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Merrowgwidden Properties Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2023

Registration number: 12105078

 

Merrowgwidden Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Merrowgwidden Properties Limited

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

463

-

Investment property

5

412,418

412,418

 

412,881

412,418

Current assets

 

Debtors

6

3,882

8,306

Cash at bank and in hand

 

4,953

7,115

 

8,835

15,421

Creditors: Amounts falling due within one year

7

(405,565)

(417,850)

Net current liabilities

 

(396,730)

(402,429)

Net assets

 

16,151

9,989

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

16,051

9,889

Shareholders' funds

 

16,151

9,989

 

Merrowgwidden Properties Limited

Balance Sheet

30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 

.........................................
Mr J J Barnecutt
Director

Company Registration Number: 12105078

 

Merrowgwidden Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Unit 5b/c
Normandy Way
Bodmin
Cornwall
PL31 1EU

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 - '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.

Going concern

The directors have prepared the financial statements on a going concern basis, on the understanding that they will continue to provide financial support if it is required and, accordingly, the financial statements do not include any adjustments that would result if this support were not available.

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 returns, rebates and discounts and after eliminating sales within the company.

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

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.

The current corporation 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.

 

Merrowgwidden Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 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

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

Furniture, fittings and equipment

25% reducing balance

Investment property

Investment property is carried at fair value. The director assesses fair value, having regard for current market prices for comparable real estate and using 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 the profit or loss.

No depreciation is provided in respect of investment properties applying the fair value model.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

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

 

Merrowgwidden Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

570

570

At 30 June 2023

570

570

Depreciation

Charge for the year

107

107

At 30 June 2023

107

107

Carrying amount

At 30 June 2023

463

463

 

Merrowgwidden Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

5

Investment properties

2023
£

At 1 July

412,418

At 30 June

412,418

There has been no valuation of investment property by an independent valuer.

The property was purchased in July 2019 for £412,418 which is considered to be the fair value at that date. The director considers the additions to the property since this date to be the only changes in valuation to have occurred.

6

Debtors

2023
£

2022
£

Prepayments

232

249

Other debtors

3,650

8,057

3,882

8,306

 

Merrowgwidden Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to related parties

9

400,928

412,116

Taxation and social security

 

1,307

1,418

Accruals and deferred income

 

3,330

4,316

 

405,565

417,850

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Director 1

Directors loan account

-

11,200

(11,200)

-

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Director 1

Directors loan account

221

5,107

(5,328)

-

         
       

 

Loans from related parties

There is a balance of £400,928 (2022 - £412,115) owed to Malcolm Barnecutt Bakery (a company under common control) at the year end.