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REGISTERED NUMBER: 03187346 (England and Wales)















M P FILTRI (PROPERTY) LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






M P FILTRI (PROPERTY) LIMITED (REGISTERED NUMBER: 03187346)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


M P FILTRI (PROPERTY) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: G Pasotto
Mrs M Pasotto
F Chessari





REGISTERED OFFICE: Conference Way
Vale Park
Evesham
Worcestershire
WR11 1LB





REGISTERED NUMBER: 03187346 (England and Wales)





AUDITORS: Smith Heath Holdings Limited
Statutory Auditor
Brent House
382 Gloucester Road
Cheltenham
Gloucestershire
GL51 7AY

M P FILTRI (PROPERTY) LIMITED (REGISTERED NUMBER: 03187346)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 - -
Investment property 5 6,494,887 6,421,816
6,494,887 6,421,816

CURRENT ASSETS
Debtors 6 16,058 -
Cash at bank 2,022 41
18,080 41
CREDITORS
Amounts falling due within one year 7 3,680,958 3,367,395
NET CURRENT LIABILITIES (3,662,878 ) (3,367,354 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,832,009

3,054,462

CREDITORS
Amounts falling due after more than one
year

8

1,300,252

1,726,657
NET ASSETS 1,531,757 1,327,805

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,531,657 1,327,705
1,531,757 1,327,805

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2025 and were signed on its behalf by:





F Chessari - Director


M P FILTRI (PROPERTY) LIMITED (REGISTERED NUMBER: 03187346)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

M P Filtri (Property) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Rental income is recognised with reference to the underlying agreement in place, with the total income spread evenly over the term of the agreement.

Investment property
Investment property is shown at fair value. Any aggregate surplus or defecit arising from changes in fair value is recognised in the Statement of Income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


M P FILTRI (PROPERTY) LIMITED (REGISTERED NUMBER: 03187346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
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.

Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

M P FILTRI (PROPERTY) LIMITED (REGISTERED NUMBER: 03187346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured
reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.








M P FILTRI (PROPERTY) LIMITED (REGISTERED NUMBER: 03187346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or
investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 2 ) .

4. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Vale Park Land Limited
Registered office: Wychavon District Council, Civic Centre, Queen Elizabeth Drive, Pershore, Worcestershire WR10 1PT
Nature of business: Dormant
%
Class of shares: holding
Ordinary 25.00

M P FILTRI (PROPERTY) LIMITED (REGISTERED NUMBER: 03187346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024 6,421,816
Additions 73,071
At 31 December 2024 6,494,887
NET BOOK VALUE
At 31 December 2024 6,494,887
At 31 December 2023 6,421,816

The investment property is included at fair value, which has been deemed equal to the cost of £6,494,887 (2023 - £6,421,816) after due consideration and advice sought by the directors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 16,058 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 1,350
Amounts owed to group undertakings 346,000 353,090
Taxation and social security 25,382 11,120
Other creditors 3,309,576 3,001,835
3,680,958 3,367,395

Amounts owed to group undertakings are unsecured and have a fixed date of repayment. Interest is charged at 1%.

Included in other creditors is a loan of £3,304,376 (2023 - £3,000,915) owed to a related party. The loan is unsecured and has no fixed repayment date. Interest is charged at 3%.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to group undertakings 1,300,252 1,726,657

Amounts owed to group undertakings are unsecured and have a fixed date of repayment. Interest is charged at 1%. An amount of £Nil (2023 - £278,030) is due after more than five years, payable by instalments.

M P FILTRI (PROPERTY) LIMITED (REGISTERED NUMBER: 03187346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Samantha Jane Smith FCCA (Senior Statutory Auditor)
for and on behalf of Smith Heath Holdings Limited

10. CONTINGENT LIABILITIES

At 31 December 2024, there were contingent liabilities amounting to £Nil (2023 - £Nil).

11. CAPITAL COMMITMENTS

At 31 December 2024, there were capital commitments amounting to £80,290 (2023 - £Nil).

12. OTHER FINANCIAL COMMITMENTS

The company is part of a multilateral guarantee in favour of the bank involving a related company. The value of the guarantee at 31 December 2024 was £10,259 (2023 - £533,766) and is secured by way of a fixed and floating charge in favour of the bank over the company's assets and undertakings.

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. OPERATING LEASE COMMITMENTS

At the reporting end date the company had contracted with tenants for the following minimum lease payments:


2024 2023
£ £

Due within one year 240,000 240,000
Due within two to five years 480,000 720,000
720,000 960,000