Meltham Properties (2012) Limited - Period Ending 2022-12-31

Meltham Properties (2012) Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Meltham Properties (2012) Limited

(Registration number: 03891334)
Statement of Financial Position as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Investment property	4	8,425,000	-
Investments	5	46,335	46,336
		8,471,335	46,336
Current assets
Debtors	6	82,391	-
Cash at bank and in hand		166,242	-
		248,633	-
Creditors: Amounts falling due within one year	7	(253,810)	(23,417)
Net current liabilities		(5,177)	(23,417)
Total assets less current liabilities		8,466,158	22,919
Creditors: Amounts falling due after more than one year	7	(2,088,142)	-
Provisions for liabilities		(43,680)	-
Net assets		6,334,336	22,919
Capital and reserves
Called up share capital		22,919	22,919
Profit and loss account		6,311,417	-
Shareholders' funds		6,334,336	22,919

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Meltham Properties (2012) Limited

(Registration number: 03891334)
Statement of Financial Position as at 31 December 2022

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 26 June 2023
 

......................................... Mr R Collinge Director

Meltham Properties (2012) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Beever and Struthers
One Express
1 George Leigh Street
Manchester
M4 5DL
England

These financial statements were authorised for issue by the director on 26 June 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and Key Sources of Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts report. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the opinion of the directors there are no critical accounting judgements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Meltham Properties (2012) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an ongoing basis.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Meltham Properties (2012) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitues a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairement at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4	Investment properties

	2022 £
Additions	8,425,000
At 31 December	8,425,000

In the opinion of the director there has been no change in the valuation of investment property since its acquisition on 6 September 2022.

5	Investments

	2022 £	2021 £
Shares in group undertakings	46,335	46,336

Meltham Properties (2012) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Shares in group undertakings	£
Cost or valuation
At 1 January 2022	46,336
Disposals	(1)
At 31 December 2022	46,335
Carrying amount
At 31 December 2022	46,335
At 31 December 2021	46,336

6

Debtors

	2022 £	2021 £
Trade debtors	4,169	-
Prepayments	78,222	-
	82,391	-

7

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	8	153,580	-
Trade creditors		16,162	-
Taxation and social security		66,984	-
Accruals and deferred income		16,394	-
Other creditors		690	23,417
		253,810	23,417

Creditors include bank loans which are secured of £153,580 (2021 - £nil).

Meltham Properties (2012) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	8	2,088,142	-

Creditors include bank loans which are secured of £2,088,142 (2021 - £nil).

8	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	2,088,142	-

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	153,580	-