30 March 2022 false No description of principal activity Taxfiler 2023.10 10490461business:PrivateLimitedCompanyLtd2022-03-302023-03-29 104904612022-03-29 104904612022-03-302023-03-29 10490461business:AuditExemptWithAccountantsReport2022-03-302023-03-29 10490461business:FilletedAccounts2022-03-302023-03-29 104904612023-03-29 10490461business:Director12022-03-302023-03-29 10490461business:Director22022-03-302023-03-29 10490461business:RegisteredOffice2022-03-302023-03-29 104904612022-03-29 10490461core:WithinOneYear2023-03-29 10490461core:WithinOneYear2022-03-29 10490461core:AfterOneYear2023-03-29 10490461core:AfterOneYear2022-03-29 10490461core:ShareCapitalcore:PreviouslyStatedAmount2023-03-29 10490461core:ShareCapitalcore:PreviouslyStatedAmount2022-03-29 10490461core:SharePremiumcore:PreviouslyStatedAmount2023-03-29 10490461core:SharePremiumcore:PreviouslyStatedAmount2022-03-29 10490461core:RevaluationReservecore:PreviouslyStatedAmount2023-03-29 10490461core:RevaluationReservecore:PreviouslyStatedAmount2022-03-29 10490461core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-29 10490461core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-03-29 10490461core:PreviouslyStatedAmount2023-03-29 10490461core:PreviouslyStatedAmount2022-03-29 10490461business:SmallEntities2022-03-302023-03-29 10490461countries:EnglandWales2022-03-302023-03-29 10490461core:PlantMachinery2022-03-302023-03-29 10490461core:MotorVehicles2022-03-302023-03-29 10490461core:PlantMachinery2022-03-29 10490461core:MotorVehicles2022-03-29 10490461core:PlantMachinery2023-03-29 10490461core:MotorVehicles2023-03-29 10490461core:MoreThanFiveYears2023-03-29 10490461core:MoreThanFiveYears2022-03-29 10490461core:AfterOneYear2022-03-302023-03-29 104904612021-03-302022-03-29 iso4217:GBP xbrli:pure
Company Registration No. 10490461 (England and Wales)
Meyfan Limited Unaudited accounts for the year ended 29 March 2023
Meyfan Limited Unaudited accounts Contents
Page
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Meyfan Limited Company Information for the year ended 29 March 2023
Directors
SMA Saffet A Saffet
Company Number
10490461 (England and Wales)
Registered Office
125 Snodhurst Avenue Chatham Kent ME5 0TN
Accountants
King & Taylor 123 Cross Lane East Gravesend Kent DA12 5HA
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Meyfan Limited Statement of financial position as at 29 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
10,255 
13,125 
Investment property
3,148,000 
3,148,000 
3,158,255 
3,161,125 
Current assets
Debtors
1,812,911 
1,809,919 
Creditors: amounts falling due within one year
(452,500)
(342,122)
Net current assets
1,360,411 
1,467,797 
Total assets less current liabilities
4,518,666 
4,628,922 
Creditors: amounts falling due after more than one year
(469,223)
(570,322)
Provisions for liabilities
Deferred tax
(2,564)
(3,281)
Net assets
4,046,879 
4,055,319 
Capital and reserves
Called up share capital
200 
200 
Share premium
4,462,983 
4,462,983 
Revaluation reserve
(21,500)
(21,500)
Profit and loss account
(394,804)
(386,364)
Shareholders' funds
4,046,879 
4,055,319 
For the year ending 29 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 July 2023 and were signed on its behalf by
SMA Saffet Director Company Registration No. 10490461
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Meyfan Limited Notes to the Accounts for the year ended 29 March 2023
1
Statutory information
Meyfan Limited is a private company, limited by shares, registered in England and Wales, registration number 10490461. The registered office is 125 Snodhurst Avenue, Chatham, Kent, ME5 0TN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Motor vehicles
25% reducing balance
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Meyfan Limited Notes to the Accounts for the year ended 29 March 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 30 March 2022
- 
17,500 
17,500 
Additions
479 
- 
479 
At 29 March 2023
479 
17,500 
17,979 
Depreciation
At 30 March 2022
- 
4,375 
4,375 
Charge for the year
68 
3,281 
3,349 
At 29 March 2023
68 
7,656 
7,724 
Net book value
At 29 March 2023
411 
9,844 
10,255 
At 29 March 2022
- 
13,125 
13,125 
5
Investment property
2023 
£ 
Fair value at 30 March 2022
3,148,000 
At 29 March 2023
3,148,000 
The 2023 valuations were made by the directors, on an open market value for existing use basis.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,700 
- 
Accrued income and prepayments
2,391 
1,632 
Other debtors
1,807,820 
1,808,287 
1,812,911 
1,809,919 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
3,148 
3,893 
Other creditors
6,557 
277 
Loans from directors
439,765 
332,344 
Accruals
3,030 
4,108 
Deferred income
- 
1,500 
452,500 
342,122 
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Meyfan Limited Notes to the Accounts for the year ended 29 March 2023
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
469,223 
570,322 
Aggregate of amounts that fall due for payment after five years
469,223 
570,322 
The director has provided personal guarantees on the loans.
9
Transactions with related parties
At the year end 29 March 2023, Prestige Properties (Kent) Ltd, a company under common control, owed the company £1,783,944 (2022 - £1,779,017) which has been included within other debtors.
10
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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