Registration number:
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Minety Panels Limited
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Minety Panels Limited
Statement of Financial Position as at 31 January 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Investment property |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
333,069 |
349,813 |
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Shareholders' funds |
333,169 |
349,913 |
For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
.........................................
M J Bowles
Director
Company registration number: 01745792
Minety Panels Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal activity of the company is that of property investment.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company had net assets at 31 January 2025 of £333,169 but with net current liabilities of £47,063. At 31 January 2025 an amount of £47,063 was due to the parent undertaking who has confirmed it will not call for repayment until such time as the company has sufficient working capital to do so. The company has no fixed overheads and no significant working capital requirement.
Having made enquiries the directors have a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements on the going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company's activities stated net of VAT, rebates and discounts.
The company recognises rental income evenly over the period of the leases.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Minety Panels Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Investment property
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company during the year was
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Investment properties |
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Fair Value |
2025 |
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At 1 February 2024 and 31 January 2025 |
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The investment property has been reflected at fair value as estimated by the directors at an amount of £450,000.
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Amounts owed to group undertakings |
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Financial commitments, guarantees and contingencies |
Operating Leases
The total of future minimum lease payments not reflected in the statement of financial position amounts to £1,588,229 (2024 - £
Minety Panels Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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Related party transactions |
In accordance with FRS 102 paragraph 1AC.35 exemption has been taken not to disclose transactions in the year or amounts falling due between undertakings that are wholly owned within the group.
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Profit and loss account |
Included within profit and loss reserves is an amount of £284,260 (2024: £284,260) which is non-distributable.