Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30Property development and investment22023-07-01false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12030612 2023-07-01 2024-06-30 12030612 2022-07-01 2023-06-30 12030612 2024-06-30 12030612 2023-06-30 12030612 c:Director2 2023-07-01 2024-06-30 12030612 d:CurrentFinancialInstruments 2024-06-30 12030612 d:CurrentFinancialInstruments 2023-06-30 12030612 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 12030612 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12030612 d:ShareCapital 2024-06-30 12030612 d:ShareCapital 2023-06-30 12030612 d:RetainedEarningsAccumulatedLosses 2024-06-30 12030612 d:RetainedEarningsAccumulatedLosses 2023-06-30 12030612 c:FRS102 2023-07-01 2024-06-30 12030612 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 12030612 c:FullAccounts 2023-07-01 2024-06-30 12030612 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12030612 2 2023-07-01 2024-06-30 12030612 d:Right-of-useInvestmentProperty 2024-06-30 12030612 d:Right-of-useInvestmentProperty 2023-06-30 12030612 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 12030612










MUSHI PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
MUSHI PROPERTIES LIMITED
REGISTERED NUMBER:12030612

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,127,375
2,127,375

  
2,127,375
2,127,375

Current assets
  

Debtors: amounts falling due within one year
 5 
69,011
55,744

Cash at bank and in hand
  
5,755
1,439

  
74,766
57,183

Creditors: amounts falling due within one year
 6 
(2,253,091)
(2,251,981)

Net current liabilities
  
 
 
(2,178,325)
 
 
(2,194,798)

Total assets less current liabilities
  
(50,950)
(67,423)

  

Net liabilities
  
(50,950)
(67,423)


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
(51,150)
(67,623)

  
(50,950)
(67,423)


Page 1

 
MUSHI PROPERTIES LIMITED
REGISTERED NUMBER:12030612
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Valik
Director
Date: 27 March 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
MUSHI PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Mushi Properties Limited is a private company limited by shares, incorporated in England and Wales. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

A director has confirmed that they will not seek to recover their loan until the company has sufficient funds available to make repayment. On this basis the directors consider it appropriate to prepare the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3

 
MUSHI PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 4

 
MUSHI PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
MUSHI PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Fixed asset investments


Investment properties

£



Valuation


At 1 July 2023
2,127,375



At 30 June 2024
2,127,375

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,127,375
2,127,375


5.


Debtors

2024
2023
£
£


Other debtors
63,857
46,283

Prepayments and accrued income
5,154
9,461

69,011
55,744



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
3,600

Other creditors
2,244,931
2,244,931

Accruals and deferred income
8,160
3,450

2,253,091
2,251,981



7.


Related party transactions

Included within other creditors is a balance due to the director of £2,244,931 (2023: £2,244,931). This is repayable on demand and non-interest bearing.

Page 6

 
MUSHI PROPERTIES LIMITED
 
 
 These pages do not form part of the statutory financial statements