Company registration number 01859678 (England and Wales)
MONTAGUE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
MONTAGUE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MONTAGUE PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
8,000,000
7,648,294
Current assets
Debtors falling due after more than one year
5
742,079
533,079
Debtors falling due within one year
5
20,595
28,600
Cash at bank and in hand
8,542
17,517
771,216
579,196
Creditors: amounts falling due within one year
6
(132,077)
(288,654)
Net current assets
639,139
290,542
Total assets less current liabilities
8,639,139
7,938,836
Creditors: amounts falling due after more than one year
7
(3,077,444)
(3,093,364)
Provisions for liabilities
(559,093)
(319,656)
Net assets
5,002,602
4,525,816
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
5,001,602
4,524,816
Total equity
5,002,602
4,525,816
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
MONTAGUE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 May 2022 and are signed on its behalf by:
Mr Iraj Elghanian
Director
Company Registration No. 01859678
MONTAGUE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Montague Properties Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Cannon Court, 37 Belsize Avenue, London, UK, NW3 4BN.
1.1
Accounting convention
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
During the early part of 2020 the international community was impacted by the COVID-19 pandemic, which caused significant disruption to UK businesses. The directors have assessed the risk that the company is not a going concern, with reference to its financial position and performance. The company forecasts that it is able to continue to meet all of its obligations without recourse either to additional third party capital or additional capital from the shareholders. The directors are not aware of any significant impact from the COVID-19 pandemic on the company operations. The directors have therefore concluded that the going concern assumption is appropriate and continue to prepare the annual report and the financial statements on that basis.
true
1.3
Reporting period
Comparatives relate to the eighteen months to 30 June 2020.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
rent and service charges
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.5
Investment properties
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 a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MONTAGUE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
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 instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MONTAGUE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Current 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
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
MONTAGUE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
4
Investment property
2021
£
Fair value
At 1 January 2021
7,648,294
Revaluations
553,974
Other changes
(202,268)
At 31 December 2021
8,000,000
Investment property comprises of freehold and leasehold properties. The fair value of the investment properties has been arrived at on the basis of the directors valuation.
The historic cost of the investment properties was £3942,143 (2020: £4
,
144
,
411).
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
20,595
28,600
2021
2020
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
742,079
533,079
Total debtors
762,674
561,679
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,649
Corporation tax
85,808
47,750
Other creditors
36,620
240,904
132,077
288,654
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
3,073,116
3,087,500
Other creditors
4,328
5,864
3,077,444
3,093,364
MONTAGUE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
The long-term loans are secured by fixed legal charges over certain of the company's investment properties.
8
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
500 Ordinary A shares of £1 each
500
500
500 Ordinary B shares of £1 each
500
500
1,000
1,000
The A shares and B shares rank Pari Passu in all respects except dividends may be paid on one or more classes of shares to the exclusion of any other class of shares and dividends at different rates may be declared on different classes of shares.
9
Parent company
The parent company is Belsize Holdings Limited, a company registered in England and Wales.