Midland Freeholds Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04592149 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

MIDLAND FREEHOLDS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Anthony David Shamash

Martin Anthony Fell

Matthew Ashley Fell

David Shamash

SECRETARY:

David Shamash

REGISTERED OFFICE:

9 Mansfield Street

London

W1G 9NY

REGISTERED NUMBER:

04592149 (England and Wales)

ACCOUNTANTS:

Arithma LLP

Chartered Certified Accountants

9 Mansfield Street

London

W1G 9NY

CURRENT ASSETS

Stocks

1,675,470

1,753,843

Debtors

4

499,123

475,077

Cash in hand

602,725

662,734

2,777,318

2,891,654

CREDITORS

Amounts falling due within one year

5

210,091

228,390

NET CURRENT ASSETS

2,567,227

2,663,264

TOTAL ASSETS LESS CURRENT LIABILITIES

2,567,227

2,663,264

CREDITORS

Amounts falling due after more than one year

6

576,207

641,745

NET ASSETS

1,991,020

2,021,519

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,990,020

2,020,519

SHAREHOLDERS' FUNDS

1,991,020

2,021,519

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2021 and were signed on its behalf by:

Anthony David Shamash - Director

1.	STATUTORY INFORMATION

Midland Freeholds 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.

TURNOVER

Turnover represents the value, excluding value added tax, of sales and lease extensions of its freehold properties and ground rents receivable during the year.

STOCKS

Stocks are valued at the lower of cost and net realisable value.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

6,426

7,287

Other debtors

492,697

467,790

499,123

475,077

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts (see note 7)

65,538

61,784

Trade creditors

15,909

8,274

Taxation and social security

110,130

142,627

Other creditors

18,514

15,705

210,091

228,390

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 7)

576,207

641,745

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

271,854

354,868

The bank loan is repayable by instalments by November 2028.

7.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

65,538

61,784

Amounts falling due between one and two years:

Bank loans - 1-2 years

69,515

65,538

Amounts falling due between two and five years:

Bank loans - 2-5 years

234,838

221,339

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

271,854

354,868

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

641,745

703,529

The bank loan is secured by an unlimited debenture over the assets of the company.

9.	RELATED PARTY DISCLOSURES

During the year the company paid a management fee of £30,000 (2019 - £30,000) to Fell Estates Limited. Martin A. Fell and Matthew A. Fell are directors and shareholders of Fell Estates Limited.

During the year the company paid a management fee of £30,000 (2019 - £30,000) to Covent Garden GR Limited. A. Shamash is a director and shareholder of Covent Garden GR Limited.

At the balance sheet date, the company was owed £492,697 (2019 - £467,790) by companies of which the directors are shareholders and/or directors.

10.	ULTIMATE CONTROLLING PARTY

The company was under the control of the directors.