Registered number
03818157
Meadvine Limited
Filetted Accounts
31 August 2023
Meadvine Limited
Registered number: 03818157
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Current assets
Stocks 8,047,551 8,047,551
Debtors 3 2,820 16,050
Cash at bank and in hand 71,695 91,657
8,122,066 8,155,258
Creditors: amounts falling due within one year 4 (1,009,594) (1,269,757)
Net current assets 7,112,472 6,885,501
Total assets less current liabilities 7,112,472 6,885,501
Creditors: amounts falling due after more than one year 5 (3,714,882) (3,880,119)
Net assets 3,397,590 3,005,382
Capital and reserves
Called up share capital 2 2
Profit and loss account 3,397,588 3,005,380
Shareholders' funds 3,397,590 3,005,382
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Louise Margolin
Director
Approved by the board on 29 November 2023
Meadvine Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2023 2022
£ £
CT 61 tax 2,820 -
Other debtors 16,050
4 Creditors: amounts falling due within one year 2023 2022
£ £
Rents in advance 3,651 10,465
Tenant deposits 15,000 15,000
Taxation and social security costs 107,531 114,175
Other creditors 883,412 1,130,117
1,009,594 1,269,757
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,132,568 1,427,800
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,582,314 2,452,319
3,714,882 3,880,119
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 1,132,568 1,427,800
The bank loans are secured by way of first legal charges on the properties owned by the company.
7 Related party transactions
Loans made to the company by a connected company have no specified terms of repayment and do not carry interest.
8 Controlling party
No party has control of the company.
9 Other information
Meadvine Limited is a private company limited by shares and incorporated in England. Its registered office is:
632 Eastern Avenue
Gants Hill
Ilford
Essex
IG2 6PG
The financial statements are presented in sterling , which is the functional currency
of the company.
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