Market Street Renewal Limited Filleted accounts for Companies House (small and micro)

Market Street Renewal Limited

Unaudited financial statements

31 March 2025

Company Registration Number 10298200

Market Street Renewal Limited

Financial statements

year ended 31 March 2025

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

Market Street Renewal Limited

Statement of financial position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	715,000	620,000

Current assets

Debtors	6	3,796	2,762
Cash at bank and in hand		23,994	21,306
		--------	--------
		27,790	24,068

Creditors: amounts falling due within one year	7	44,343	720,423
		--------	---------
Net current liabilities		16,553	696,355
		---------	---------
Total assets less current liabilities		698,447	( 76,355)

Creditors: amounts falling due after more than one year	8	670,500	–
		---------	--------
Net assets/(liabilities)		27,947	( 76,355)
		---------	--------

Capital and reserves

Called up share capital	200	200
Profit and loss account	27,747	( 76,555)
	--------	--------
Shareholders funds/(deficit)	27,947	( 76,355)
	--------	--------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Market Street Renewal Limited

Statement of financial position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 19 November 2025 , and are signed on behalf of the board by:

Mrs S G Grindrod-Smith

Director

Company registration number: 10298200

Market Street Renewal Limited

Notes to the financial statements

year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Guildhall, Marshalls Yard, Gainsborough, Lincolnshire, England, United Kingdom, DN21 2NA.

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.

Changes in accounting policies

During the year it had been decided that the WLDC loan should be restated from short term to long term liabilities as it is felt it is no longer a current liability. Had this changed last year, long term liabilities would have increased by £670,000 and current liabilities reduced by the same amount. This change has no impact on the profit and loss account .

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. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2024: Nil).

5. Tangible assets

	Freehold property
	£

Cost or valuation
At 1 April 2024	620,000
Revaluations	95,000
	---------
At 31 March 2025	715,000
	---------
Depreciation
At 1 April 2024 and 31 March 2025	–
	---------
Carrying amount
At 31 March 2025	715,000
	---------
At 31 March 2024	620,000
	---------

Included within the above is investment property as follows:

	£

At 1 April 2024	620,000
Fair value adjustments	95,000
	---------
At 31 March 2025	715,000
	---------

The investment properties were revalued in 2025 by Wilks, Head & Eve (a RICS valuer) at 31 March 2025 and the directors feel this value to be correct at the year end. Finance costs In order to show an assets true cost the finance costs incurred whilst construction of an asset is ongoing are capitalised as part of that cost. The total finance cost capitalised on construction of the investment properties amounted to £28,407.

6. Debtors

	2025	2024
	£	£

Other debtors	3,796	2,762
	-------	-------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£

Bank loans and overdrafts	27,247	670,000
Trade creditors	2,240	–
Corporation tax	2,182	–
Social security and other taxes	1,334	1,040
Other creditors	11,340	49,383
	--------	---------
	44,343	720,423
	--------	---------

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£

Bank loans and overdrafts	670,500	–
	---------	----

9. Operating leases

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	2025	2024
	£	£

Not later than 1 year	32,240	21,251
Later than 1 year and not later than 5 years	19,667	34,000
	--------	--------
	51,907	55,251
	--------	--------

10. Controlling party

The ultimate parent undertaking is West Lindsey District Council the address of its principal place of business is Guildhall, Marshall’s Yard, Gainsborough, Lincolnshire.