Midland Freeholds Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04592149 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2022 TO 30 SEPTEMBER 2022

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

Katherine Helen Everett Filleul

SECRETARY:

Katherine Helen Everett Filleul

REGISTERED OFFICE:

Nore Farm

Oak Lane

Blackham

Kent

TN3 9UD

REGISTERED NUMBER:

04592149 (England and Wales)

ACCOUNTANTS:

Arithma LLP

Chartered Certified Accountants

5 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

FIXED ASSETS

Investments

4

718,575

-

CURRENT ASSETS

Stocks

1,483,574

1,524,972

Debtors

5

517,785

885,674

Cash in hand

40,199

228,555

2,041,558

2,639,201

CREDITORS

Amounts falling due within one year

6

163,670

182,103

NET CURRENT ASSETS

1,877,888

2,457,098

TOTAL ASSETS LESS CURRENT LIABILITIES

2,596,463

2,457,098

CREDITORS

Amounts falling due after more than one year

7

450,742

506,693

NET ASSETS

2,145,721

1,950,405

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,144,721

1,949,405

SHAREHOLDERS' FUNDS

2,145,721

1,950,405

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2022 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 27 June 2023 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.

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost.

STOCKS

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

TAXATION

Taxation for the period 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 period was NIL (2021 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

718,575

At 30 September 2022

718,575

NET BOOK VALUE

At 30 September 2022

718,575

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

15,416

22,001

Other debtors

502,369

863,673

517,785

885,674

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 8)

73,735

69,515

Trade creditors

7,319

7,423

Taxation and social security

69,272

90,164

Other creditors

13,344

15,001

163,670

182,103

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 8)

450,742

506,693

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

108,297

183,857

The bank loan is repayable by instalments by November 2028.

8.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank loans

73,735

69,515

Amounts falling due between one and two years:

Bank loans - 1-2 years

78,090

73,735

Amounts falling due between two and five years:

Bank loans - 2-5 years

264,355

249,101

Amounts falling due in more than five years:

2022

2021

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

108,297

183,857

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

524,477

576,208

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

10.	RELATED PARTY DISCLOSURES

During the period, total dividends of £45,000 were paid to the directors .

During the year the company paid a management fee of £22,500 (2021 - £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 £7,500 (2021 - £30,000) to Covent Garden GR Limited. A. Shamash is a director and shareholder of Covent Garden GR Limited.

During the year, the company paid a management fee of £15,000 (2021 - £Nil) to Covent Garden Four LLP. A Shamash is a member of Covent Garden Four LLP.

At the balance sheet date, the company was owed £500,596 (2021 - £680,497) by companies of which the directors are shareholders and/or directors.

At the balance sheet date, Martin Fell owed the company £Nil (2021 - £183,176). The company charged £1,506 (2021 - £3,176) of interest at HMRC beneficial loan rates.

11.	ULTIMATE CONTROLLING PARTY

The company was under the control of the directors.