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MTW Property Limited

Registered Number
10836728
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

MTW Property Limited
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Malcolm Thomas Wilson

Registered Address

4 Mason Court Gillan Way
Penrith 40 Business Park
Penrith
CA11 9GR

Registered Number

10836728 (England and Wales)
MTW Property Limited
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets47,6229,528
Investment property61,040,336835,963
1,047,958845,491
Current assets
Debtors7-25,000
Cash at bank and on hand40,04613,170
40,04638,170
Creditors amounts falling due within one year8(99,989)(77,582)
Net current assets (liabilities)(59,943)(39,412)
Total assets less current liabilities988,015806,079
Creditors amounts falling due after one year9(880,888)(706,495)
Provisions for liabilities11(18,155)(18,155)
Net assets88,97281,429
Capital and reserves
Called up share capital11
Profit and loss account88,97181,428
Shareholders' funds88,97281,429
The financial statements were approved and authorised for issue by the Director on 29 April 2025, and are signed on its behalf by:
Malcolm Thomas Wilson
Director
Registered Company No. 10836728
MTW Property Limited
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumption and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are that the properties are incorrectly valued at the year end date.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Vehicles25
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.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year11
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 July 233,35710,00013,357
At 30 June 243,35710,00013,357
Depreciation and impairment
At 01 July 231,3292,5003,829
Charge for year4061,5001,906
At 30 June 241,7354,0005,735
Net book value
At 30 June 241,6226,0007,622
At 30 June 232,0287,5009,528
5.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
6.Investment property
Investment property values were reviewed by the director as at the year end. The director has revalued the properties based upon independent valuations received when obtaining further finance against the properties and his own knowledge of the local property market in which the properties are situated. The Mortgage Works (UK) PLC hold a fixed and floating charge over each of the properties held by the company.

£
Fair value at 01 July 23835,963
Additions204,373
At 30 June 241,040,336
7.Debtors: amounts due within one year

2024

2023

££
Amounts owed by associates and joint ventures / participating interests-25,000
Total-25,000
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,2002,200
Bank borrowings and overdrafts27,70027,382
Amounts owed to related parties25,564-
Taxation and social security1,526-
Other creditors41,50046,500
Accrued liabilities and deferred income1,4991,500
Total99,98977,582
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts653,288579,296
Other creditors227,600127,199
Total880,888706,495
10.Creditors: amounts due after 5 years
The Mortgage Works (UK) PLC are secured creditors for the £665,309 (2023 - £558,357) due over one year. Included within creditors: amounts falling due after more than one year is an amount of £646,009 (2023 - £488,566) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. The liabilities falling due for payment after more than five years from the balance sheet date relate to the mortgages taken out on the properties held by the company.
11.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

2024

2023

££
Net deferred tax liability (asset)18,15518,155
Total18,15518,155
12.Guarantees provided on behalf of directors
Included within other creditors falling due over one year is £227,599 being the amount owed to the director. The loans are interest free and the director is not seeking repayment for the foreseeable future.