| M.I.S. Properties Ltd |
| Registered number: |
03970428 |
| Balance Sheet |
| as at 30 April 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
27,463,983 |
|
|
45,600,448 |
| Investments |
4 |
|
|
100 |
|
|
100 |
|
|
|
|
27,464,083 |
|
|
45,600,548 |
|
| Current assets |
| Debtors |
5 |
|
542,941 |
|
|
2,929,946 |
| Cash at bank and in hand |
|
|
103,175 |
|
|
693,224 |
|
|
|
646,116 |
|
|
3,623,170 |
|
| Creditors: amounts falling due within one year |
6 |
|
(351,055) |
|
|
(556,083) |
|
| Net current assets |
|
|
|
295,061 |
|
|
3,067,087 |
|
| Total assets less current liabilities |
|
|
|
27,759,144 |
|
|
48,667,635 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(16,689,502) |
|
|
(22,025,193) |
|
| Provisions for liabilities |
|
|
|
(2,939,987) |
|
|
(6,746,779) |
|
|
| Net assets |
|
|
|
8,129,655 |
|
|
19,895,663 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
19,549,932 |
|
|
19,895,563 |
|
| Shareholders' funds |
|
|
|
8,129,655 |
|
|
19,895,663 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr C Charalambous |
| Director |
| Approved by the board on 12 January 2026 |
|
| M.I.S. Properties Ltd |
| Notes to the Accounts |
| for the year ended 30 April 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
25% on reducing balance method |
|
|
Investments in subsidiaries |
|
Investments in subsidiary undertakings are recognised at cost. |
|
|
Investments properties |
|
Investments properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss. No depreciation is provided. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
5 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 May 2024 |
45,454,705 |
|
372,993 |
|
38,490 |
|
45,866,188 |
|
Additions |
614,296 |
|
155,478 |
|
- |
|
769,774 |
|
Disposals |
(18,836,672) |
|
(97,942) |
|
(30,990) |
|
(18,965,604) |
|
At 30 April 2025 |
27,232,329 |
|
430,529 |
|
7,500 |
|
27,670,358 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2024 |
- |
|
244,543 |
|
21,197 |
|
265,740 |
|
Charge for the year |
- |
|
46,496 |
|
1,055 |
|
47,551 |
|
On disposals |
- |
|
(89,000) |
|
(17,916) |
|
(106,916) |
|
At 30 April 2025 |
- |
|
202,039 |
|
4,336 |
|
206,375 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2025 |
27,232,329 |
|
228,490 |
|
3,164 |
|
27,463,983 |
|
At 30 April 2024 |
45,454,705 |
|
128,450 |
|
17,293 |
|
45,600,448 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2025 |
|
2024 |
| £ |
£ |
|
Historical cost |
15,472,380 |
|
19,634,996 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
15,472,380 |
|
19,634,996 |
|
The properties were revalued on 23 September 2021 by Mr Flavia Amato RICS, Mr Christian Glazier RICS and Mr Peter Jacob RICS of BNP Paribas Real Estate, chartered surveyors, on the open market for current use.
The above valuations have been reviewed by the director on 30 April 2025 and considered that there is no difference from previous years. |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
Additions |
100 |
|
|
At 30 April 2025 |
100 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 30 April 2025 |
100 |
|
|
|
|
|
|
|
|
|
|
The company's investments at the Balance Sheet date in the share capital of the following: |
|
M.I.S. Investments 2 Ltd |
|
Registered office : 9 Groverland Court, 289 Chase Side, London, N14 9HY. |
|
Nature of Business:real estate investors. |
|
|
|
|
|
|
|
% |
|
Class of shares: |
Holding |
|
Ordinary |
100 |
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Aggregate capital and reserve |
18,859,212 |
|
6,086,711 |
|
Profit(loss) for the year |
68,129 |
|
(5,352) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
68,514 |
|
50,059 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
- |
|
2,613,887 |
|
Other debtors |
474,427 |
|
266,000 |
|
|
|
|
|
|
542,941 |
|
2,929,946 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans and overdrafts |
9,548 |
|
9,548 |
|
Trade creditors |
6,509 |
|
5,238 |
|
Taxation and social security costs |
38,020 |
|
38,044 |
|
Other creditors |
296,978 |
|
503,253 |
|
|
|
|
|
|
351,055 |
|
556,083 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
10,923,523 |
|
22,025,193 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
5,765,979 |
|
- |
|
|
|
|
|
|
16,689,502 |
|
22,025,193 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2025 |
|
2024 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
10,920,000 |
|
22,011,502 |
|
|
|
|
|
|
|
|
|
|
Loans are secured by the company's freehold properties and personally by the director. |
|
|
| 9 |
Related party transactions |
|
|
During the year the company transferred a freehold properties in the sum of £19,200,000 (Historic cost £3,609,502) to its subsidiary M.I.S. Properties Ltd .At the year end interecompany balance was £2,613,887 . No interest was charged.
At the balance sheet date £209,427 (2024: £70cr) was due from/to the director to the company. |
|
|
| 10 |
Controlling party |
|
|
The company is controlled by Mr and Mrs Charalambous the director and secretary of the company. |
|
|
| 11 |
Other information |
|
|
M.I.S. Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
9 Grovelands Court |
|
289 Chase Side |
|
London |
|
N14 9HY |