MELM Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12474054 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

20 FEBRUARY 2020 TO 28 FEBRUARY 2021

FOR

MELM PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr M A Ayorinde

Miss L L T Mhaka

REGISTERED OFFICE:

The Counting House

High Street

Lutterworth

Leicestershire

LE17 4AY

REGISTERED NUMBER:

12474054 (England and Wales)

ACCOUNTANTS:

PWH Accountancy Ltd

The Counting House

High Street

Lutterworth

Leicestershire

LE17 4AY

FIXED ASSETS

Investment property

4

209,000

CURRENT ASSETS

Cash at bank

375

CREDITORS

Amounts falling due within one year

5

264,305

NET CURRENT LIABILITIES

(263,930

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(54,930

)

PROVISIONS FOR LIABILITIES

1,455

NET LIABILITIES

(56,385

)

CAPITAL AND RESERVES

Called up share capital

6

100

Revaluation reserve

7

7,660

Retained earnings

(64,145

)

SHAREHOLDERS' FUNDS

(56,385

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2021 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 21 September 2021 and were signed on its behalf by:

Miss L L T Mhaka - Director

Dr M A Ayorinde - Director

1.	STATUTORY INFORMATION

MELM Properties Ltd 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.

Critical accounting 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 values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant, Actual results may differ from these estimates

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Financial assets

Receivables are stated at amortised cost using the effective interest rate method. A provision for impairment of receivables is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of payment. Receivables are considered for impairment on a case by case basis and any provision is based on the directors' assessment of the amount recoverable on each receivable.

Financial liabilities

The company's financial liabilities include trade and other payables, which are measured at amortised cost using the effective interest rate method. Financial liabilities are recognised when the company becomes a party to the contractual agreements of the instrument. Interest-related charges are recognised as an expense in the period in which they are incurred.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.

Taxation

Taxation for the period 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.

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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

201,340

Revaluations

7,660

At 28 February 2021

209,000

NET BOOK VALUE

At 28 February 2021

209,000

Fair value at 28 February 2021 is represented by:

£

Valuation in 2021

209,000

If investment property had not been revalued it would have been included at the following historical cost:

£

Cost

201,340

investment property was valued on open market basis on 28 February 2021 by the directors .

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

12,000

Other creditors

29,205

Mortgage

197,000

Directors' current accounts

24,900

Accrued expenses

1,200

264,305

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

1

100

7.

RESERVES

Revaluation

reserve

£

At 20 February 2020

and 28 February 2021

7,660

8.	RELATED PARTY DISCLOSURES

As at 28 February 2021 there was an amount owed to the director, M A Ayorinde of £12,450 from the company. This amount is included within creditors on the balance sheet.

As at 28 February 2021 there was an amount owed to the director, L Mhaka, of £12,450 from the company.

This amount is included within creditors on the balance sheet.