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REGISTERED NUMBER: 10685452 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

MEDIUS XV LIMITED

MEDIUS XV LIMITED (REGISTERED NUMBER: 10685452)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MEDIUS XV LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mrs S Finch
A Finch





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
BN3 2PJ





REGISTERED NUMBER: 10685452 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

MEDIUS XV LIMITED (REGISTERED NUMBER: 10685452)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 - 387
Investment property 4 510,000 350,000
510,000 350,387

CURRENT ASSETS
Cash at bank 6,742 84,303

CREDITORS
Amounts falling due within one year 5 214,162 220,455
NET CURRENT LIABILITIES (207,420 ) (136,152 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

302,580

214,235

CREDITORS
Amounts falling due after more than one
year

6

(256,704

)

(160,039

)

PROVISIONS FOR LIABILITIES (15,772 ) (14,903 )
NET ASSETS 30,104 39,293

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 7 83,008 63,217
Retained earnings (53,004 ) (24,024 )
30,104 39,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

MEDIUS XV LIMITED (REGISTERED NUMBER: 10685452)

BALANCE SHEET - continued
31 MARCH 2023


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 10 October 2023 and were signed on its behalf by:




A Finch - Director



Mrs S Finch - Director


MEDIUS XV LIMITED (REGISTERED NUMBER: 10685452)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover
Turnover represents the following types of income
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

MEDIUS XV LIMITED (REGISTERED NUMBER: 10685452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2022
and 31 March 2023 1,159
DEPRECIATION
At 1 April 2022 772
Charge for year 387
At 31 March 2023 1,159
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 387

.

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 350,000
Additions 155,038
Revaluations 4,962
At 31 March 2023 510,000
NET BOOK VALUE
At 31 March 2023 510,000
At 31 March 2022 350,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 78,046
Valuation in 2023 6,526
Cost 425,428
510,000

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,341 5,787
Directors' loan accounts 206,655 212,711
Accrued expenses 2,166 1,957
214,162 220,455

MEDIUS XV LIMITED (REGISTERED NUMBER: 10685452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 5,341 5,787
Bank loans - 2-5 years 16,023 17,362
Bank loans more 5 yr by instal 235,340 136,890
256,704 160,039

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 235,340 136,890

7. RESERVES
Fair
value
reserve
£   
At 1 April 2022 63,217
Transfer to fair value 19,791

At 31 March 2023 83,008

As at the balance sheet date, the revaluation reserve relating to investment properties stands at £83,008. This is included a part of the profit and loss reserves but is not distributable as it is unrealised.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, Mrs S Finch maintained her loan to the company. As at 31 March 2023, the company owed her £50,431 (2022: £50,431). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

During the year, A Finch decreased his loan to the company. As at 31 March 2023, the company owed him £156,225 (2022: £162,280). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Finch.

This was by virtue of his 91% holding of the issued share capital.

10. ACCOUNTING BASIS

As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. During the year the company made a loss of £8,320 and as at the year end the current liabilities exceeded current assets by £207,420.

The validity of this basis depends upon the continued support of the company's directors. The directors confirms that they will give the required support.