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MELAVID LIMITED

Unaudited Financial Statements

for the Year Ended 28th February 2023






MELAVID LIMITED (REGISTERED NUMBER: 01248505)






Contents of the Financial Statements
for the year ended 28th February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MELAVID LIMITED

Company Information
for the year ended 28th February 2023







DIRECTORS: P J McManamon
Mrs C McManamon
M P McManamon





SECRETARY: M P McManamon





REGISTERED OFFICE: 39 Chesnut Grove
Tranmere
Birkenhead
Wirral
CH42 0LB





REGISTERED NUMBER: 01248505 (England and Wales)





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

MELAVID LIMITED (REGISTERED NUMBER: 01248505)

Balance Sheet
28th February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,494,314 2,054,900
Investment property 5 708,999 708,999
3,203,313 2,763,899

CURRENT ASSETS
Stocks 351,795 351,795
Debtors 6 2,364,532 2,007,109
Cash at bank and in hand 73,969 688,992
2,790,296 3,047,896
CREDITORS
Amounts falling due within one year 7 2,197,361 1,768,224
NET CURRENT ASSETS 592,935 1,279,672
TOTAL ASSETS LESS CURRENT LIABILITIES 3,796,248 4,043,571

CREDITORS
Amounts falling due after more than one
year

8

(460,706

)

(251,648

)

PROVISIONS FOR LIABILITIES (180,167 ) (281,033 )
NET ASSETS 3,155,375 3,510,890

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,155,275 3,510,790
SHAREHOLDERS' FUNDS 3,155,375 3,510,890

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 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.

MELAVID LIMITED (REGISTERED NUMBER: 01248505)

Balance Sheet - continued
28th February 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 23rd November 2023 and were signed on its behalf by:





M P McManamon - Director


MELAVID LIMITED (REGISTERED NUMBER: 01248505)

Notes to the Financial Statements
for the year ended 28th February 2023

1. STATUTORY INFORMATION

Melavid Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

- Useful economic life of tangible fixed assets
- Valuation of investment property included in the balance sheet
- Losses resultant from investment property activities

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


MELAVID LIMITED (REGISTERED NUMBER: 01248505)

Notes to the Financial Statements - continued
for the year ended 28th February 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to/from related parties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 23 ) .

MELAVID LIMITED (REGISTERED NUMBER: 01248505)

Notes to the Financial Statements - continued
for the year ended 28th February 2023

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1st March 2022 411,602 53,987 2,466,438 537,249 3,469,276
Additions - - 1,718,050 87,348 1,805,398
Disposals - - (1,609,232 ) (70,000 ) (1,679,232 )
At 28th February 2023 411,602 53,987 2,575,256 554,597 3,595,442
DEPRECIATION
At 1st March 2022 - - 1,069,256 345,120 1,414,376
Charge for year - - 331,983 58,932 390,915
Eliminated on disposal - - (677,913 ) (26,250 ) (704,163 )
At 28th February 2023 - - 723,326 377,802 1,101,128
NET BOOK VALUE
At 28th February 2023 411,602 53,987 1,851,930 176,795 2,494,314
At 28th February 2022 411,602 53,987 1,397,182 192,129 2,054,900

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st March 2022 464,150 87,491 551,641
Additions 1,718,050 87,348 1,805,398
Transfer to ownership (464,150 ) (87,491 ) (551,641 )
At 28th February 2023 1,718,050 87,348 1,805,398
DEPRECIATION
At 1st March 2022 106,107 30,748 136,855
Charge for year 257,708 21,837 279,545
Transfer to ownership (106,107 ) (30,748 ) (136,855 )
At 28th February 2023 257,708 21,837 279,545
NET BOOK VALUE
At 28th February 2023 1,460,342 65,511 1,525,853
At 28th February 2022 358,043 56,743 414,786

MELAVID LIMITED (REGISTERED NUMBER: 01248505)

Notes to the Financial Statements - continued
for the year ended 28th February 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st March 2022
and 28th February 2023 708,999
NET BOOK VALUE
At 28th February 2023 708,999
At 28th February 2022 708,999

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,318,939 835,408
Other debtors 913,535 913,535
VAT 130,058 256,166
Prepayments and accrued income 2,000 2,000
2,364,532 2,007,109

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 725,000 582,600
Hire purchase contracts 896,510 245,905
Trade creditors 495,528 804,102
Tax - 42,844
Social security and other taxes 41,323 39,292
Other creditors 22,105 36,586
Accrued expenses 16,895 16,895
2,197,361 1,768,224

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 110,790 221,573
Hire purchase contracts 349,916 30,075
460,706 251,648

MELAVID LIMITED (REGISTERED NUMBER: 01248505)

Notes to the Financial Statements - continued
for the year ended 28th February 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 1,246,426 275,980

Hire purchase liabilities are secured on the assets to which they relate.

The mortgage liability included in the balance sheet is secured on a number of identified pieces of plant and machinery included on the company's plant register.

10. RELATED PARTY DISCLOSURES

Included in other debtors is the sum of £913,535 (2022 - £913,535) owed from Love Lane Developments Limited, a company on which M McManamon is also director and shareholder.