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REGISTERED NUMBER: 02576564 (England and Wales)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MIDPOINT PROPERTIES LIMITED

MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

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


MIDPOINT PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D N Kambouris
Ms T P D Kambouri





SECRETARY: Ms N D Paphitis





REGISTERED OFFICE: 50 Seymour Street
London
W1H 7JG





REGISTERED NUMBER: 02576564 (England and Wales)





ACCOUNTANTS: Orcom Civvals Limited
Accountants
50 Seymour Street
London
W1H 7JG

MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 9,633,057 9,626,219

CURRENT ASSETS
Debtors 5 26,368 66,636
Cash at bank 2,925,186 2,421,070
2,951,554 2,487,706
CREDITORS
Amounts falling due within one year 6 (838,813 ) (617,983 )
NET CURRENT ASSETS 2,112,741 1,869,723
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,745,798

11,495,942

PROVISIONS FOR LIABILITIES (1,277,428 ) (1,277,428 )
NET ASSETS 10,468,370 10,218,514

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 7 5,442,548 5,442,548
Retained earnings 7 5,024,822 4,774,966
SHAREHOLDERS' FUNDS 10,468,370 10,218,514

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 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.

MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

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 Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





D N Kambouris - Director


MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

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


1. STATUTORY INFORMATION

Midpoint Properties 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.

Significant judgements and estimates
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances.

The estimates and underlying assumptions are reviewed on an ongoing basis. There has been no judgements made by management in the application of FRS 102 that have had a significant effect on the financial statements and estimates with a significant risk of material adjustment.

Turnover
Turnover represents rent receivable.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.


MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 9,626,219
Additions 6,838
At 31 March 2024 9,633,057
NET BOOK VALUE
At 31 March 2024 9,633,057
At 31 March 2023 9,626,219

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2013 2,839,601
Valuation in 2015 3,450,375
Valuation in 2016 430,000
Cost 2,913,081
9,633,057

Investment properties were valued on an open market basis on 31 March 2024 by the directors .

MIDPOINT PROPERTIES LIMITED (REGISTERED NUMBER: 02576564)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 5,091 5,091
Accrued income - 40,000
Prepayments 21,277 21,545
26,368 66,636

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 114,099 79,072
Social security and other taxes 218 218
Other creditors 703,933 525,786
Rent deposits 6,949 -
Directors' current accounts 6,774 6,774
Accrued expenses 6,840 6,133
838,813 617,983

7. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 4,774,966 5,442,548 10,217,514
Profit for the year 349,856 349,856
Dividends (100,000 ) (100,000 )
At 31 March 2024 5,024,822 5,442,548 10,467,370

8. RELATED PARTY DISCLOSURES

Included in creditors is an amount of £315,706 (2023: £203,066) due to companies in which the directors have an interest.

Also included in creditors is an amount of £386,090 (2023: £321,504) due to the parent company.

During the year, the company received rent amounting to £500,000 (2023: £620,000) from a company in which the directors had an interest.

9. CONTROLLING PARTY

The company is controlled by Midpoint Properties Holdings Limited by virtue of its holding of the issued share capital.