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Registration number: 01717762

Minverport Enterprises Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Minverport Enterprises Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Statement of Financial Position

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

Minverport Enterprises Limited

Company Information

Director

Mr Aamer Johar

Registered office

5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

Accountants

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

Minverport Enterprises Limited

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr Aamer Johar

Principal activity

The principal activity of the company is that of an investment and property company. The subsidiary's principal activity continued to be that of wholesaler of fancy goods and toiletries.

Important non adjusting events after the financial period

The subsidiary company F & J Arpino Limited was placed into liquidation on 14 January 2025 due to continuing losses. The directors were unable to finalise the audit of the subsidiary F & J Arpino Limited for the year ended 31 December 2023 and also 31 December 2024.

As a result, it is impossible for Minverport Enterprises Limited to prepare group accounts. Hence, the directors have decided to prepare standalone accounts under the Companies Act 2006 for Minverport Enterprises Limited which does not require an audit. Similarly the ultimate holding company Rexward Solutions Limited accounts for the year ended 31 December 2023 will be prepared on the same basis.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 15 January 2025
 

.........................................
Mr Aamer Johar
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Minverport Enterprises Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Minverport Enterprises Limited for the year ended 31 December 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Minverport Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Minverport Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Minverport Enterprises Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Minverport Enterprises Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Minverport Enterprises Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Minverport Enterprises Limited. You consider that Minverport Enterprises Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Minverport Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

15 January 2025

 

Minverport Enterprises Limited

(Registration number: 01717762)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

57,120

-

Investment property

6

7,600,000

7,600,000

Investments

7

44,000

146,713

 

7,701,120

7,746,713

Current assets

 

Debtors

2,204,959

2,204,960

Cash at bank and in hand

 

23,048

18,506

 

2,228,007

2,223,466

Creditors: Amounts falling due within one year

8

(390,479)

(394,583)

Net current assets

 

1,837,528

1,828,883

Total assets less current liabilities

 

9,538,648

9,575,596

Creditors: Amounts falling due after more than one year

8

(1,893,385)

(4,458,217)

Provisions for liabilities

(660,853)

(650,000)

Net assets

 

6,984,410

4,467,379

Capital and reserves

 

Called up share capital

9

1,200

1,200

Revaluation reserve

2,950,000

2,950,000

Retained earnings

4,033,210

1,516,179

Shareholders' funds

 

6,984,410

4,467,379

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 15 January 2025
 

 

Minverport Enterprises Limited

(Registration number: 01717762)
Statement of Financial Position as at 31 December 2023

.........................................
Mr Aamer Johar
Director

 

Minverport Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN
United Kingdom

These financial statements were authorised for issue by the director on 15 January 2025.

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.

The presentation currency of the financial statments is Pound Sterling (£).

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 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.

 

Minverport Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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 statement of financial position 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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Motor Vehciles - 25% Straight Line

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.

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.

 

Minverport Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 income statement 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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement 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.

 

Minverport Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

-

8,000


 

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

Additions

76,160

76,160

At 31 December 2023

76,160

76,160

Depreciation

Charge for the year

19,040

19,040

At 31 December 2023

19,040

19,040

Carrying amount

At 31 December 2023

57,120

57,120

6

Investment properties

2023
£

At 1 January

7,600,000

At 31 December

7,600,000

There has been no valuation of investment property by an independent valuer.

 

Minverport Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Investments

2023
£

2022
£

Investments in subsidiaries

-

102,713

Investments in associates

44,000

44,000

44,000

146,713

Subsidiaries

£

Cost or valuation

At 1 January 2023

102,713

Provision

Provision

102,713

Carrying amount

At 31 December 2023

-

At 31 December 2022

102,713

Associates

£

Cost

At 1 January 2023

44,000

Provision

Carrying amount

At 31 December 2023

44,000

At 31 December 2022

44,000

 

Minverport Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

169,499

180,578

Taxation and social security

 

37,542

37,542

Other creditors

 

183,438

176,463

 

390,479

394,583

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,520,729

1,610,889

Other non-current financial liabilities

 

372,656

2,847,328

 

1,893,385

4,458,217

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,200

1,200

1,200

1,200

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,470,327

1,610,889

Hire purchase contracts

50,402

-

1,520,729

1,610,889

Current loans and borrowings

 

Minverport Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Bank borrowings

163,620

180,578

Hire purchase contracts

5,879

-

169,499

180,578

11

Parent and ultimate parent undertaking

The company's immediate parent is Rexward Solutions Limited, incorporated in England and Wales.

 The ultimate controlling party is the director and his spouse.