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MIBAR PROPERTIES LIMITED
REGISTERED NUMBER: 03828573
ABBREVIATED BALANCE SHEET
AS AT 31 OCTOBER 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 October 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 13 July 2017.
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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MIBAR PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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The company recognises revenue on property sales on exchange of contracts.
Turnover includes rental income received from properties available for sale or development. The rental income is considered incidental to the purpose to which the properties are held.
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Stocks and work in progress
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Properties held for resale or development are valued at the lower of cost and net realisable value.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and Loss Account.
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Where preference shares are redeemable at the option of the shareholder they are accounted for as liabilities.
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2.SHARE CAPITAL
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Shares classified as capital
 
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Allotted, called up and fully paid
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2,000 Ordinary Shares of £1 each shares of £1 each
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Page 2
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MIBAR PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
2.SHARE CAPITAL (continued)
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Shares classified as debt
 
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Allotted, called up and fully paid
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2,900,000 Redeemable preference shares of £1 each
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Redemption of the preference shares can occur at any time after 1 March 2010. Redemption will occur, in any event, on 31 August 2059.
Both the company and the holder have an option to redeem the shares by giving no less than 1 month's notice.
The preference shares are redeemable at par, and carry no rights to income.
Page 3
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