Midland Assured Estates Limited - Accounts to registrar (filleted) - small 18.2

Midland Assured Estates Limited - Accounts to registrar (filleted) - small 18.2

MIDLAND ASSURED ESTATES LIMITED - Company Information

Print Friendly Version

IRIS Accounts Production v21.2.0.376 00539191 Board of Directors 1.4.20 31.3.21 31.3.21 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure005391912020-03-31005391912021-03-31005391912020-04-012021-03-31005391912019-03-31005391912019-04-012020-03-31005391912020-03-3100539191ns16:EnglandWales2020-04-012021-03-3100539191ns15:PoundSterling2020-04-012021-03-3100539191ns11:Director12020-04-012021-03-3100539191ns11:PrivateLimitedCompanyLtd2020-04-012021-03-3100539191ns11:SmallEntities2020-04-012021-03-3100539191ns11:AuditExempt-NoAccountantsReport2020-04-012021-03-3100539191ns11:SmallCompaniesRegimeForDirectorsReport2020-04-012021-03-3100539191ns11:SmallCompaniesRegimeForAccounts2020-04-012021-03-3100539191ns11:AbridgedAccounts2020-04-012021-03-3100539191ns11:Director22020-04-012021-03-3100539191ns11:RegisteredOffice2020-04-012021-03-3100539191ns6:CurrentFinancialInstruments2021-03-3100539191ns6:CurrentFinancialInstruments2020-03-3100539191ns6:Non-currentFinancialInstruments2021-03-3100539191ns6:Non-currentFinancialInstruments2020-03-3100539191ns6:ShareCapital2021-03-3100539191ns6:ShareCapital2020-03-3100539191ns6:SharePremium2021-03-3100539191ns6:SharePremium2020-03-3100539191ns6:CapitalRedemptionReserve2021-03-3100539191ns6:CapitalRedemptionReserve2020-03-3100539191ns6:FurtherSpecificReserve1ComponentTotalEquity2021-03-3100539191ns6:FurtherSpecificReserve1ComponentTotalEquity2020-03-3100539191ns6:RetainedEarningsAccumulatedLosses2021-03-3100539191ns6:RetainedEarningsAccumulatedLosses2020-03-3100539191ns6:ComputerEquipment2020-04-012021-03-31
REGISTERED NUMBER: 00539191 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

MIDLAND ASSURED ESTATES LIMITED









MIDLAND ASSURED ESTATES LIMITED (REGISTERED NUMBER: 00539191)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2021




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MIDLAND ASSURED ESTATES LIMITED

COMPANY INFORMATION
for the year ended 31 March 2021







DIRECTORS: P J Davis
Dr L A Davis



REGISTERED OFFICE: 5 Olympus Court
Olympus Avenue
Tachbrook Park
Warwick
Warwickshire
CV34 6RZ



REGISTERED NUMBER: 00539191 (England and Wales)



BANKERS: Barclays Bank PLC
15 Colmore Row
Birmingham
Page 1
MIDLAND ASSURED ESTATES LIMITED (REGISTERED NUMBER: 00539191)

ABRIDGED BALANCE SHEET
31 March 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 190,980 191,495
Investments 5 99,000 99,000
Investment property 6 185,000 185,000
474,980 475,495

CURRENT ASSETS
Debtors 541,422 315,764
Cash at bank and in hand 62,241 57,697
603,663 373,461
CREDITORS
Amounts falling due within one year 90,863 80,113
NET CURRENT ASSETS 512,800 293,348
TOTAL ASSETS LESS CURRENT
LIABILITIES
987,780
768,843

CREDITORS
Amounts falling due after more than one
year
7
625,496
442,585
NET ASSETS 362,284 326,258

CAPITAL AND RESERVES
Called up share capital 198,715 198,715
Share premium 53,422 53,422
Capital redemption reserve 10,000 10,000
Capital reserve 6,496 6,496
Retained earnings 93,651 57,625
SHAREHOLDERS' FUNDS 362,284 326,258

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 notes form part of these financial statements

Page 2 continued...
MIDLAND ASSURED ESTATES LIMITED (REGISTERED NUMBER: 00539191)

ABRIDGED BALANCE SHEET - continued
31 March 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2021 and were signed on its behalf by:





P J Davis - Director


The notes form part of these financial statements

Page 3
MIDLAND ASSURED ESTATES LIMITED (REGISTERED NUMBER: 00539191)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2021

1. STATUTORY INFORMATION

Midland Assured Estates 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.

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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Related party exemption
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.

Turnover
Turnover comprises the value of interest receivable for loans supplied, fees for management charges and rents receivable from investment properties net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - Straight line over 10 years

The directors consider that the office held in freehold land and buildings is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

The directors perform annual impairment reviews in accordance with the requirements of the relevant accounting standards to ensure that the carrying value is not lower than the recoverable amount.

Investment property
Investment properties are carried in the balance sheet at valuations prepared by the directors on the basis of current market rental yields. The yields used in these valuations are reviewed annually by the directors to ensure that they remain appropriate to the market rates.

The directors consider that this policy is necessary in order that the financial statements may give a true and fair view, because current market rental yields and changes in current market rental yields are of prime importance.

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


Page 4 continued...
MIDLAND ASSURED ESTATES LIMITED (REGISTERED NUMBER: 00539191)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2021

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, financial instruments are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2020 218,729
Additions 712
At 31 March 2021 219,441
DEPRECIATION
At 1 April 2020 27,234
Charge for year 1,227
At 31 March 2021 28,461
NET BOOK VALUE
At 31 March 2021 190,980
At 31 March 2020 191,495

In 2013 the freehold property was subject to an impairment review and the original cost was written down by £56,177.

Page 5 continued...
MIDLAND ASSURED ESTATES LIMITED (REGISTERED NUMBER: 00539191)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2021

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2020
and 31 March 2021 99,000
NET BOOK VALUE
At 31 March 2021 99,000
At 31 March 2020 99,000

Investments are recognised at cost.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2020
and 31 March 2021 185,000
NET BOOK VALUE
At 31 March 2021 185,000
At 31 March 2020 185,000

In 2013 the investment property was subject to an impairment review and the original cost was written down by £56,177.

In the opinion of the directors, the value of the investment property on an open market basis for existing use was not significantly different from the valuation currently shown.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2021 2020
£    £   
Repayable by instalments
Bank loans - more than 5 years 146,902 158,102

8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 208,389 221,143

The bank loans are secured against the property to which they relate.

Page 6 continued...
MIDLAND ASSURED ESTATES LIMITED (REGISTERED NUMBER: 00539191)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2021

9. PENSION COMMITMENTS

During the year the company made pension contributions to a defined contribution scheme accounting to £657 (2020 - £637). At the year end there were outstanding contributions of £nil (2020 - £nil) owing to the scheme.

10. ULTIMATE PARENT COMPANY

Midland Assured Finance Limited is regarded by the directors as being the company's ultimate parent company.

Page 7