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REGISTERED NUMBER: 06803468 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Michael Brothers ( U K ) Limited

Michael Brothers ( U K ) Limited (Registered number: 06803468)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Michael Brothers ( U K ) Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Michael Andreas Michael
Alex Andreas Michael
Jason Andreas Michael
Markos Andreas Michael
Petros Andreas Michael
Savvas Andreas Michael





REGISTERED OFFICE: 67 Westow Street
Upper Norwood
London
SE19 3RW





REGISTERED NUMBER: 06803468 (England and Wales)





ACCOUNTANTS: CWF & Partners Ltd
Chartered Accountants
67 Westow Street
Upper Norwood
London
SE19 3RW

Michael Brothers ( U K ) Limited (Registered number: 06803468)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 5,804 7,263
Investments 6 100 100
Investment property 7 15,125,000 14,017,000
15,130,904 14,024,363

CURRENT ASSETS
Debtors 8 8,919 7,894
Cash at bank 134,336 -
143,255 7,894
CREDITORS
Amounts falling due within one year 9 587,838 687,604
NET CURRENT LIABILITIES (444,583 ) (679,710 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,686,321

13,344,653

CREDITORS
Amounts falling due after more than one
year

10

(5,674,816

)

(4,560,066

)

PROVISIONS FOR LIABILITIES 13 (1,202,832 ) (874,553 )
NET ASSETS 7,808,673 7,910,034

CAPITAL AND RESERVES
Called up share capital 14 90 90
Fair value reserve 15 4,261,339 4,423,199
Retained earnings 15 3,547,244 3,486,745
SHAREHOLDERS' FUNDS 7,808,673 7,910,034

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Michael Brothers ( U K ) Limited (Registered number: 06803468)

Balance Sheet - continued
31 January 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





Michael Andreas Michael - Director


Michael Brothers ( U K ) Limited (Registered number: 06803468)

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

1. STATUTORY INFORMATION

Michael Brothers ( U K ) 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 (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value.

Preparation of consolidated financial statements
The financial statements contain information about Michael Brothers ( U K ) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the the total value of rents receivable in the year.

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 reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment properties are measured at fair value. The surplus or deficit arising on the revaluation of investment properties at their fair values are recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 have been enacted or substantively enacted by the balance sheet date.


Michael Brothers ( U K ) Limited (Registered number: 06803468)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023
and 31 January 2024 28,736 3,000 360 32,096
DEPRECIATION
At 1 February 2023 21,600 2,873 360 24,833
Charge for year 1,427 32 - 1,459
At 31 January 2024 23,027 2,905 360 26,292
NET BOOK VALUE
At 31 January 2024 5,709 95 - 5,804
At 31 January 2023 7,136 127 - 7,263

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 February 2023
and 31 January 2024 100
NET BOOK VALUE
At 31 January 2024 100
At 31 January 2023 100

Michael Brothers ( U K ) Limited (Registered number: 06803468)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Michael Brothers Construction Limited
Registered office: 67 Westow Street, Upper Norwood, London, SE19 3RW
Nature of business: Property developer
%
Class of shares: holding
Ordinary 100.00
31.1.23 31.1.22
£    £   
Aggregate capital and reserves 3,045 44,622
Profit for the year 423 6,580

The financial statements for the year ended 31 January 2024 were not available. Therefore the financial information for the two most recent years has been presented.

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 14,017,000
Additions 941,581
Revaluations 166,419
At 31 January 2024 15,125,000
NET BOOK VALUE
At 31 January 2024 15,125,000
At 31 January 2023 14,017,000

The investment properties are valued annually by the directors on an open market existing use basis.

The historical cost of the investment properties amount to £9,660,830 (2023 - £8,719,249).

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors - 1,000
Other debtors 5 5
Prepayments and accrued income 8,914 6,889
8,919 7,894

Michael Brothers ( U K ) Limited (Registered number: 06803468)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts (see note 11) 109,268 155,104
Amounts owed to group undertakings 100 100
Taxation and social security 55,877 70,467
Other creditors 422,593 461,933
587,838 687,604

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans (see note 11) 5,674,816 4,560,066

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years by instalments 5,157,956 3,842,912

11. LOANS

An analysis of the maturity of loans is given below:

31.1.24 31.1.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 21,888
Bank loans 109,268 133,216
Other loans 357,402 407,149
466,670 562,253

Amounts falling due between one and two years:
Bank loan 116,680 168,822

Amounts falling due between two and five years:
Bank loans 400,180 548,332

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years by instalments 5,157,956 3,842,912

Michael Brothers ( U K ) Limited (Registered number: 06803468)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

12. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank overdraft - 21,888
Bank loans 5,784,084 4,693,282
5,784,084 4,715,170

13. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax 1,202,832 874,553

Deferred
tax
£   
Balance at 1 February 2023 874,553
Provided during year 328,279
Balance at 31 January 2024 1,202,832

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
90 Ordinary £1 90 90

15. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 February 2023 3,486,745 4,423,199 7,909,944
Deficit for the year (101,361 ) - (101,361 )
Deferred tax 328,279 (328,279 ) -
Revaluation of property (166,419 ) 166,419 -
At 31 January 2024 3,547,244 4,261,339 7,808,583

16. RELATED PARTY DISCLOSURES

The company is controlled by the directors who are the shareholders of the company.

Included in creditors falling within one year is an interest-free loan from the father of the directors amounting to £357,402 (2023 - £407,149). The loan is unsecured and there is no fixed date of repayment.