REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023 |
FOR |
MOUNTGOLD LETTINGS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023 |
FOR |
MOUNTGOLD LETTINGS LTD |
MOUNTGOLD LETTINGS LTD (REGISTERED NUMBER: 13813157) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 January 2023 to 30 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MOUNTGOLD LETTINGS LTD |
COMPANY INFORMATION |
for the Period 1 January 2023 to 30 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 Grovelands |
Boundary Way |
Hemel Hempstead |
Hertfordshire |
HP2 7TE |
MOUNTGOLD LETTINGS LTD (REGISTERED NUMBER: 13813157) |
BALANCE SHEET |
30 December 2023 |
30.12.23 | 31.12.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
MOUNTGOLD LETTINGS LTD (REGISTERED NUMBER: 13813157) |
BALANCE SHEET - continued |
30 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MOUNTGOLD LETTINGS LTD (REGISTERED NUMBER: 13813157) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 January 2023 to 30 December 2023 |
1. | STATUTORY INFORMATION |
Mountgold Lettings Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Rental income from investment property leased out under operating leases is recognised in the profit and loss on a straight-line basis over the term of the lease. |
Tangible fixed assets |
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. |
MOUNTGOLD LETTINGS LTD (REGISTERED NUMBER: 13813157) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 January 2023 to 30 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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,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, 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. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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 period 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. |
MOUNTGOLD LETTINGS LTD (REGISTERED NUMBER: 13813157) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 January 2023 to 30 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 30 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
At 30 December 2023 |
NET BOOK VALUE |
At 30 December 2023 |
At 31 December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | 215,000 |
At 30 December 2023 |
NET BOOK VALUE |
At 30 December 2023 |
At 31 December 2022 |
Fair value at 30 December 2023 is represented by: |
£ |
Valuation in 2023 | 215,000 |
Cost | 5,295,000 |
5,510,000 |
MOUNTGOLD LETTINGS LTD (REGISTERED NUMBER: 13813157) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 January 2023 to 30 December 2023 |
5. | INVESTMENT PROPERTY - continued |
If Investment Properties had not been revalued they would have been included at the following historical cost: |
30.12.23 | 31.12.22 |
as restated |
£ | £ |
Cost | 5,295,000 | - |
Investment Properties were valued on an open market basis on 30 December 2023 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.23 | 31.12.22 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 326,143 | 225,360 |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.23 | 31.12.22 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to participating interests | 43,733 | 37,267 |
Taxation |
Other creditors |
Directors' current accounts | 34,375 | - |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.12.23 | 31.12.22 |
as restated |
£ | £ |
Bank loans - 1-2 years |
Bank loans more 5 yrs non-inst | 2,892,789 | 2,892,804 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
MOUNTGOLD LETTINGS LTD (REGISTERED NUMBER: 13813157) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 January 2023 to 30 December 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.12.23 | 31.12.22 |
as restated |
£ | £ |
Bank loans more than 5 years | 2,892,789 | 2,892,804 |
The bank loans are secured against the investment properties by way of a fixed charge. |
10. | PROVISIONS FOR LIABILITIES |
30.12.23 | 31.12.22 |
as restated |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 40,850 | - |
41,193 | - |
Deferred |
tax |
£ |
Charge to Statement of Income and Retained Earnings during period |
Balance at 30 December 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.12.23 | 31.12.22 |
value: | as restated |
£ | £ |
Ordinary A | £0.01 | 1 | 1 |
Ordinary B | £0.01 | - | - |
1 | 1 |