,058

Investment property

5

2,255,017

1,465,099

Investments

1

1

 

2,395,721

1,614,158

Current assets

 

Debtors

6

88,777

47,395

Cash at bank and in hand

 

64,734

381,060

 

153,511

428,455

Creditors: Amounts falling due within one year

7

(46,342)

(39,481)

Net current assets

 

107,169

388,974

Total assets less current liabilities

 

2,502,890

2,003,132

Creditors: Amounts falling due after more than one year

7

(1,081,180)

(768,033)

Provisions for liabilities

(232,147)

(174,355)

Net assets

 

1,189,563

1,060,744

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,189,463

1,060,644

Shareholders' funds

 

1,189,563

1,060,744

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Midpark Capital Limited

(Registration number: 07486974)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 3 January 2025 and signed on its behalf by:
 

.........................................
Mr BW Cowles
Company secretary and director

   
     
 

Midpark Capital Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Retained earnings
£

Total
£

At 1 February 2023

100

1,060,644

1,060,744

Profit for the year

-

178,819

178,819

Dividends

-

(50,000)

(50,000)

At 31 January 2024

100

1,189,463

1,189,563

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

100

1,052,839

1,052,939

Profit for the year

-

57,805

57,805

Dividends

-

(50,000)

(50,000)

At 31 January 2023

100

1,060,644

1,060,744

 

Midpark Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 The Old Manor
Paxford
Chipping Campden
Gloucestershire
GL55 6XL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Midpark Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is recognised so as to write off the cost of the assets less their residual values over their useful lives on the following bases:

Asset class

Depreciation method and rate

Land and buildings freehold

no depreciation

Plant and fixtures

10% reducing balance

Motor vehicles (included in plant)

2% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Midpark Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Midpark Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Joint ventures

The company is involved in joint ventures with investment properties. These have been treated as jointly controlled assets under FRS102, where the company recognises its share of the jointly controlled assets and liabilities in the balance sheet classified according to their nature, and its share of income and expenditure relating to the assets in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

87,094

85,090

172,184

At 31 January 2024

87,094

85,090

172,184

Depreciation

At 1 February 2023

19,906

3,220

23,126

Charge for the year

6,718

1,637

8,355

At 31 January 2024

26,624

4,857

31,481

Carrying amount

At 31 January 2024

60,470

80,233

140,703

At 31 January 2023

67,188

81,870

149,058

 

Midpark Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Investment properties

2024
£

At 1 February

1,465,099

Additions

553,880

Fair value adjustments

236,038

At 31 January

2,255,017

The directors have revalued the investment properties based on their knowledge of the property value through discussions with estate agents and valuers.

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,325

1,934

Amounts owed by related parties

9

3,178

3,178

Prepayments

 

960

892

Other debtors

 

82,314

41,391

   

88,777

47,395

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

12,474

11,761

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

524

524

Taxation and social security

 

6,858

3,189

Accruals and deferred income

 

11,231

11,156

Other creditors

 

15,255

12,851

 

46,342

39,481

 

Midpark Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Creditors: amounts falling due after more than one year

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,273

-

Hire purchase contracts

11,032

17,384

Other borrowings

1,059,875

750,649

1,081,180

768,033

The loan matures in less than one year but there is no indication to suggest the loans will not be renewed.

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

6,352

5,638

Other borrowings

6,122

6,123

12,474

11,761

9

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

41,291

108,030

(67,107)

82,214

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

13,551

91,028

(63,288)

41,291