Company registration number:
for the Year Ended
Mead Ellis Limited
(Registration number: 07501620)
Balance Sheet as at 29 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Mead Ellis Limited
Notes to the Financial Statements
for the Year Ended 29 March 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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 were 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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Judgements
The directors have considered the business forecasts and the availability of working capital to meet its liabilities for at least 12 months from the date of approval of the accounts. On this basis, the directors have concluded going concern is the appropriate basis of preparation. |
Turnover recognition
Turnover comprises rents receivable net of value added tax. Rental income is recognised in the period for which it is receivable.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Mead Ellis Limited
Notes to the Financial Statements
for the Year Ended 29 March 2023
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 of tangible assets
Asset class |
Depreciation method and rate |
Fixtures and fittings |
10% straight line |
Motor vehicles |
10% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measure at amortised cost using the effective interest method less provision for impairment.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Other financial liabilities, including loans and amounts owed to group undertakings are measured initially at fair value net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Borrowings
Mead Ellis Limited
Notes to the Financial Statements
for the Year Ended 29 March 2023
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Investment properties |
2023 |
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At 30 March 2022 |
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At 29 March 2023 |
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The investment property has been valued at fair value by the directors.
Mead Ellis Limited
Notes to the Financial Statements
for the Year Ended 29 March 2023
Debtors |
2023 |
2022 |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Corporation tax |
8,201 |
8,662 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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The bank loan was repaid in full on 28 April 2023 in line with the terms of the loan agreeement.
Mead Ellis Limited
Notes to the Financial Statements
for the Year Ended 29 March 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with parent
Summary of transactions with entities with joint control or significant interest
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
Audit Report |