M.D Estates (South East) Limited 05629491 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is investment in rental property and holding of shares in trading company Digita Accounts Production Advanced 6.30.9574.0 true false true true 05629491 2022-01-01 2022-12-31 05629491 2022-12-31 05629491 bus:OrdinaryShareClass2 2022-12-31 05629491 bus:OrdinaryShareClass3 2022-12-31 05629491 bus:OrdinaryShareClass4 2022-12-31 05629491 bus:OrdinaryShareClass5 2022-12-31 05629491 bus:OtherShareClass1 2022-12-31 05629491 core:RetainedEarningsAccumulatedLosses 2022-12-31 05629491 core:RevaluationReserve 2022-12-31 05629491 core:ShareCapital 2022-12-31 05629491 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:CurrentFinancialInstruments 2022-12-31 05629491 core:CurrentFinancialInstruments 2022-12-31 05629491 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05629491 core:Non-currentFinancialInstruments 2022-12-31 05629491 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05629491 core:FurnitureFittingsToolsEquipment 2022-12-31 05629491 core:LandBuildings 2022-12-31 05629491 bus:SmallEntities 2022-01-01 2022-12-31 05629491 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 05629491 bus:FullAccounts 2022-01-01 2022-12-31 05629491 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 05629491 bus:RegisteredOffice 2022-01-01 2022-12-31 05629491 bus:Director1 2022-01-01 2022-12-31 05629491 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 05629491 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 05629491 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 05629491 bus:OrdinaryShareClass5 2022-01-01 2022-12-31 05629491 bus:OtherShareClass1 2022-01-01 2022-12-31 05629491 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05629491 core:FurnitureFittings 2022-01-01 2022-12-31 05629491 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 05629491 core:LandBuildings 2022-01-01 2022-12-31 05629491 core:AllSubsidiaries 2022-01-01 2022-12-31 05629491 core:OtherRelatedParties 2022-01-01 2022-12-31 05629491 core:Subsidiary1 2022-01-01 2022-12-31 05629491 core:Subsidiary1 1 2022-01-01 2022-12-31 05629491 core:Subsidiary1 countries:England 2022-01-01 2022-12-31 05629491 countries:England 2022-01-01 2022-12-31 05629491 2021-12-31 05629491 core:CostValuation 2021-12-31 05629491 core:FurnitureFittingsToolsEquipment 2021-12-31 05629491 core:LandBuildings 2021-12-31 05629491 2021-01-01 2021-12-31 05629491 2021-12-31 05629491 bus:OrdinaryShareClass2 2021-12-31 05629491 bus:OrdinaryShareClass3 2021-12-31 05629491 bus:OrdinaryShareClass4 2021-12-31 05629491 bus:OrdinaryShareClass5 2021-12-31 05629491 bus:OtherShareClass1 2021-12-31 05629491 core:RetainedEarningsAccumulatedLosses 2021-12-31 05629491 core:RevaluationReserve 2021-12-31 05629491 core:ShareCapital 2021-12-31 05629491 core:CurrentFinancialInstruments 2021-12-31 05629491 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 05629491 core:Non-currentFinancialInstruments 2021-12-31 05629491 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 05629491 core:FurnitureFittingsToolsEquipment 2021-12-31 05629491 core:LandBuildings 2021-12-31 05629491 bus:OrdinaryShareClass2 2021-01-01 2021-12-31 05629491 bus:OrdinaryShareClass3 2021-01-01 2021-12-31 05629491 bus:OrdinaryShareClass4 2021-01-01 2021-12-31 05629491 bus:OrdinaryShareClass5 2021-01-01 2021-12-31 05629491 core:Subsidiary1 1 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05629491

M.D Estates (South East) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

M.D Estates (South East) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

M.D Estates (South East) Limited

Company Information

Director

Mrs Samantha Ann Malyon-Davies

Registered office

Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited
Chartered Accountants
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

M.D Estates (South East) Limited

(Registration number: 05629491)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

fixed assets

 

tangible assets

4

5,785,385

5,785,491

Investments

5

626,237

626,237

 

6,411,622

6,411,728

Current assets

 

Debtors

7

2,063,594

1,576,551

Other financial assets

6

700,000

700,000

Cash at bank and in hand

 

397,899

279,053

 

3,161,493

2,555,604

Creditors: Amounts falling due within one year

8

(1,308,549)

(1,831,144)

Net current assets

 

1,852,944

724,460

Total assets less current liabilities

 

8,264,566

7,136,188

Creditors: Amounts falling due after more than one year

8

(6,500,000)

(6,500,000)

Net assets

 

1,764,566

636,188

capital and reserves

 

Called up share capital

85

85

Revaluation reserve

531,332

531,332

Profit and loss account

1,233,149

104,771

Total equity

 

1,764,566

636,188

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

M.D Estates (South East) Limited

(Registration number: 05629491)
Balance Sheet as at 31 December 2022

Approved and authorised by the director on 20 December 2023
 

.........................................
Mrs Samantha Ann Malyon-Davies
Director

 

M.D Estates (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS
United Kingdom

These financial statements were authorised for issue by the director on 20 December 2023.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

M.D Estates (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

The current income 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.

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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% net book value

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade 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.

 

M.D Estates (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2021 - 0).

 

M.D Estates (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

5,784,959

6,508

5,791,467

At 31 December 2022

5,784,959

6,508

5,791,467

Depreciation

At 1 January 2022

-

5,976

5,976

Charge for the year

-

106

106

At 31 December 2022

-

6,082

6,082

Carrying amount

At 31 December 2022

5,784,959

426

5,785,385

At 31 December 2021

5,784,959

532

5,785,491

Included within the net book value of land and buildings above is £4,860,780 (2021 - £4,860,780) in respect of freehold land and buildings and £924,179 (2021 - £924,179) in respect of long leasehold land and buildings.
 

Revaluation

The fair value of the company's Investment properties was revalued on 20 December 2023. An independent valuer was not involved.
Property values based on independent agent valuations and director knowledge of the market.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £5,253,628 (2021 - £5,253,658).

 

M.D Estates (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Investments

2022
£

2021
£

Investments in subsidiaries

403,889

403,889

Other investments

222,348

222,348

626,237

626,237

Subsidiaries

£

Cost or valuation

At 1 January 2022

403,889

Provision

Carrying amount

At 31 December 2022

403,889

At 31 December 2021

403,889

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Rascal Confectionery Limited

Silver Rose - Unit 21, East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

England

Ordinary and preference shares

100%

100%

Subsidiary undertakings

Rascal Confectionery Limited

The principal activity of Rascal Confectionery Limited is confectionery manufacturers and dealers.

 

M.D Estates (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 January 2022

700,000

700,000

At 31 December 2022

700,000

700,000

Impairment

Carrying amount

At 31 December 2022

700,000

700,000

7

Debtors

Current

Note

2022
£

2021
£

Amounts owed by related parties

12

2,060,508

1,576,551

Other debtors

 

3,086

-

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

10

-

204

trade creditors

 

(8,492)

9,001

Other creditors

 

71,656

79,763

Directors' loan accounts

 

1,245,385

1,742,176

 

1,308,549

1,831,144

Due after one year

 

Loans and borrowings

10

6,500,000

6,500,000

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

6,500,000

6,500,000

 

M.D Estates (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary SB of £1 each

60

60

60

60

Ordinary A of £1 each

5

5

5

5

Ordinary L of £1 each

5

5

5

5

Ordinary H of £1 each

5

5

5

5

Ordinary C of £1 each

10

10

10

10

 

85

85

85

85

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

6,500,000

6,500,000

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

-

204

 

M.D Estates (South East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

11

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £103.33 (2021 - £100.00) per each Ordinary SB

 

6,200

 

6,000

Interim dividend of £400.00 per each Ordinary A

 

2,000

 

2,000

Interim dividend of £400.00 per each Ordinary L

 

2,000

 

2,000

Interim dividend of £400.00 per each Ordinary H

 

2,000

 

2,000

   

12,200

 

12,000

12

Related party transactions

Summary of transactions with subsidiaries

Rascal Confectionery Limited
 During the year management and rental charges totalling £400,000 (2020 £400,000) were receivable from Rascal Confectionery Limited.
 

Summary of transactions with other related parties

Gaga Estates Limited
The directors are also directors (but not shareholders) of this company

 During the year funds were transferred to or on behalf of Gaga Estates Limited.