Meadstone Limited Filleted accounts for Companies House (small and micro)

Meadstone Limited Filleted accounts for Companies House (small and micro)

MEADSTONE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01645823
MEADSTONE LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 March 2020
MEADSTONE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2020
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
MEADSTONE LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr R D Jones
Registered office
Hanover Building
11-13 Hanover Street
Liverpool
United Kingdom
L1 3DN
Accountants
ERC Accountants & Business Advisers Limited
Chartered accountants
Hanover Buildings
11-13 Hanover Street
Liverpool
L1 3DN
MEADSTONE LIMITED
CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MEADSTONE LIMITED
YEAR ENDED 31 MARCH 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Meadstone Limited for the year ended 31 March 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Meadstone Limited in accordance with the terms of our engagement letter dated 18 March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Meadstone Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Meadstone Limited and its director for our work or for this report.
It is your duty to ensure that Meadstone Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Meadstone Limited. You consider that Meadstone Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Meadstone Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
ERC Accountants & Business Advisers Limited Chartered accountants
Hanover Buildings 11-13 Hanover Street Liverpool L1 3DN
11 September 2020
MEADSTONE LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2020
2020
2019
Note
£
£
FIXED ASSETS
Tangible assets
6
1,400,000
1,400,000
Investments
7
98
98
-------------
-------------
1,400,098
1,400,098
CURRENT ASSETS
Debtors
8
1,126,740
1,875,434
Cash at bank and in hand
1,948,704
1,011,477
-------------
-------------
3,075,444
2,886,911
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
9
( 148,894)
( 59,612)
-------------
-------------
NET CURRENT ASSETS
2,926,550
2,827,299
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,326,648
4,227,397
PROVISIONS
Taxation including deferred tax
( 134,508)
( 134,508)
-------------
-------------
NET ASSETS
4,192,140
4,092,889
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
4,192,138
4,092,887
-------------
-------------
SHAREHOLDER FUNDS
4,192,140
4,092,889
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MEADSTONE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 11 September 2020 , and are signed on behalf of the board by:
Mr R D Jones
Director
Company registration number: 01645823
MEADSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2020
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hanover Building, 11-13 Hanover Street, Liverpool, L1 3DN, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Included within Property, Plant and Equipment is investment property. Where the fair value of an investment property cannot be measured reliably without undue cost or effort it will be included under Property, Plant and Equipment. Investment properties comprise of a residential building that is held for long-term rental yields and for capital appreciation. Investment properties are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. No depreciation is provided for in respect of investment properties as the directors consider that to depreciate them would not enable the financial statements to give a true and fair view.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2019: Nil).
5. TAX ON PROFIT/(LOSS)
Major components of tax expense
2020
2019
£
£
Current tax:
UK current tax expense
27,085
34,426
Adjustments in respect of prior periods
–
12,946
---------
---------
Total current tax
27,085
47,372
---------
---------
---------
---------
Tax on profit/(loss)
27,085
47,372
---------
---------
6. TANGIBLE ASSETS
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2019 and 31 March 2020
1,400,000
4,215
2,098
1,406,313
-------------
-------
-------
-------------
Depreciation
At 1 April 2019 and 31 March 2020
–
4,215
2,098
6,313
-------------
-------
-------
-------------
Carrying amount
At 31 March 2020
1,400,000
–
–
1,400,000
-------------
-------
-------
-------------
At 31 March 2019
1,400,000
–
–
1,400,000
-------------
-------
-------
-------------
The Investment Property was valued by Mr R Jones, director, on an open market basis, at the carrying value above on 31 March 2018.
7. INVESTMENTS
Other investments other than loans
£
Cost
At 1 April 2019 and 31 March 2020
98
----
Impairment
At 1 April 2019 and 31 March 2020
–
----
Carrying amount
At 31 March 2020
98
----
At 31 March 2019
98
----
8. DEBTORS
2020
2019
£
£
Trade debtors
51,175
31,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
429,310
1,368,623
Other debtors
646,255
475,811
-------------
-------------
1,126,740
1,875,434
-------------
-------------
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020
2019
£
£
Trade creditors
–
328
Corporation tax
123,324
34,425
Social security and other taxes
10,953
10,242
Other creditors
14,617
14,617
----------
---------
148,894
59,612
----------
---------
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
A director has a brought forward advance from the company of £268,462 and received further interest free advances, which are repayable on demand, of £ 43,658 . Amounts repaid were £ 16,000 . The advance carried forward is £296,120.
11. RELATED PARTY TRANSACTIONS
The following related party transactions were undertaken during the year: The director withdrew £ 43,658 and introduced £ 16,000 (2019: withdrew £224,000 and introduced £3,538 through dividends). At the balance sheet date the amount receivable was £ 296,120 (2019: receivable £268,462). During the year a subsidiary undertaking had repaid £939,313 of an interest free loan that is repayable on demand. The balance receivable as at 31 March 2020 was £429,310 (2019: £1,368,623). Dividends were paid to the directors in respect of their shareholders totalling £16,000 (2019: £Nil). No further transactions with related parties were undertaken, other than those under normal market conditions, such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
12. PROFIT AND LOSS RESERVE
2020
2019
£
£
Proft and loss distributable
3,607,709
3,531,218
Profit and loss non-distributable
573,428
573,428
-------------
-------------
Reserves carried forward
4,181,137
4,104,646
-------------
-------------