Registered number
02239983
Meadgate Recovery Services Limited
Accounts
For the Year ended
31 March 2023
Oakensen
Chartered Accountants
31 Stallard Street
Trowbridge
Wiltshire
BA14 9AA
Meadgate Recovery Services Limited
Registered number: 02239983
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 118,470 123,972
Current assets
Debtors 4 850 4,348
Cash at bank and in hand 11,095 4,284
11,945 8,632
Creditors: amounts falling due within one year 5 (9,417) (7,999)
Net current assets 2,528 633
Total assets less current liabilities 120,998 124,605
Creditors: amounts falling due after more than one year 6 (74,156) (81,749)
Net assets 46,842 42,856
Capital and reserves
Called up share capital 100 100
Profit and loss account 46,742 42,756
Shareholder's funds 46,842 42,856
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T J Dibble
Director
Approved by the board on 16 October 2023
Meadgate Recovery Services Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is recognised when the work has been completed and when rents are received.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil
Plant and machinery 7 years
Motor vehicles 5 years
Debtors
Short term debtors are measured at transaction price, which is usually the invoice price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price, which is usually the invoice price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 101,957 17,926 27,510 147,393
At 31 March 2023 101,957 17,926 27,510 147,393
Depreciation
At 1 April 2022 - 17,919 5,502 23,421
Charge for the year - - 5,502 5,502
At 31 March 2023 - 17,919 11,004 28,923
Net book value
At 31 March 2023 101,957 7 16,506 118,470
At 31 March 2022 101,957 7 22,008 123,972
4 Debtors 2023 2022
£ £
Trade debtors 850 4,348
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,685 3,685
Obligations under finance lease and hire purchase contracts 3,401 3,401
Other taxes and social security costs 1,346 -
Other creditors 985 913
9,417 7,999
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,267 9,446
Obligations under finance lease and hire purchase contracts 8,789 12,191
Other creditors 59,100 60,112
74,156 81,749
7 Related party transactions
Included in creditors due after one year is an amount of £59,100 (2022 - £60,112) due to the director.
8 Other information
Meadgate Recovery Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Smithery
Church Lane
Timsbury
Bath
BA3 1LF
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