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Company registration number: 7930966
Michigan Investments Limited
Pages for filing with Registrar
28 February 2025
Michigan Investments Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Michigan Investments Limited
Statement of financial position
28 February 2025

|  |  | 2025 |  |  |  | 2024 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Tangible assets |  | 5 | 8,674,778 |  |  |  | 8,677,223 |  |
Investments |  | 6 | 100 |  |  |  | 100 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 8,674,878 |  |  |  | 8,677,323
Current assets |  |  |  |  |  |  |  |  |
Debtors |  | 7 | 329,507 |  |  |  | 296,018 |  |
Cash at bank and in hand |  |  | 272,119 |  |  |  | 272,007 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 601,626 |  |  |  | 568,025 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 8 | ( 3,432,591) |  |  |  | ( 3,470,020) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current liabilities |  |  |  |  | ( 2,830,965) |  |  |  | ( 2,901,995)
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 5,843,913 |  |  |  | 5,775,328
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
after more than one year |  | 9 |  |  | ( 4,250,006) |  |  |  | ( 4,342,063)
|  |  |  |  | _______ |  |  |  | _______
Net assets |  |  |  |  | 1,593,907 |  |  |  | 1,433,265
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  |  |  |  | 100 |  |  |  | 100
Fair value reserve |  |  |  |  | 1,351,035 |  |  |  | 1,351,035
Profit and loss account |  |  |  |  | 242,772 |  |  |  | 82,130
|  |  |  |  | _______ |  |  |  | _______
Shareholders funds |  |  |  |  | 1,593,907 |  |  |  | 1,433,265
|  |  |  |  | _______ |  |  |  | _______

For the year ending 28 February 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.
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 comprehensive income has not been delivered.
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:
Mr Mark Adam Walton
Director
Company registration number: 7930966
Michigan Investments Limited
Statement of changes in equity
Year ended 28 February 2025

|  | Called up share capital |  | Fair value reserve |  | Profit and loss account | Total |  |  |
|  | £ |  | £ |  | £ | £ |  |  |
At 28 February 2023 |  | 100 |  | 2,420,394 |  | 7,910 | 2,428,404 |  |  |
Profit for the year |  |  |  |  |  | 74,220 | 74,220 |  |  |
Other comprehensive income for the year: |  |  |  |  |  |  |  |  |  |
Loss on revaluation of property |  | - |  | (1,069,359) |  | - | ( 1,069,359) |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
Total comprehensive income for the year |  | - |  | ( 1,069,359) |  | 74,220 | ( 995,139) |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
At 28 February 2024 and 29 February 2024 |  | 100 |  | 1,351,035 |  | 82,129 | 1,433,264 |  |  |
Profit for the year |  |  |  |  |  | 160,643 | 160,643 |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
Total comprehensive income for the year |  | - |  | - |  | 160,643 | 160,643 |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
At 28 February 2025 |  | 100 |  | 1,351,035 |  | 242,772 | 1,593,907 |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |

Michigan Investments Limited
Notes to the financial statements
Year ended 28 February 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 West 2, Asama Court, Newcastle Business Park, Newcastle upon Tyne, NE4 7YD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Fittings fixtures and equipment | - | 20 % | reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).
5. Tangible assets

|  | Long leasehold property | Plant and machinery | Total |  |  |  |
|  | £ | £ | £ |  |  |  |
| Cost/valuation |  |  |  |  |  |  |
| At 29 February 2024 and 28 February 2025 | 9,783,767 | 83,450 | 9,867,217 |  |  |  |
|  | _______ | _______ | _______ |  |  |  |
| Depreciation |  |  |  |  |  |  |
| At 29 February 2024 | 1,118,767 | 71,227 | 1,189,994 |  |  |  |
| Charge for the year | - | 2,445 | 2,445 |  |  |  |
|  | _______ | _______ | _______ |  |  |  |
| At 28 February 2025 | 1,118,767 | 73,672 | 1,192,439 |  |  |  |
|  | _______ | _______ | _______ |  |  |  |
| Carrying amount |  |  |  |  |  |  |
| At 28 February 2025 | 8,665,000 | 9,778 | 8,674,778 |  |  |  |
|  | _______ | _______ | _______ |  |  |  |
| At 28 February 2024 | 8,665,000 | 12,223 | 8,677,223 |  |  |  |
|  | _______ | _______ | _______ |  |  |  |

The directors carried out an impairment review of the long leasehold property during the year to 28 February 2024, employing the services of Avison Young Commercial Estate Agents who valued the property at £8,665,000. The long leasehold property has therefore been impaired to this value accordingly.
Investment property
Included within the above is investment property measured at fair value as follows:

|  | £
| At 29 February 2024 and 28 February 2025 | 8,665,000
|  | _______

6. Investments

|  | Shares in group undertakings and participating interests | Total |  |  |  |
|  | £ | £ |  |  |  |
| Cost |  |  |  |  |  |
| At 29 February 2024 and 28 February 2025 | 100 | 100 |  |  |  |
|  | _______ | _______ |  |  |  |
| Impairment |  |  |  |  |  |
| At 29 February 2024 and 28 February 2025 | - | - |  |  |  |
|  | _______ | _______ |  |  |  |
| Carrying amount |  |  |  |  |  |
| At 28 February 2025 | 100 | 100 |  |  |  |
|  | _______ | _______ |  |  |  |
| At 28 February 2024 | 100 | 100 |  |  |  |
|  | _______ | _______ |  |  |  |

7. Debtors

|  |  | 2025 | 2024
|  |  | £ | £
| Trade debtors |  | 22,410 | 2,386
| Other debtors |  | 307,097 | 293,632
|  |  | _______ | _______
|  |  | 329,507 | 296,018
|  |  | _______ | _______

8. Creditors: amounts falling due within one year

|  |  | 2025 | 2024
|  |  | £ | £
| Bank loans and overdrafts |  | 93,504 | 80,928
| Trade creditors |  | 2,756 | 4,686
| Social security and other taxes |  | 9,105 | 5,256
| Other creditors |  | 3,327,226 | 3,379,150
|  |  | _______ | _______
|  |  | 3,432,591 | 3,470,020
|  |  | _______ | _______

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

|  |  | 2025 | 2024
|  |  | £ | £
| Bank loans and overdrafts |  | 4,250,006 | 4,342,063
|  |  | _______ | _______

10. Directors advances, credits and guarantees

|  | Balance brought forward and o/standing | Balance brought forward and o/standing
|  | 2025 | 2024
|  | £ | £
| Mr Philip George Walton | ( 71,458) | ( 71,458)
| Mr Mark Adam Walton | 214,818 | 214,818
|  | _______ | _______
|  | 143,360 | 143,360
|  | _______ | _______

11. Related party transactions
During the year the company entered into the following transactions with related parties:

|  | Transaction value |  | Balance owed by/(owed to) |
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Walton Robinson Limited | - | - | ( 811,277) | ( 811,277)
| Chicago Acquisitions Limited | 43,000 | 25,000 | ( 35,059) | ( 78,059)
| McKenzie Real Estates Kimited | 100 | ( 50) | ( 659,945) | ( 660,045)
| The McKenzie Corporation Limited | - | - | ( 1,683,834) | ( 1,683,834)
|  | _______ | _______ | _______ | _______

Walton Robinson Limited is a company controlled by Mark Adam Walton.Chicago Acquisitions Limited is wholly owned by Michigan Investments Limited .McKenzie Real Estates Limited is a company controlled by Philip George Walton.The McKenzie Corporation Limited is a company controlled by Philip George Walton.
12. Controlling party
The company was under the control of the directors throughout the current and previous year.