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Company registration number: 07501620

Mead Ellis Limited

Filleted Annual Report and Financial Statements

for the Year Ended 29 March 2023

 

Mead Ellis Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Mead Ellis Limited

(Registration number: 07501620)
Balance Sheet as at 29 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,139,473

1,139,473

Current assets

 

Debtors

5

1,346

1,251

Cash at bank and in hand

 

25,463

34,649

 

26,809

35,900

Creditors: Amounts falling due within one year

6

(1,343,878)

(1,275,906)

Net current liabilities

 

(1,317,069)

(1,240,006)

Total assets less current liabilities

 

(177,596)

(100,533)

Creditors: Amounts falling due after more than one year

6

-

(145,000)

Net liabilities

 

(177,596)

(245,533)

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

(177,600)

(245,537)

Total equity

 

(177,596)

(245,533)

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 director on 22 November 2023 .
 


A D D Mead
Director

   
 

Mead Ellis Limited

Notes to the Financial Statements
for the Year Ended 29 March 2023

1

General information

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

The address of its registered office is:
Puxton Park
Cowslip Lane
Hewish
Weston-Super-Mare
North Somerset
BS24 6AH

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 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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2022 - 2).

4

Investment properties

2023
 £

At 30 March 2022

1,139,473

At 29 March 2023

1,139,473

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

5

Debtors

2023
 £

2022
 £

Other debtors

1,346

1,251

Total current trade and other debtors

1,346

1,251

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

7

125,000

60,000

Trade creditors

 

1,250

1,250

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

1,199,493

1,199,493

Taxation and social security

 

4,933

5,000

Corporation tax

 

8,201

8,662

Other creditors

 

5,001

1,501

 

1,343,878

1,275,906

Due after one year

 

Loans and borrowings

7

-

145,000

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

125,000

60,000

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

145,000

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

8

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 £1,135,000 (2022 - £572,500). This relates to operating lease commitments associated with the long leasehold property.

9

Related party transactions

Summary of transactions with parent

The company maintains an interest free loan account with its parent company. At the balance sheet date the amount payable to the parent company amounted to £873,572 (2021 - £873,572). The loan is repayable on demand.
 

Summary of transactions with entities with joint control or significant interest

The company maintains interest free loan accounts with entities under joint control or significant influence. At the balance sheet date, the amount payable by the company amounted to £325,921 (2021 - £325,921). Balances are repayable on demand.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Mead Realisations Limited, incorporated in England.

 The most senior parent entity producing publicly available financial statements is Mead Realisations Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 The ultimate controlling party is A Mead.

11

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 November 2023 was Joseph Doggrell BSc (Hons) FCA, who signed for and on behalf of Albert Goodman LLP.