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REGISTERED NUMBER: 13813157 (England and Wales)















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: Mr P W Giggins
Mrs L M Giggins





REGISTERED OFFICE: Unit 4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE





REGISTERED NUMBER: 13813157 (England and Wales)





ACCOUNTANTS: Kings Chartered 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 1,805 52
Investment property 5 5,510,000 5,295,000
5,511,805 5,295,052

CURRENT ASSETS
Debtors 6 329,960 230,683
Cash at bank 11,132 80,110
341,092 310,793
CREDITORS
Amounts falling due within one year 7 280,087 214,538
NET CURRENT ASSETS 61,005 96,255
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,572,810

5,391,307

CREDITORS
Amounts falling due after more than one
year

8

(2,892,789

)

(2,917,940

)

PROVISIONS FOR LIABILITIES 10 (41,193 ) -
NET ASSETS 2,638,828 2,473,367

CAPITAL AND RESERVES
Called up share capital 11 1 1
Share premium 2,434,585 2,434,585
Retained earnings 204,242 38,781
SHAREHOLDERS' FUNDS 2,638,828 2,473,367

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 December 2023 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.

MOUNTGOLD LETTINGS LTD (REGISTERED NUMBER: 13813157)

BALANCE SHEET - continued
30 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

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:





Mr P W Giggins - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 1,906 10,568 12,474
Additions - 1,923 1,923
At 30 December 2023 1,906 12,491 14,397
DEPRECIATION
At 1 January 2023 1,888 10,534 12,422
Charge for period 18 152 170
At 30 December 2023 1,906 10,686 12,592
NET BOOK VALUE
At 30 December 2023 - 1,805 1,805
At 31 December 2022 18 34 52

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 5,295,000
Revaluations 215,000
At 30 December 2023 5,510,000
NET BOOK VALUE
At 30 December 2023 5,510,000
At 31 December 2022 5,295,000

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 3,198 3,198
Amounts owed by participating interests 326,143 225,360
Prepayments and accrued income 619 2,125
329,960 230,683

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.12.23 31.12.22
as restated
£    £   
Bank loans and overdrafts 7,626 10,000
Trade creditors 124 2,427
Amounts owed to participating interests 43,733 37,267
Taxation 15,382 14,141
Other creditors 142,603 142,704
Directors' current accounts 34,375 -
Accruals and deferred income 36,244 7,999
280,087 214,538

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.12.23 31.12.22
as restated
£    £   
Bank loans - 1-2 years - 25,136
Bank loans more 5 yrs non-inst 2,892,789 2,892,804
2,892,789 2,917,940

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,892,789 2,892,804

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 343 -
Other timing differences 40,850 -
41,193 -

Deferred
tax
£   
Charge to Statement of Income and Retained Earnings during period 41,193
Balance at 30 December 2023 41,193

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.12.23 31.12.22
value: as restated
£    £   
61 Ordinary A £0.01 1 1
41 Ordinary B £0.01 - -
1 1