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COMPANY REGISTRATION NUMBER: 10932754
MHillHoldings Ltd
Filleted Unaudited Financial Statements
31 August 2024
MHillHoldings Ltd
Balance Sheet
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,898,001
1,528,001
Current assets
Debtors
6
520
Cash at bank and in hand
4,751
12,136
-------
--------
4,751
12,656
Creditors: amounts falling due within one year
7
368,162
360,857
---------
---------
Net current liabilities
363,411
348,201
------------
------------
Total assets less current liabilities
1,534,590
1,179,800
Creditors: amounts falling due after more than one year
8
1,194,880
919,665
Provisions
71,864
58,364
------------
------------
Net assets
267,846
201,771
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
267,845
201,770
---------
---------
Shareholders funds
267,846
201,771
---------
---------
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 comprehensive income (including profit and loss account) has not been delivered.
For the year ending 31 August 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 members have 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 .
MHillHoldings Ltd
Balance Sheet (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 8 May 2025 , and are signed on behalf of the board by:
Mr M Hill
Director
Company registration number: 10932754
MHillHoldings Ltd
Notes to the Financial Statements
Year ended 31 August 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 28 Moorside Road, Swinton, Manchester, M27 0HJ.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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 the 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
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.
Impairment of 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.
Provisions
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost or valuation
At 1 September 2023
1,528,001
884
1,528,885
Additions
315,999
315,999
Revaluations
54,001
54,001
------------
----
------------
At 31 August 2024
1,898,001
884
1,898,885
------------
----
------------
Depreciation
At 1 September 2023 and 31 August 2024
884
884
------------
----
------------
Carrying amount
At 31 August 2024
1,898,001
1,898,001
------------
----
------------
At 31 August 2023
1,528,001
1,528,001
------------
----
------------
The director estimates the market value of the investment properties as at 31 August 2024 as £1,898,000.
6. Debtors
2024
2023
£
£
Other debtors
520
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
6,232
6,059
Other creditors
361,930
354,798
---------
---------
368,162
360,857
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,194,880
919,665
------------
---------
Included within creditors: amounts falling due after more than one year is an amount of £1,194,880 (2023: £919,665) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Amounts due after 5 years relate to 13 interest only mortgages in respect of the 13 investment properties. The loans are as follows: £142,835 with interest charged at 3.29% and repayable in 2049, £77,239 with interest charged at 3.25% and repayable in 2050, £68,513 with interest charged at 3.59% and repayable in 2049, £63,945 with interest charged at 3.59% and repayable in 2050, £127,500 with interest charged at 2.98% and repayable in 2062, £60,907 with interest charged at 3.18% and repayable in 2061, £81,750 with interest charged at 3.78% and repayable in 2062, £70,125 with interest charged at 3.78% and repayable in 2061, £71,583 with interest charged at 3.44% and repayable in 2047, £70,500 with interest charged at 4.18% and repayable in 2047, £191,250 with interest charged at 5.89% and repayable in 2049, £73,125 with interest charged at 5.99% and repayable 2049 and £95,250 with interest charged at 6.19% and repayable 2049.
The bank loans are secured by charges over the investment properties.
9. Director's advances, credits and guarantees
During the year the director advanced a further £7,130 in respect of his loan to the company so that at 31 August 2023 £361,149 (2023 £354,018) was still outstanding. No formal terms have been agreed in respect of this loan.
10. Reserves
The only movement in reserves in the year is in respect of the profit for the year. £53,253 of the profit and loss account is distributable, with the remaining £214,592 not distributable as it relates to the unrealised revaluation of investment properties after deferred tax provision.