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Registered number: 12527354
Michild Propco2 Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—5
Page 1
Balance Sheet
Registered number: 12527354
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 336,875
- 336,875
CURRENT ASSETS
Debtors 5 10 -
10 -
Creditors: Amounts Falling Due Within One Year 6 - (230,940 )
NET CURRENT ASSETS (LIABILITIES) 10 (230,940 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10 105,935
NET ASSETS 10 105,935
CAPITAL AND RESERVES
Called up share capital 7 10 10
Profit and Loss Account - 105,925
SHAREHOLDERS' FUNDS 10 105,935
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and were signed on its behalf by:
A Sage
Director
26/03/2025
The notes on pages 2 to 5 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Michild Propco2 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12527354 . The registered office is 01 Meadlake Place, Thorpe Lea Road, Egham, Surrey, TW20 8HE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
Following group restructure the company ceased to trade on 23 May 2023. On that date the company property was transferred to a fellow group company, MiChild Propco Limited. Thus the directors adopted a basis other than going concern in the preparation of these financial statements.
2.3. Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residue value are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of assets. See note 5 for the carrying amount of the plant and machinery and note 2.4 for the useful economic lives for each class of assets.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold 2% Straight Line
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 credited or charged to profit or loss.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. 
...CONTINUED
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2.4. Tangible Fixed Assets and Depreciation - continued
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity Instruments 
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.7. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 April 2023 350,000
Disposals (350,000 )
As at 31 March 2024 -
Depreciation
As at 1 April 2023 13,125
Disposals (13,125 )
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 336,875
All land and property was transferred to related entities on an arms length basis as part of a group restructure.
5. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 10 -
All balances due from group and related parties are interest free and repayable on demand
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1,140
Amounts owed to group undertakings - 228,390
Other creditors - 1,410
- 230,940
All balances due to group and related parties are interest free and payable on demand
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,000 Ordinary Shares of £ 0.01 each 10 10
8. Directors Advances, Credits and Guarantees
The company has entered into a cross guarantee that secures the bank loan in the immediate parent company over all the trade and assets of both the company and its immediate parent.
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9. Post Balance Sheet Events
Subsequent to the year end the company refinanced with Triple Point Advancr Leasing PLC, a new fixed charge over the assets of the company was provided in July 2024
10. Related Party Disclosures
The company has taken advantage of exemptions, under the terms of Financial Reporting Standards 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclosure related party transactions with wholly owned subsidiaries within the group.
11. Controlling Parties
The immediate parent undertaking is Michild Midco Limited a company incorporated in England and Wales whose registered office is 01 Meadlake Place, Thorpe Lea Road, Egham, TW20 8HE.
The ultimate holding company is MiParent Holdings Limited, a company incorporated in England and Wales whose registered office is Woods End, Hill Farm Lane, Chalfont St. Giles, England, HP8 4NT.
MiParent Holdings Limited is the smallest and largest group of undertakings to consolidate these financial statements. The consolidated accounts are available from the register office.
The ultimate controlling party is Mr A Sage and Mr C Ross-Roberts by way of their shareholding in MiParent Holdings Limited.
12. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13. Audit Information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report was unqualified.
The auditors emphasised the following matter without qualifying their report:
We draw attention to Note 2.2 to the financial statements which explains that the directors intend to liquate the Company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.
The auditor's report was signed by Richard Lane (Senior Statutory Auditor) for and on behalf of Affinia (Stratford) , Statutory Auditor.
Affinia (Stratford)
19th Floor
1 Westfield Avenue
Stratford
London
E20 1HZ
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