MYA Property Limited - Accounts to registrar (filleted) - small 23.1.2
MYA Property Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| MYA PROPERTY LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2023 |
| MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MYA PROPERTY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditor |
| Highland House |
| Mayflower Close |
| Chandler's Ford |
| Eastleigh |
| Hampshire |
| SO53 4AR |
| MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703) |
| BALANCE SHEET |
| 31 JANUARY 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Non-distributable profit and loss reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703) |
| BALANCE SHEET - continued |
| 31 JANUARY 2023 |
| 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 |
| MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2023 |
| 1. | STATUTORY INFORMATION |
| MYA Property Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. |
| The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
| The financial statements have been prepared under the historical cost convention, modified to include certain investment properties at fair value. The principal accounting policies adopted are set out below. |
| Preparation of consolidated financial statements |
| The financial statements contain information about MYA Property Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover is stated net of value added tax and represents sales of services and gross rents receivable. |
| Tangible fixed assets |
| Freehold property | - |
| Motor vehicles | - |
| Computer equipment | - |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement. |
| Investments in subsidiaries |
| Interest in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversal of impairment losses are recognised immediately in the income statement. |
| Investment property |
| The investment property is shown at its fair value as valued by independent professional valuers on a three year cycle and by the Directors in the interim period. Any movements in fair value are recognised in arriving at the profit before tax. Deferred tax is provided against these movements. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial instruments and include cash in hand and deposit held at call with banks. |
| Financial assets |
| 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 assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
| Basic financial assets, which include trade and other receivables and cash and bank balances 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Financial liabilities |
| Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Employee benefits |
| The costs of employee benefits are recognised as a liability and an expense. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Motor | Computer |
| property | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 February 2022 |
| and 31 January 2023 |
| DEPRECIATION |
| At 1 February 2022 |
| Charge for year |
| At 31 January 2023 |
| NET BOOK VALUE |
| At 31 January 2023 |
| At 31 January 2022 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 February 2022 |
| and 31 January 2023 |
| NET BOOK VALUE |
| At 31 January 2023 |
| At 31 January 2022 |
| MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2023 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 February 2022 |
| Additions |
| Disposals | ( |
) |
| Revaluations | 5,771,500 |
| At 31 January 2023 |
| NET BOOK VALUE |
| At 31 January 2023 |
| At 31 January 2022 |
| Fair value at 31 January 2023 is represented by: |
| £ |
| Valuation in 2016 | 16,929,433 |
| Valuation in 2017 | 3,810,547 |
| Valuation in 2018 | 308,307 |
| Valuation in 2019 | 1,894,188 |
| Valuation in 2020 | 3,852,437 |
| Valuation in 2021 | 1,673,049 |
| Valuation in 2022 | 1,841,488 |
| Valuation in 2023 | 5,771,500 |
| Cost | 79,744,435 |
| 115,825,384 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2023 | 2022 |
| £ | £ |
| Cost | 79,744,435 | 75,638,827 |
| Investment property was valued on an open market basis on 31 January 2023 by directors or independent valuers . |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2023 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| Other creditors |
| Other creditors due more than one year consist of the Director Loan Account balance. This was shown as due within one year in the prior year. |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| The bank loans and overdrafts are secured by means of legal charges over the properties owned by the company. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2023 | 2022 |
| £ | £ |
| Deferred tax on investment |
| properties | 7,869,545 | 6,715,638 |
| 7,869,545 | 6,715,638 |
| MYA PROPERTY LIMITED (REGISTERED NUMBER: 06017703) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2023 |
| 11. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax on |
| investment |
| properties |
| £ |
| Balance at 1 February 2022 |
| Charge for the year | 1,153,907 |
| Balance at 31 January 2023 |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |