Melinda Property Services Limited |
Registered number: |
02271560 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,084,652 |
|
|
1,031,925 |
Investments |
4 |
|
|
6 |
|
|
5 |
|
|
|
|
1,084,658 |
|
|
1,031,930 |
|
Current assets |
Debtors |
5 |
|
1,881,888 |
|
|
1,753,762 |
Cash at bank and in hand |
|
|
916,099 |
|
|
1,006,821 |
|
|
|
2,797,987 |
|
|
2,760,583 |
|
Creditors: amounts falling due within one year |
6 |
|
(203,575) |
|
|
(226,907) |
|
Net current assets |
|
|
|
2,594,412 |
|
|
2,533,676 |
|
Total assets less current liabilities |
|
|
|
3,679,070 |
|
|
3,565,606 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(2,415,511) |
|
|
(2,291,844) |
|
Provisions for liabilities |
|
|
|
(59,740) |
|
|
(50,240) |
|
Net assets |
|
|
|
1,203,819 |
|
|
1,223,522 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100,000 |
|
|
100,000 |
Non-distributable fair value reserve |
|
|
|
567,866 |
|
|
527,366 |
Profit and loss account |
|
|
|
535,953 |
|
|
596,156 |
|
Shareholders' funds |
|
|
|
1,203,819 |
|
|
1,223,522 |
|
|
|
|
|
|
|
|
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. |
|
|
L Wheeler |
Director |
Approved by the board on 22 November 2023 |
|
Melinda Property Services Limited |
Notes to the Accounts |
for the year ended 31 March 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). |
|
|
Exemption from preparation of consolidated financial information |
|
The financial statements contain information about Melinda Property Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the exemption available under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable for rents and other property related items, net of discounts and value added taxes. Turnover is recognised when the service is provided. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office equipment |
over 3 years |
|
Motor vehicles |
over 3 years |
|
|
Investment properties |
|
Investment Properties are included at fair value. Changes in fair value are recognised in the profit and loss account. Deferred tax is provided on any gains or losses at the rate expected to apply when the property is sold. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
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. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
Investment Properties |
|
Office Equipment |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 April 2022 |
1,028,000 |
|
16,076 |
|
19,301 |
|
1,063,377 |
|
Additions |
- |
|
6,450 |
|
- |
|
6,450 |
|
Surplus on revaluation |
50,000 |
|
- |
|
- |
|
50,000 |
|
Disposals |
- |
|
(3,300) |
|
(3,500) |
|
(6,800) |
|
At 31 March 2023 |
1,078,000 |
|
19,226 |
|
15,801 |
|
1,113,027 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
- |
|
At 1 April 2022 |
- |
|
13,687 |
|
17,765 |
|
31,452 |
|
Charge for the year |
- |
|
2,966 |
|
757 |
|
3,723 |
|
On disposals |
- |
|
(3,300) |
|
(3,500) |
|
(6,800) |
|
At 31 March 2023 |
- |
|
13,353 |
|
15,022 |
|
28,375 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
1,078,000 |
|
5,873 |
|
779 |
|
1,084,652 |
|
At 31 March 2022 |
1,028,000 |
|
2,389 |
|
1,536 |
|
1,031,925 |
|
|
|
|
|
|
|
|
|
|
In accordance with FRS 102, the directors have assessed the fair value of the properties held by the company. The assessment resulted in an increase to the value of the investment properties held for the year ended 31 March 2023 of £50,000 (2022: £nil). The directors do not hold a relevant professional qualification but have in excess of 20 years of property experience. The directors used their judgement of the property market, including their experience of recent transactions involving similar properties. The directors also made reference to recent external valuations of the property completed within the last two years in addition to discussions with local estate agents. |
|
4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 April 2022 |
5 |
|
Additions |
1 |
|
|
At 31 March 2023 |
6 |
|
|
|
|
|
|
|
|
|
|
On 9 February 2023, the company acquired 100% of the ordinary share capital of Melinda Property Investments 2 Limited, a newly incorporated company, for a consideration of £1. |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
340 |
|
4 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1,855,601 |
|
1,731,330 |
|
Other debtors |
25,947 |
|
22,428 |
|
|
|
|
|
|
1,881,888 |
|
1,753,762 |
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest free and repayable on demand. |
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
24,000 |
|
31,800 |
|
Trade creditors |
26,841 |
|
41,684 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
95,224 |
|
92,975 |
|
Taxation and social security costs |
3,795 |
|
8,285 |
|
Other creditors |
53,715 |
|
52,163 |
|
|
|
|
|
|
203,575 |
|
226,907 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
519,627 |
|
539,005 |
|
Other creditors (including director's loans) |
1,895,884 |
|
1,752,839 |
|
|
|
|
|
|
2,415,511 |
|
2,291,844 |
|
|
|
|
|
|
|
|
|
8 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
423,627 |
|
411,805 |
|
|
|
|
|
|
423,627 |
|
411,805 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
543,627 |
|
570,805 |
|
|
|
|
|
|
|
|
|
|
Bank Loans are secured over the freehold property owned by the company, incur interest at base rate plus 2.72% and expire in August 2036. |
|
|
9 |
Controlling party |
|
|
Melinda Property Services Limited is controlled by L Wheeler and C Williams, by virtue of their majority shareholding in the company. |
|
|
10 |
Other information |
|
|
Melinda Property Services Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
9 Park Place |
|
Newdigate Road |
|
Harefield |
|
Middlesex |
|
UB9 6EJ |