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COMPANY REGISTRATION NUMBER: 07584313
Minty Property Limited
Filleted Unaudited Financial Statements
31 July 2024
Minty Property Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
7,112,373
7,112,373
Current assets
Cash at bank and in hand
24,292
2,248
Creditors: amounts falling due within one year
7
2,062,567
2,047,857
------------
------------
Net current liabilities
2,038,275
2,045,609
------------
------------
Total assets less current liabilities
5,074,098
5,066,764
Creditors: amounts falling due after more than one year
8
406,918
461,730
Provisions
620,152
620,152
------------
------------
Net assets
4,047,028
3,984,882
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
10
2,720,363
2,720,363
Profit and loss account
10
1,326,565
1,264,419
------------
------------
Shareholder funds
4,047,028
3,984,882
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Minty Property Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 24 April 2025 , and are signed on behalf of the board by:
Mr.R Shaw
Director
Company registration number: 07584313
Minty Property Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Wolsey Mansions, Main Avenue, Northwood, Middlesex, HA6 2HL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
15,579
15,861
--------
--------
Tax on profit
15,579
15,861
--------
--------
6. Tangible assets
Freehold property
£
Cost
At 1 August 2023 and 31 July 2024
7,112,373
------------
Depreciation
At 1 August 2023 and 31 July 2024
------------
Carrying amount
At 31 July 2024
7,112,373
------------
At 31 July 2023
7,112,373
------------
Investment property is carried at fair value,determined annually by the director 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.Changes in fair value are recognised in the statement of comprehensive income.
The fair value of the investment property is based on the directors best estimate. The Historic cost is £3,858,784( 2023-£3,858,784)
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
67,404
82,977
Corporation tax
14,022
39,227
Other creditors
1,981,141
1,925,653
------------
------------
2,062,567
2,047,857
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
406,918
461,730
---------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
620,152
620,152
---------
---------
10. Reserves
Revaluation reserve This reserve relates to gains/losses arising on the revaluation of investment property,together with related deferred tax.This reserve is not distributable to shareholders. Profit and loss account This reserve relatest to the cimulative retained earnings less amounts distributed to shareholders.
11. Related party transactions
During the year, the company charged rent of £144,000(2023-£121,500) to a company under common control. At the year end, the company owed a company under common control £793,544(2023-£738,055). This loan is interest free and receivable on demand. At the year end, the company owed £1,180,397 (2023- £1,180,397) to another company under common control. This loan is interest free and receivable on demand.This amount will be written off during 2025 as the company will be liquidated.