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Registration number: 00555134

Meadow Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Meadow Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Meadow Holdings Limited

(Registration number: 00555134)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

153,991

176,623

Investment properties at valuation

5

14,703,204

13,453,204

 

14,857,195

13,629,827

Current assets

 

Debtors

6

38,950

28,039

Cash at bank and in hand

 

777,990

702,263

 

816,940

730,302

Creditors: Amounts falling due within one year

7

(527,534)

(496,277)

Net current assets

 

289,406

234,025

Total assets less current liabilities

 

15,146,601

13,863,852

Provisions for liabilities

(1,899,000)

(1,211,000)

Net assets

 

13,247,601

12,652,852

Capital and reserves

 

Called up share capital

212,615

212,615

Share premium reserve

368,505

368,505

Capital redemption reserve

5,761

5,761

Revaluation reserve

8,094,006

7,532,006

Profit and loss account

4,566,714

4,533,965

Total equity

 

13,247,601

12,652,852

 

Meadow Holdings Limited

(Registration number: 00555134)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 August 2022 and signed on its behalf by:
 

.........................................

G A Miller

Director

 

Meadow Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
Mercer House
15 High Road
Redbourn
Hertfordshire
AL3 7LE

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.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1 and are the individual company.

Revenue recognition

Turnover represents amounts chargeable in respect of rents and management charges receivable in respect of the year.

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.

 

Meadow Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Motor vehicles

25% reducing balance

Fixtures and fittings

10% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the Directors. The Directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 and other debtors

Trade and other debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade and other creditors

Trade and other creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised in the reporting period in which the dividends are paid.

 

Meadow Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Revaluation reserve

The revaluation reserve is in respect of the revaluation gains and losses on the fair value of investment properties less the corresponding deferred tax liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

130,365

7,176

120,883

258,424

Disposals

-

-

(22,786)

(22,786)

At 31 December 2021

130,365

7,176

98,097

235,638

Depreciation

At 1 January 2021

24,529

6,566

50,706

81,801

Charge for the year

1,291

61

16,562

17,914

Eliminated on disposal

-

-

(18,068)

(18,068)

At 31 December 2021

25,820

6,627

49,200

81,647

Carrying amount

At 31 December 2021

104,545

549

48,897

153,991

At 31 December 2020

105,836

610

70,177

176,623

Included within the net book value of land and buildings above is £104,545 (2020 - £105,836) in respect of freehold land and buildings.
 

 

Meadow Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Investment properties

2021
£

At 1 January

13,453,204

Fair value adjustments

1,250,000

At 31 December

14,703,204

Revaluations

The Freehold investments properties class of fixed assets was revalued on 31 December 2021 by the Directors who are internal to the company. The basis of this valuation was an open market basis.

This class of assets has a current value of £14,703,204 (2020: £13,453,204) and a carrying amount at historical cost of £4,711,499 (2020: £4,711,499).

The last full independent professional valuation of Freehold investment properties was carried out on 17 November 2013.

6

Debtors

Current

2021
£

2020
£

Trade debtors

34,751

26,072

Other debtors

4,199

1,967

 

38,950

28,039

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

382,624

382,624

Taxation and social security

12,195

11,824

Other creditors

132,715

101,829

527,534

496,277

 

Meadow Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

212,615

212,615

212,615

212,615

         

9

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Newmill Holdings Limited, incorporated in England.