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REGISTERED NUMBER: 10057393 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MUNRO PROPERTY HOLDINGS LIMITED

MUNRO PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10057393)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MUNRO PROPERTY HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: A J M Forrest





REGISTERED OFFICE: 4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU





REGISTERED NUMBER: 10057393 (England and Wales)





ACCOUNTANTS: Hartley Fowler LLP
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

MUNRO PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10057393)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 52,436 37,505
Investment property 5 2,890,000 2,890,000
2,942,436 2,927,505

CURRENT ASSETS
Debtors 6 780 780
Cash at bank 55,159 62,945
55,939 63,725
CREDITORS
Amounts falling due within one year 7 80,566 1,025,919
NET CURRENT LIABILITIES (24,627 ) (962,194 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,917,809

1,965,311

CREDITORS
Amounts falling due after more than one
year

8

(1,360,000

)

(410,000

)

PROVISIONS FOR LIABILITIES 10 (382,008 ) (382,008 )
NET ASSETS 1,175,801 1,173,303

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 1,146,024 1,146,024
Retained earnings 29,677 27,179
SHAREHOLDERS' FUNDS 1,175,801 1,173,303

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MUNRO PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10057393)

BALANCE SHEET - continued
31 MARCH 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 director and authorised for issue on 7 February 2025 and were signed by:





A J M Forrest - Director


MUNRO PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10057393)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Munro Property Holdings 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Due to the ongoing support of the company's principal shareholder the director believed that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the forseeable future.

If the company were unable to continue in operational existence for the forseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise.

Significant judgements and estimates
Accounting policies which have a significant bearing on the reported financial position and results of the company may require subjective or complex judgements.

The principal on-going area of judgement is the investment property valuation where the director's opinion of fair value based on experience, yield analysis and comparison with similar properties has been obtained at each reporting date.

Deferred tax is directly and indirectly impacted by the estimation uncertainty arising within the investment property valuation through the timing difference that exists between the valuation and the tax base cost of the properties.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


MUNRO PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10057393)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 3,321 42,370 45,691
Additions - 23,394 23,394
Disposals - (1,500 ) (1,500 )
At 31 March 2024 3,321 64,264 67,585
DEPRECIATION
At 1 April 2023 930 7,256 8,186
Charge for year 830 7,633 8,463
Eliminated on disposal - (1,500 ) (1,500 )
At 31 March 2024 1,760 13,389 15,149
NET BOOK VALUE
At 31 March 2024 1,561 50,875 52,436
At 31 March 2023 2,391 35,114 37,505

MUNRO PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10057393)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,890,000
NET BOOK VALUE
At 31 March 2024 2,890,000
At 31 March 2023 2,890,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,528,032
Cost 1,361,968
2,890,000

If the properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,361,968 1,361,968

Investment property was valued on an open market value basis on 31 March 2024 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 780 780

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 255 -
Other creditors 80,311 1,025,919
80,566 1,025,919

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,360,000 410,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan 1,360,000 410,000

The bank loans are secured by a fixed charge over the investment properties.

MUNRO PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 10057393)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 382,008 382,008

Deferred
tax
£   
Balance at 1 April 2023 382,008
Balance at 31 March 2024 382,008

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the director was owed £46,651 (2023 - £984,702) by the company. The loan does not bear interest, is not secured and has no repayment terms.