Meadstone Limited
Meadstone Limited
Registered number: 01645823
Unaudited Financial Statements
For The Year Ended
31 March 2023
Meadstone Limited
Unaudited Financial Statements
For The Year Ended
31 March 2023
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Meadstone Limited
Balance Sheet
As at
31 March 2023
Balance Sheet
Registered number:
01645823
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Investments | 4 |
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Investments | 5 |
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CURRENT ASSETS | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 8 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 4,513,949 | 4,391,097 | |||
Meadstone Limited
Balance Sheet (continued)
As at
31 March 2023
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
Meadstone Limited
Notes to the Financial Statements
For The Year Ended
31 March 2023
Notes to the Financial Statements
1.
General Information
Meadstone Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
01645823
. The registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
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.
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'.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3.
Tangible Fixed Assets and Depreciation
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.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and machinery |
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Fixtures and fittings |
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2.4.
Investment Properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5.
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.
2.6.
Taxation
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.
Meadstone Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
2.7.
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
2.8.
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.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2022: 1)
4.
Investments
Investment Properties | Plant and machinery | Fixtures and fittings | Total | |
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£ | £ | £ | £ | |
Cost | ||||
As at
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Depreciation | ||||
As at
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As at
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Net Book Value | ||||
As at
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As at
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The investment Property was valued by the Director, on a fair value basis, at the carrying value above on 31st March 2022.
Meadstone Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
5.
Investments
Other | |
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£ | |
Cost | |
As at
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As at
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Provision | |
As at
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As at
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Net Book Value | |
As at
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As at
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The company owns 98% ordinary share capital of Meadstone Developments Limited, a company registered in England and Wales. Meadstone Developments Limited registered office address is Hanover Buildings, 11-13 Hanover Street, Liverpool, L1 3DN.
Meadstone Developments Limited financial information for period end 31st March 2023:
Capital and reserves £57,010
Loss for the period £Nil
6.
Debtors
2023 | 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Other debtors | 1,395,282 | 1,393,327 | |
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7.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors | 11,817 | 29,217 | |
Taxation and social security |
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9.
Directors Advances, Credits and Guarantees
Director has a brought forward advance from the company of £292,782. Director received interest free advances during the year totalling £37,494 and repaid amounts totalling £37,494 (2022: received interest free advances during the year totalling £24,348 and repaid amounts totalling £25,794). All advances are repayable on demand. The advance carried forward is £297,782.
The above loan is unsecured, interest free and repayable on demand.
Meadstone Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
10.
Related Party Transactions
The following related party transactions were undertaken during the year:
A subsidiary undertaking repaid amounts totalling £Nil (2022: £Nil) and received amounts totalling £Nil (2022: £1,740). At the balance sheet date the amount payable was £58,045 (2022: £58,045).
Dividends were paid to the directors in respect of their shareholders totalling £37,494 (2022: £24,000).
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".
11.
Profit and loss reserve account
The profit and loss reserve account records retained earnings and accumulated losses, including the revaluation reserve which records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The profit and loss reserve account includes both distributable and non distributable as follows:
Profit and (loss) distributable
As at 31/07/2023 £3,940,519
As at 31/07/2022 £3,817,667
Profit and (loss) distributable
As at 31/07/2023 £573,428
As at 31/07/2022 £573,428