Missendon Limited - Period Ending 2022-11-30

Missendon Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 4

Missendon Limited

(Registration number: 03208751)
Balance Sheet as at 30 November 2022

	Note	2022 £	2021 £
Fixed assets
Investment property	4	250,000	250,000
Current assets
Debtors	5	59,174	75,399
Cash at bank and in hand		249,808	192,207
		308,982	267,606
Creditors: Amounts falling due within one year	6	(27,403)	(22,569)
Net current assets		281,579	245,037
Net assets		531,579	495,037
Capital and reserves
Called up share capital		2	2
Revaluation reserve		154,947	154,947
Retained earnings		376,630	340,088
Shareholders' funds		531,579	495,037

For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 August 2023 and signed on its behalf by:
 

......................................... A P Butcher Director

Missendon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
54 Clarence Road
Windsor
Berkshire
SL4 5AU

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for gross rents invoiced to third parties in respect of investment properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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.

Investment property

Properties held for investment are included in the financial statements at open market value as determined annually by the directors, who are professionally qualified valuers and any surplus or deficit arising is transferred to the investment revaluation reserve.

Acquisition and disposals of properties are recognised where binding contracts have been exchanged during the accounting period, provided completion takes place prior to approval of the accounts.

In accordance with Statement of Standard Accounting Practice No. 19, no depreciation is provided in respect of freehold properties or leasehold properties with over 20 years to expiry. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one amongst many factors reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the accounts giving a true and fair view.

Missendon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4	Investment properties

	2022 £
At 1 December	250,000
At 30 November	250,000

The property has been included at directors' valuation

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current	2022 £	2021 £
Trade debtors	55,095	72,000
Prepayments	4,079	3,399
	59,174	75,399

Missendon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Taxation and social security	8,560	3,726
Other creditors	18,843	18,843
	27,403	22,569

7	Related party transactions

Other transactions with directors

A P Butcher (director) made a loan to the company. At the balance sheet date the amount due to A P Butcher was £3,102 (2021 - £3,102).

E J Mercer (director) made a loan to the company. At the balance sheet date the amount due to E J Mercer was £91 (2021 - £91).