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Registration number: 07399078

Medfield Southwest Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Medfield Southwest Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 7

 

Medfield Southwest Limited

Company Information

Director

Mr B Glanfield

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Medfield Southwest Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Medfield Southwest Limited for the year ended 31 March 2023 as set out on pages 3 to 7 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 at
http://www.icaew.com/regulation.

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

It is your duty to ensure that Medfield Southwest Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Medfield Southwest Limited. You consider that Medfield Southwest Limited 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 accounts of Medfield Southwest Limited. 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 accounts.

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

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

15 October 2023

 

Medfield Southwest Limited

(Registration number: 07399078)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

22,834

24,964

Current assets

 

Debtors

5

2,500

1,215

Cash at bank and in hand

 

2

2

 

2,502

1,217

Creditors: Amounts falling due within one year

6

(27,156)

(18,303)

Net current liabilities

 

(24,654)

(17,086)

Total assets less current liabilities

 

(1,820)

7,878

Creditors: Amounts falling due after more than one year

6

(7,708)

(10,828)

Net liabilities

 

(9,528)

(2,950)

Capital and reserves

 

Called up share capital

110

110

Retained earnings

(9,638)

(3,060)

Shareholders' deficit

 

(9,528)

(2,950)

 

Medfield Southwest Limited

(Registration number: 07399078)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 15 October 2023
 

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

Mr B Glanfield

Director

 

Medfield Southwest Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
Westbeer House
Fore Street
Ivybridge
Devon
PL21 9AE

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 using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A- The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Going concern

The accounts have been prepared on a going concern basis, as the director continues to provide financial support, when necessary, to the company. The director has also reviewed the position for twelve months from the date the accounts were approved, and in his opinion, the company will reduce the balance sheet deficiency and will show positive results for the next financial period,

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

Fixtures & Fittings

15% reducing balance

Leasehold improvements

No depreciation

 

Medfield Southwest Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Leasehold improvements
 £

Total
£

Cost or valuation

At 1 April 2022

18,482

10,765

29,247

At 31 March 2023

18,482

10,765

29,247

Depreciation

At 1 April 2022

4,283

-

4,283

Charge for the year

2,130

-

2,130

At 31 March 2023

6,413

-

6,413

Carrying amount

At 31 March 2023

12,069

10,765

22,834

At 31 March 2022

14,199

10,765

24,964

5

Debtors

2023
£

2022
£

Other debtors

2,500

1,215

2,500

1,215

 

Medfield Southwest Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

4,067

5,219

Trade creditors

 

294

721

Taxation and social security

 

-

449

Accruals and deferred income

 

1,093

1,164

Other creditors

 

21,702

10,750

 

27,156

18,303

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7,708

10,828