Registered number
10976682
Mitha Enterprise Ltd
Filleted Accounts
31 December 2024
Mitha Enterprise Ltd
Registered number: 10976682
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,201,600 4,802,395
Current assets
Debtors 4 1,588 1,949
Cash at bank and in hand 1,428,866 1,424,381
1,430,454 1,426,330
Creditors: amounts falling due within one year 5 (284,325) (256,764)
Net current assets 1,146,129 1,169,566
Total assets less current liabilities 6,347,729 5,971,961
Creditors: amounts falling due after more than one year 6 (5,034,699) (5,050,739)
Provisions for liabilities (272,664) (272,664)
Net assets 1,040,366 648,558
Capital and reserves
Called up share capital 300 300
Revaluation reserve 8 958,218 558,218
Profit and loss account 81,848 90,040
Shareholders' funds 1,040,366 648,558
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ayub Mitha
Director
Approved by the board on 11 March 2025
Mitha Enterprise Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold Investment property No depreciation
Equipment & over 5 years
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.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Investment property Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 4,800,000 13,858 4,813,858
Surplus on revaluation 400,000 - 400,000
At 31 December 2024 5,200,000 13,858 5,213,858
Depreciation
At 1 January 2024 - 11,463 11,463
Charge for the year - 795 795
At 31 December 2024 - 12,258 12,258
Net book value
At 31 December 2024 5,200,000 1,600 5,201,600
At 31 December 2023 4,800,000 2,395 4,802,395
The fair value of the investment property has been determined by an independent, professionally qualified valuer by reference to recent market prices of similar properties.
4 Debtors 2024 2023
£ £
Trade debtors 1,588 1,320
Other debtors - 629
1,588 1,949
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,753 23,370
Taxation and social security costs 79,885 67,894
Other creditors 196,687 165,500
284,325 256,764
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,416,645 1,416,657
Other creditors 3,618,054 3,634,082
5,034,699 5,050,739
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,416,645 1,416,660
The bank loans is secured by way of a Lien on the deposit held with the bank
8 Revaluation reserve 2024 2023
£ £
At 1 January 2024 558,218 558,218
Gain on revaluation of land and buildings 400,000 -
At 31 December 2024 958,218 558,218
9 Related party transactions
Other creditors due more than 1 year of £3,618,054 (2023: £3,634,082) are loans from directors & shareholders of the company. The loans are non interest bearing and no repayment date has been fixed, except that they not repayable within 12 month.
10 Controlling party
The company is under the control of Mitha Partnerships Ltd.
11 Other information
Mitha Enterprise Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 3 1812 Building
Wheatley Park
Mirfield
West Yorkshire
WF14 8HE
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