MARKET_HARBOROUGH_(VALLEY - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Market Harborough (Valley Way) Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Gatehouse, Welland Business Park, Valley Way, Market Harborough, UK, LE16 7PS.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover is measured at the fair value of the consideration received or receivable for rental income, insurance recharges, management fee recharges and other recharged income in the normal course of business, and is shown net of discounts and VAT.

Rental income

Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.

Other recharged income

Income relating to expense amounts recharged to tenants is recognised in profit and loss at the time the expenditure was originally incurred.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

The costs of short-term employee benefits are recognised as a liability and an expense.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The average monthly number of persons (including directors) employed by the company during the year was:

The historical cost of the investment properties is £20,785,782 (2022 - £19,677,922 ).

The investment properties were valued by Lambert Smith Hampton Limited, Chartered Surveyors, as at 14 June 2019 on an open market value basis.

The directors have, using their professional expertise, reviewed the valuation previously provided by Lambert Smith Hampton Limited and made adjustments to the valuation at 31 March 2023.

Amounts of £1,180,035 (2022 - £1,180,035) included in other creditors relate to preference shares classified as liabilities as detailed in note 9.

The preference shares detailed above do not have a contractually stated redemption date however they are redeemable at par value subject to both parties approval. They entitle the shareholder to a variable net cumulative preference share dividend on the 31 March in each year in respect of the twelve month period ending on that date. The rate of return on the preference shares is in line with the market rate of borrowing.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with other wholly-owned members of the group.

Further to this, in the year two directors of the company resigned as directors of Davis Brown Limited. Prior to their resignation the company incurred expenses of £60,372 (2022 - £85,144) with regards to property management fees. Davis Brown Limited also collected rental monies on behalf of the company. However this was brought in house during the year, as such there was no amount owed from Davis Brown at the year end (2022 - £626,306) in respect of rental monies collected but not yet paid over to the company.

A director of the company is a director of Karslakes Solicitors Limited. During the year the company incurred expenses of £23,342 (2022 - £26,009) with regards to legal fees and advice.