Silverfin false false 31/03/2025 01/04/2024 31/03/2025 John Michael Mynott 31/03/1994 Andrew Michael Mynott 24/07/1991 Mr. J.M. Mynott 09 April 2025 The principal activity of the company continued to be that of property management and letting. 01021585 2025-03-31 01021585 bus:Director1 2025-03-31 01021585 bus:Director2 2025-03-31 01021585 2024-03-31 01021585 core:CurrentFinancialInstruments 2025-03-31 01021585 core:CurrentFinancialInstruments 2024-03-31 01021585 core:Non-currentFinancialInstruments 2025-03-31 01021585 core:Non-currentFinancialInstruments 2024-03-31 01021585 core:ShareCapital 2025-03-31 01021585 core:ShareCapital 2024-03-31 01021585 core:FurtherSpecificReserve1ComponentTotalEquity 2025-03-31 01021585 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 01021585 core:OtherCapitalReserve 2025-03-31 01021585 core:OtherCapitalReserve 2024-03-31 01021585 core:RetainedEarningsAccumulatedLosses 2025-03-31 01021585 core:RetainedEarningsAccumulatedLosses 2024-03-31 01021585 core:InvestmentPropertyIncludedWithinPPE 2024-03-31 01021585 core:PlantMachinery 2024-03-31 01021585 core:InvestmentPropertyIncludedWithinPPE 2025-03-31 01021585 core:PlantMachinery 2025-03-31 01021585 bus:OrdinaryShareClass1 2025-03-31 01021585 2024-04-01 2025-03-31 01021585 bus:FilletedAccounts 2024-04-01 2025-03-31 01021585 bus:SmallEntities 2024-04-01 2025-03-31 01021585 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 01021585 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 01021585 bus:Director1 2024-04-01 2025-03-31 01021585 bus:Director2 2024-04-01 2025-03-31 01021585 bus:Director3 2024-04-01 2025-03-31 01021585 core:PlantMachinery 2024-04-01 2025-03-31 01021585 2023-04-01 2024-03-31 01021585 core:InvestmentPropertyIncludedWithinPPE 2024-04-01 2025-03-31 01021585 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 01021585 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01021585 (England and Wales)

MICHAEL MYNOTT LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

MICHAEL MYNOTT LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

MICHAEL MYNOTT LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2025
MICHAEL MYNOTT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025
DIRECTORS John Michael Mynott
Andrew Michael Mynott
SECRETARY John Michael Mynott
REGISTERED OFFICE The Barn
1 Mynott Mews
Soham
CB7 5WJ
United Kingdom
BUSINESS ADDRESS The Barn
1 Mynott Mews
Soham
Cambridgeshire
CB7 5WJ
COMPANY NUMBER 01021585 (England and Wales)
ACCOUNTANT Corbett Accountants Limited
Bakersfield
82 Station Road
Soham
Ely
Cambridgeshire
CB7 5DZ
MICHAEL MYNOTT LIMITED

BALANCE SHEET

As at 31 March 2025
MICHAEL MYNOTT LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 1,075,890 1,076,113
1,075,890 1,076,113
Current assets
Debtors 4 672 1,221
Cash at bank and in hand 13,015 10,157
13,687 11,378
Creditors: amounts falling due within one year 5 ( 42,895) ( 54,516)
Net current liabilities (29,208) (43,138)
Total assets less current liabilities 1,046,682 1,032,975
Creditors: amounts falling due after more than one year 6 ( 139,000) ( 139,000)
Provision for liabilities 7 ( 121,315) ( 121,315)
Net assets 786,367 772,660
Capital and reserves
Called-up share capital 8 8,006 8,006
Fair value reserve 648,846 648,846
Other reserves 3,000 3,000
Profit and loss account 126,515 112,808
Total shareholders' funds 786,367 772,660

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Michael Mynott Limited (registered number: 01021585) were approved and authorised for issue by the Board of Directors on 09 April 2025. They were signed on its behalf by:

Mr. J.M. Mynott
Director
MICHAEL MYNOTT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
MICHAEL MYNOTT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Michael Mynott Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Barn, 1 Mynott Mews, Soham, CB7 5WJ, United Kingdom. The principal place of business is The Barn, 1 Mynott Mews, Soham, Cambridgeshire, CB7 5WJ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Plant and machinery 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Investment property Plant and machinery Total
£ £ £
Cost
At 01 April 2024 1,075,000 3,898 1,078,898
At 31 March 2025 1,075,000 3,898 1,078,898
Accumulated depreciation
At 01 April 2024 0 2,785 2,785
Charge for the financial year 0 223 223
At 31 March 2025 0 3,008 3,008
Net book value
At 31 March 2025 1,075,000 890 1,075,890
At 31 March 2024 1,075,000 1,113 1,076,113

4. Debtors

2025 2024
£ £
Other debtors 672 1,221

5. Creditors: amounts falling due within one year

2025 2024
£ £
Amounts owed to directors 23,484 26,408
Corporation tax 4,839 0
Other creditors 14,572 28,108
42,895 54,516

6. Creditors: amounts falling due after more than one year

2025 2024
£ £
Amounts owed to directors 139,000 139,000

7. Provision for liabilities

2025 2024
£ £
Deferred tax 121,315 121,315

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
8,006 Ordinary shares of £ 1.00 each 8,006 8,006

9. Related party transactions

Transactions with the entity's directors

2025 2024
£ £
During the year dividends were paid in respect of shares owned by the company directors. 11,000 2,000
The directors charged the company for the use of office during the year. 2,100 1,800
Included in creditors are directors' loans as follows: 0 0
Due within one year. 23,484 26,408
Due in more than one year. 139,000 139,000
0 0