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Registered number: 03811227
MHL Properties (UK) Limited
Financial Statements
For The Year Ended 31 December 2024
Stubbs Parkin
55 Hoghton Street
Southport
Merseyside
PR9 0PG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03811227
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 4,624 6,166
Investment Properties 6 2,163,178 2,332,677
2,167,802 2,338,843
CURRENT ASSETS
Debtors 7 151,680 146,849
Cash at bank and in hand 16,495 19,809
168,175 166,658
Creditors: Amounts Falling Due Within One Year 8 (69,673 ) (28,737 )
NET CURRENT ASSETS (LIABILITIES) 98,502 137,921
TOTAL ASSETS LESS CURRENT LIABILITIES 2,266,304 2,476,764
Creditors: Amounts Falling Due After More Than One Year 9 (1,560,781 ) (1,692,765 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (32,264 ) (28,720 )
NET ASSETS 673,259 755,279
CAPITAL AND RESERVES
Called up share capital 10 101 101
Profit and Loss Account 673,158 755,178
SHAREHOLDERS' FUNDS 673,259 755,279
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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.
On behalf of the board
Mr K C Reason
Director
14th April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MHL Properties (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03811227 . The registered office is 83 Mesnes Road, Wigan, Lancashire, WN1 2QT. 
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The company's functional and presentational currency is GBP and no level of rounding has been used in the preparation of the financial statements.
2.2. Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
The tax expense for the period comprises current and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
Page 3
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2.5. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Prior Period Adjustment
During the preparation of the financial statements for the year ended 31st December 2023, it was noted that a revaluation reserve of £893,399.85 had not been transferred to retained earnings when the company transitioned to FRS 102 Section 1A. Under FRS 102, revaluation reserves related to previously revalued assets should have been reclassified to retained earnings at the time of transition.
To align with this requirement, the revaluation reserve of £893,399.85 has now been reallocated to retained earnings. This adjustment is a balance sheet reclassification and has no impact on the company’s profit and loss for the current or prior years.
Comparative figures for the prior period have been restated accordingly.
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 January 2024 25,980 2,000 27,980
As at 31 December 2024 25,980 2,000 27,980
Depreciation
As at 1 January 2024 19,814 2,000 21,814
Provided during the period 1,542 - 1,542
As at 31 December 2024 21,356 2,000 23,356
Net Book Value
As at 31 December 2024 4,624 - 4,624
As at 1 January 2024 6,166 - 6,166
Page 4
Page 5
6. Investment Property
2024
£
Fair Value
As at 1 January 2024 2,332,677
Disposals (162,000 )
Revaluations (7,499)
As at 31 December 2024 2,163,178
7. Debtors
2024 2023
as restated
£ £
Due within one year
Other debtors 151,680 146,849
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 2,757 74
Other creditors 66,916 27,385
Taxation and social security - 1,278
69,673 28,737
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 1,560,781 1,692,765
10. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 101 101
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