Mountgold Lettings Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 13813157 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 31 DECEMBER 2023 TO 31 DECEMBER 2024

FOR

MOUNTGOLD LETTINGS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P W Giggins

Mrs L M Giggins

REGISTERED OFFICE:

Unit 4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

REGISTERED NUMBER:

13813157 (England and Wales)

ACCOUNTANTS:

Kings Chartered Accountants

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

FIXED ASSETS

Tangible assets

4

1,394

1,805

Investment property

5

5,510,000

5,511,394

5,511,805

CURRENT ASSETS

Debtors

6

365,396

329,960

Cash at bank

4,785

11,132

370,181

341,092

CREDITORS

Amounts falling due within one year

7

306,056

280,087

NET CURRENT ASSETS

64,125

61,005

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,575,519

5,572,810

CREDITORS

Amounts falling due after more than one
year

8

(2,904,684

)

(2,892,789

)

PROVISIONS FOR LIABILITIES

10

(41,115

)

(41,193

)

NET ASSETS

2,629,720

2,638,828

CAPITAL AND RESERVES

Called up share capital

11

1

Share premium

2,434,585

Retained earnings

195,134

204,242

SHAREHOLDERS' FUNDS

2,629,720

2,638,828

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 17 December 2025 and were signed on its behalf by:

Mr P W Giggins - Director

1.	STATUTORY INFORMATION

Mountgold Lettings Ltd 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 as modified by the revaluation of certain assets.

Turnover

Rental income from investment property leased out under operating leases is recognised in the profit and loss on a straight-line basis over the term of the lease.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its 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,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.

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.

Basic financial liabilities

Basic financial liabilities, 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.

Taxation

Taxation for the period 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.

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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 31 December 2023

1,906

12,491

14,397

Additions

-

294

At 31 December 2024

1,906

12,785

14,691

DEPRECIATION

At 31 December 2023

1,906

10,686

12,592

Charge for period

-

705

At 31 December 2024

1,906

11,391

13,297

NET BOOK VALUE

At 31 December 2024

-

1,394

At 30 December 2023

-

1,805

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 31 December 2023

and 31 December 2024

5,510,000

NET BOOK VALUE

At 31 December 2024

5,510,000

At 30 December 2023

5,510,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2023

215,000

Cost

5,295,000

5,510,000

If Investment Properties had not been revalued they would have been included at the following historical cost:

31.12.24

30.12.23

£

Cost

5,295,000

Investment Properties were valued on an open market basis on 31 December 2024 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

30.12.23

£

Trade debtors

3,943

3,198

Amounts owed by participating interests

357,554

326,143

Prepayments and accrued income

3,899

619

365,396

329,960

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

30.12.23

£

Bank loans and overdrafts

7,803

7,626

Trade creditors

1,228

124

Amounts owed to participating interests

44,733

43,733

Taxation

16,403

15,382

Other creditors

142,603

Directors' current accounts

55,163

34,375

Accruals and deferred income

38,123

36,244

306,056

280,087

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

30.12.23

£

Bank loans more 5 yrs non-inst

2,904,684

2,892,789

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

2,904,684

2,892,789

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

30.12.23

£

Bank loans more than 5 years

2,904,684

2,892,789

The bank loans are secured against the investment properties by way of a fixed charge.

10.	PROVISIONS FOR LIABILITIES

31.12.24

30.12.23

£

Deferred tax

Accelerated capital allowances

265

343

Other timing differences

40,850

41,115

41,193

Deferred

tax

£

Balance at 31 December 2023

41,193

Provided during period

(78

)

Balance at 31 December 2024

41,115

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

30.12.23

value:

£

61

Ordinary A

£0.01

1

41

Ordinary B

£0.01

-

1