| REGISTERED NUMBER: |
| Miscombe Limited |
| Financial Statements for the Year Ended 30th September 2024 |
| REGISTERED NUMBER: |
| Miscombe Limited |
| Financial Statements for the Year Ended 30th September 2024 |
| Miscombe Limited (Registered number: 02304497) |
| Contents of the Financial Statements |
| for the Year Ended 30th September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Miscombe Limited |
| Company Information |
| for the Year Ended 30th September 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 2 Oriel Court |
| Omega Park |
| Alton |
| Hampshire |
| GU34 2YT |
| Miscombe Limited (Registered number: 02304497) |
| Balance Sheet |
| 30th September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Revaluation reserve | 12 |
| Retained earnings | 12 | ( |
) |
| SHAREHOLDERS' FUNDS |
| The director acknowledges her responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Miscombe Limited (Registered number: 02304497) |
| Balance Sheet - continued |
| 30th September 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Miscombe Limited (Registered number: 02304497) |
| Notes to the Financial Statements |
| for the Year Ended 30th September 2024 |
| 1. | STATEMENT OF COMPLIANCE |
| Miscombe Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 1 Jacobs Yard, North Lane, Buriton, Petersfield, GU31 5RR. The registration number is 02304497. |
| These financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provision of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
| The financial statements have been prepared under the historical cost convention, with the exception of investment properties. |
| The financial statements have been prepared on the going concern basis on the understanding that the immediate parent undertaking, The KDB Trust is both willing and able to continue to provide financial and other support required by the company for the foreseeable future. |
| Turnover |
| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before turnover is recognised: |
| Rent receivable |
| Turnover comprises rent receivable from the Company's investment properties, exclusive of value added tax where applicable. |
| Tangible fixed assets |
| Improvements to property | - |
| Fixtures and fittings | - |
| The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate. |
| Investment property |
| Investment property is carried at fair value determined annually by the directors and derived from available market information. Changes in fair value are recognised in the Income Statement and no depreciation is provided on these assets. |
| Miscombe Limited (Registered number: 02304497) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. |
| Cash and cash equivalents |
| These comprise cash at bank and other short term liquid investments. |
| Debtors |
| Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Income Statement when there is objective evidence that the asset is impaired. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. |
| Contingent liability |
| A provision in relation to a contingent liability is only recognised where it is probable that the entity will be required to transfer economic benefit in settlement. Where this is only possible then a provision is not recognised and information in relation to the contingent liability is disclosed in the notes to the financial statements. Where the outcome is remote then no such disclosure is made. |
| Miscombe Limited (Registered number: 02304497) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments |
| Investments other than investment properties are stated at cost less any provision for impairment. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1st October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30th September 2024 |
| DEPRECIATION |
| At 1st October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1st October 2023 |
| Impairments | ( |
) |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| Miscombe Limited (Registered number: 02304497) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2024 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1st October 2023 | 24,690,102 |
| Additions | 365,060 |
| At 30th September 2024 | 25,055,162 |
| Fair Value at 30th September 2024 is represented by: |
| £ |
| Valuation b/f | 19,323,207 |
| Valuation 2023 | (2,291,000 | ) |
| Valuation 2024 | - |
| Cost | 8,022,955 |
| 25,055,162 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 8,022,955 | 7,657,895 |
| The properties are held at the fair value as estimated by the directors, based on their knowledge of the market and industry information. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by related parties | 229 | 169,333 |
| Other debtors |
| Directors' current accounts | - | 6 |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Social security and other taxes |
| VAT | 65,959 | 37,210 |
| Other creditors |
| Accruals and deferred income |
| Miscombe Limited (Registered number: 02304497) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Included in Other creditors is a pension creditor balance of £643 (2023: £733). |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans repayable between 2 |
| and 5 years |
| Bank loans repayable after 5 |
| years |
| Amounts owed to related parties | 7,074,101 | 5,930,000 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans repayable after 5 |
| years | 513,314 | 857,920 |
| 513,314 | 857,920 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The company has three loan facilities with Lloyds Bank plc. These comprise two fixed interest loans and one variable interest loan. The loans are secured on seven properties (2023: seven properties). One of these properties is owned by Miscombe (London) Limited a company under common control. As at 30 September 2024, £3.601 million (2023: £3.601 million) of the facilities secured by these charges was drawn. |
| Interest on the fixed loans has been agreed at 4.86% until February 2026 (loan maturity in February 2031) and 5.015% (loan maturity in February 2031). Interest on the variable loan has been agreed at 3.25% over the Bank of England base rate per annum (loan maturity in February 2031). |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 50,000 | 50,000 |
| Miscombe Limited (Registered number: 02304497) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2024 |
| 12. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1st October 2023 | ( |
) | 12,439,346 |
| Profit for the year |
| Transfer | (86,002 | ) | 86,002 | - |
| At 30th September 2024 | 12,936,870 |
| Revaluation reserve |
| To assist with the identification of profits available for distribution this reserve represents changes in the fair value of the company's investment properties to the extent that they are not considered to be distributable to the company's shareholders, less any related provision for current or deferred tax. |
| Retained earnings |
| This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, Miscombe Limited incurred £45,751 (2023: £200,000) of management fees to companies which share the same ultimate parent controlling party, R A Barnett. |
| Included within creditors as amounts due to related party undertakings is £7,073,872 (2023: £5,760,667), these amounts are with companies which share the same ultimate parent controlling party, R A Barnett. These amounts are interest free and amounts shown as due in less than one year are repayable on demand and the amounts shown as due more than one year are repayable in one year and one day. |
| A company which shares the same ultimate controlling party has registered a charge over one of its investment properties in favour of the bankers of Miscombe Limited. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company's immediate parent undertaking is Miscombe Property Ltd, a company incorporated in England and Wales. The ultimate controlling party is R A Barnett by virtue of being Settlor of The KDB Trust. |