Midland Assured Homes (1990) Limited - Accounts to registrar (filleted) - small 18.2

Midland Assured Homes (1990) Limited - Accounts to registrar (filleted) - small 18.2

MIDLAND ASSURED HOMES (1990) LIMITED - Company Information

Print Friendly Version

IRIS Accounts Production v22.1.4.3 02455370 Board of Directors 1.4.21 31.3.22 31.3.22 0 0 true false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure024553702021-03-31024553702022-03-31024553702021-04-012022-03-31024553702020-03-31024553702020-04-012021-03-31024553702021-03-3102455370ns16:EnglandWales2021-04-012022-03-3102455370ns15:PoundSterling2021-04-012022-03-3102455370ns11:Director12021-04-012022-03-3102455370ns11:PrivateLimitedCompanyLtd2021-04-012022-03-3102455370ns11:SmallEntities2021-04-012022-03-3102455370ns11:AuditExempt-NoAccountantsReport2021-04-012022-03-3102455370ns11:SmallCompaniesRegimeForDirectorsReport2021-04-012022-03-3102455370ns11:SmallCompaniesRegimeForAccounts2021-04-012022-03-3102455370ns11:AbridgedAccounts2021-04-012022-03-3102455370ns11:Director22021-04-012022-03-3102455370ns11:RegisteredOffice2021-04-012022-03-3102455370ns6:CurrentFinancialInstruments2022-03-3102455370ns6:CurrentFinancialInstruments2021-03-3102455370ns6:Non-currentFinancialInstruments2022-03-3102455370ns6:Non-currentFinancialInstruments2021-03-3102455370ns6:ShareCapital2022-03-3102455370ns6:ShareCapital2021-03-3102455370ns6:FurtherSpecificReserve3ComponentTotalEquity2022-03-3102455370ns6:FurtherSpecificReserve3ComponentTotalEquity2021-03-3102455370ns6:RetainedEarningsAccumulatedLosses2022-03-3102455370ns6:RetainedEarningsAccumulatedLosses2021-03-3102455370ns6:FurnitureFittings2021-04-012022-03-3102455370ns6:Secured2022-03-3102455370ns6:Secured2021-03-3102455370ns6:FurtherSpecificReserve3ComponentTotalEquity2021-03-31
REGISTERED NUMBER: 02455370 (England and Wales)












ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

MIDLAND ASSURED HOMES (1990) LIMITED









MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MIDLAND ASSURED HOMES (1990) LIMITED

COMPANY INFORMATION
for the year ended 31 March 2022







DIRECTORS: P J Davis
Dr L A Davis



REGISTERED OFFICE: 5 Olympus Court
Olympus Avenue
Tachbrook Park
Warwick
Warwickshire
CV34 6RZ



REGISTERED NUMBER: 02455370 (England and Wales)



BANKERS: Barclays Bank PLC
15 Colmore Row
Birmingham
Page 1
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370)

ABRIDGED BALANCE SHEET
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 99,000 99,000
Investment property 6 4,466,594 4,466,594
4,565,594 4,565,594

CURRENT ASSETS
Debtors 7 272,513 245,389
Cash at bank 77,311 125,402
349,824 370,791
CREDITORS
Amounts falling due within one year 536,687 1,004,170
NET CURRENT LIABILITIES (186,863 ) (633,379 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
4,378,731
3,932,215

CREDITORS
Amounts falling due after more than one
year
(3,244,665
)
(2,794,538
)

PROVISIONS FOR LIABILITIES (18,602 ) (18,602 )
NET ASSETS 1,115,464 1,119,075

CAPITAL AND RESERVES
Called up share capital 40,000 40,000
Fair value reserve 9 1,054,278 1,054,278
Retained earnings 21,186 24,797
SHAREHOLDERS' FUNDS 1,115,464 1,119,075

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 notes form part of these financial statements

Page 2 continued...
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370)

ABRIDGED BALANCE SHEET - continued
31 March 2022


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 22 August 2022 and were signed on its behalf by:





P J Davis - Director


The notes form part of these financial statements

Page 3
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2022

1. STATUTORY INFORMATION

Midland Assured Homes (1990) 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 as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

At the balance sheet date the company had net current liabilities of £186,863 (2021 net current liabilities - £633,379). The parent company has expressed its willingness to support the company as necessary and along with the forecasted future profitable trade the business is considered a going concern. The accounts and financial statements have therefore been prepared on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover comprises rents receivable net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & fittings - Straight line over 10 years

Investment property
Investment properties are carried in the balance sheet at valuations prepared by the directors on the basis of current market rental yields. The yields used in these valuations are reviewed annually by the directors to ensure that they remain appropriate to the market rates.

The directors consider that this policy is necessary in order that the financial statements may give a true and fair view, because current market rental yields and changes in current market rental yields are of prime importance.

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.


Page 4 continued...
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

2. ACCOUNTING POLICIES - continued
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.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, financial instruments are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2021
and 31 March 2022 1,225
DEPRECIATION
At 1 April 2021
and 31 March 2022 1,225
NET BOOK VALUE
At 31 March 2022 -
At 31 March 2021 -

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2021
and 31 March 2022 99,000
NET BOOK VALUE
At 31 March 2022 99,000
At 31 March 2021 99,000

Investments are recognised at cost.

Page 5 continued...
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021
and 31 March 2022 4,466,594
NET BOOK VALUE
At 31 March 2022 4,466,594
At 31 March 2021 4,466,594

In the opinion of the directors, the value of the investment property on an open market basis for existing use was not significantly different from the valuation currently shown.

If investment properties had not been revalued they would have been included at the following historical cost:

2022 2021
£ £
Cost 3,393,714 3,393,714

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Amounts owed by group undertakings 177,712 201,212

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 1,088,178 661,286

The bank loans are secured against the properties to which they relate.

9. RESERVES
Fair
value
reserve
£   
At 1 April 2021
and 31 March 2022 1,054,278

Deferred tax recognised on movements in fair value is allocated to the fair value reserve.

10. RELATED PARTY DISCLOSURES

During the year, dividends totalling £23,500 (2021 - £62,500) were voted to Midland Assured Holdings Limited.

Page 6 continued...
MIDLAND ASSURED HOMES (1990) LIMITED (REGISTERED NUMBER: 02455370)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

11. ULTIMATE PARENT COMPANY

Midland Assured Holdings Limited is regarded by the director's as being the company's ultimate parent company.

Page 7