MELM Properties Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 12474054 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

MELM PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

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

251,000

262,000

CURRENT ASSETS

Debtors

5

2,090

-

Cash at bank

63,095

6,875

65,185

6,875

CREDITORS

Amounts falling due within one year

6

318,921

271,152

NET CURRENT LIABILITIES

(253,736

)

(264,277

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,736

)

(2,277

)

PROVISIONS FOR LIABILITIES

-

10,070

NET LIABILITIES

(2,736

)

(12,347

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Revaluation reserve

8

49,660

60,660

Retained earnings

(52,496

)

(73,107

)

SHAREHOLDERS' FUNDS

(2,736

)

(12,347

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 8 November 2023 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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue comprises the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Revenue is shown net of VAT and trade 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. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

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 year 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 year 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 year was NIL (2022 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2022

262,000

Revaluations

(11,000

)

At 28 February 2023

251,000

NET BOOK VALUE

At 28 February 2023

251,000

At 28 February 2022

262,000

Fair value at 28 February 2023 is represented by:

£

Valuation in 2023

251,000

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

28.2.23

28.2.22

£

£

Cost

262,000

209,000

investment property was valued on open market basis on 28 February 2023 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Deferred tax asset

2,090

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans and overdrafts

7,921

10,234

Tax

33

-

Other creditors

87,757

37,758

Mortgage

197,000

197,000

Directors' current accounts

24,900

24,900

Accrued expenses

1,310

1,260

318,921

271,152

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.23

28.2.22

value:

£

£

100

Ordinary

1

100

100

8.

RESERVES

Revaluation

reserve

£

At 1 March 2022

60,660

Revaluation movement

(11,000

)

At 28 February 2023

49,660

9.	RELATED PARTY DISCLOSURES

As at 28 February 2023 there was an amount owed to the director, M A Ayorinde of £12,450 (2022 - £12,450) from the company. This amount is included within creditors on the balance sheet.

As at 28 February 2023 there was an amount owed to the director, L Mhaka, of £12,450 (2022 - £12,450) from the company.

This amount is included within creditors on the balance sheet.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MELM Properties Ltd for the year ended 28 February 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MELM Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MELM Properties Ltd and state those matters that we have agreed to state to the Board of Directors of MELM Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MELM Properties Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MELM Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MELM Properties Ltd. You consider that MELM Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MELM Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

PWH Accountancy Ltd

The Counting House

High Street

Lutterworth

Leicestershire

LE17 4AY

8 November 2023