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REGISTERED NUMBER: 02304497 (England and Wales)















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: R A Barnett





REGISTERED OFFICE: 1 Jacobs Yard
North Lane
Buriton
Petersfield
Hampshire
GU31 5RR





REGISTERED NUMBER: 02304497 (England and Wales)





ACCOUNTANTS: Sheen Stickland
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 2,393 2,748
Investments 5 15,000 30,315
Investment property 6 25,055,161 24,690,102
25,072,554 24,723,165

CURRENT ASSETS
Debtors 7 500,619 611,498
Cash at bank and in hand 1,111,711 1,130,475
1,612,330 1,741,973
CREDITORS
Amounts falling due within one year 8 (1,411,023 ) (2,606,898 )
NET CURRENT ASSETS/(LIABILITIES) 201,307 (864,925 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,273,861

23,858,240

CREDITORS
Amounts falling due after more than one
year

9

(8,867,341

)

(8,005,106

)

PROVISIONS FOR LIABILITIES (3,419,650 ) (3,363,788 )
NET ASSETS 12,986,870 12,489,346

CAPITAL AND RESERVES
Called up share capital 11 50,000 50,000
Revaluation reserve 12 12,912,515 12,826,513
Retained earnings 12 24,355 (387,167 )
SHAREHOLDERS' FUNDS 12,986,870 12,489,346

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2nd June 2025 and were signed by:





R A Barnett - Director


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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 20% on cost

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 6 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1st October 2023 127,775 26,692 154,467
Additions - 1,028 1,028
Disposals - (10,693 ) (10,693 )
At 30th September 2024 127,775 17,027 144,802
DEPRECIATION
At 1st October 2023 127,775 23,944 151,719
Charge for year - 1,383 1,383
Eliminated on disposal - (10,693 ) (10,693 )
At 30th September 2024 127,775 14,634 142,409
NET BOOK VALUE
At 30th September 2024 - 2,393 2,393
At 30th September 2023 - 2,748 2,748

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st October 2023 30,315
Impairments (15,315 )
At 30th September 2024 15,000
NET BOOK VALUE
At 30th September 2024 15,000
At 30th September 2023 30,315

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 202324,690,102
Additions365,060
At 30th September 202425,055,162


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 116,641 20,185
Amounts owed by related parties 229 169,333
Other debtors 13,116 9,538
Directors' current accounts - 6
Prepayments and accrued income 370,633 412,436
500,619 611,498

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 281,866 1,526,000
Trade creditors 68,235 86,817
Social security and other taxes 4,403 5,877
VAT 65,959 37,210
Other creditors 562,467 544,079
Accruals and deferred income 428,093 406,915
1,411,023 2,606,898

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 1,279,926 1,217,186
Bank loans repayable after 5
years 513,314 857,920
Amounts owed to related parties 7,074,101 5,930,000
8,867,341 8,005,106

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 2,075,106 3,601,106

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: £    £   
50,000 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 (387,167 ) 12,826,513 12,439,346
Profit for the year 497,524 497,524
Transfer (86,002 ) 86,002 -
At 30th September 2024 24,355 12,912,515 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.