ACCOUNTS - Final Accounts

MEADOW SPRINGS LIMITED - Company Information

Registered number: 12653990

MEADOW SPRINGS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2020


MEADOW SPRINGS LIMITED REGISTERED NUMBER:12653990

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020
Note		£

Fixed assets
Tangible assets			965,322
			965,322
Current assets
Debtors: amounts falling due within one year		39,736
Cash at bank and in hand	7	9,236
		48,972
Creditors: amounts falling due within one year		(1,030,962)
Net current (liabilities)/assets			(981,990)
Total assets less current liabilities			(16,668)

Net (liabilities)/assets			(16,668)

Capital and reserves
Called up share capital	10	100
Profit and loss account		(16,768)
		(16,668)

Page 1


MEADOW SPRINGS LIMITED REGISTERED NUMBER:12653990

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the 7 month period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2021.

Jonathan Evans Williams

Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2


MEADOW SPRINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2020

1.	General information

Meadow Springs Limited, 12653990, is a private company limited by shares, incorporated in England and Wales, with its registered office at Ffinnant, Trefeglwys, Powys, SY17 5QY.
The Company was incorporated on 8 June 2020, the Company has not yet commenced trading.
The principal activity of the Company relates to holiday centres and villages.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis and require the continued support of the directors and other creditors.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3


MEADOW SPRINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the 7 month period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Long-term leasehold property	-		No depreciation
				Plant and machinery	-	20%	Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4


MEADOW SPRINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.6

Debtors

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

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

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

2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there
are no estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year.

Page 5


MEADOW SPRINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2020

Employees

The average monthly number of employees, including directors, during the 7 month period was 2.

5.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Total
	£	£	£
Cost or valuation
Additions	964,399	955	965,354
At 31 December 2020	964,399	955	965,354
Depreciation
Charge for the 7 month period on owned assets	-	32	32
At 31 December 2020	-	32	32
Net book value
At 31 December 2020	964,399	923	965,322

Page 6


MEADOW SPRINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2020

Debtors

					2020
					£


	Amounts owed by group undertakings	1,090
	Other debtors	34,713
	Deferred taxation	3,933
		39,736

7.	Cash and cash equivalents
		2020
		£

	Cash at bank and in hand	9,236
		9,236

8.	Creditors: Amounts falling due within one year
		2020
		£

	Trade creditors	306,119
	Other creditors	724,043
	Accruals and deferred income	800
		1,030,962

Page 7


MEADOW SPRINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2020

9.	Deferred taxation

		2020
		£

	Charged to profit or loss	(3,933)
	At end of year	(3,933)

	The deferred tax asset is made up as follows:
					2020
					£

	Short term timing differences	(3,933)
		(3,933)

10.	Share capital
		2020
		£

		Allotted, called up and fully paid

		100 Ordinary shares of £1.00 each	100

On incorporation 100 Ordinary shares were issued at par.

11.

Related party transactions

Included within other creditors is an amount due in the sum of £723,898 to Mid Wales Shooting Centre Limited (Mr J E Williams is a director of both companies), no repayments have been made in the period and no interest has been charged on the amount. The balance is repayable on demand.
Included within other debtors is an amount due in the sum of £1,090 from The Oaks Leisure Group Limited (parent company), no repayments have been made in the period and no interest has been charged on the amount. The balance is repayable on demand.

12.	Controlling party

The ultimate holding company is The Oaks Leisure Group Limited which own 100% of the issued share capital, and is a UK registered company. The registered office address is the same as this company.

Page 8