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REGISTERED NUMBER: 04358426 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

MEGLAND PROPERTIES LIMITED

MEGLAND PROPERTIES LIMITED (REGISTERED NUMBER: 04358426)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MEGLAND PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Ms P Davies
P S Davies





SECRETARY: Ms P Davies





REGISTERED OFFICE: 73, Grove Hill Park
Gorslas
Llanelli
Carmarthenshire
SA14 7LF





REGISTERED NUMBER: 04358426 (England and Wales)





ACCOUNTANTS: Charles & Co
Chartered Certified Accountants
3 Murray Street
Llanelli
Carmarthenshire
SA15 1AQ

MEGLAND PROPERTIES LIMITED (REGISTERED NUMBER: 04358426)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 617,587 617,587

CURRENT ASSETS
Cash at bank and in hand 72,786 138,289

CREDITORS
Amounts falling due within one year 5 436,911 438,709
NET CURRENT LIABILITIES (364,125 ) (300,420 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

253,462

317,167

CREDITORS
Amounts falling due after more than one
year

6

131,480

194,408
NET ASSETS 121,982 122,759

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 121,981 122,758
121,982 122,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:



Ms P Davies - Director


MEGLAND PROPERTIES LIMITED (REGISTERED NUMBER: 04358426)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Megland Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Computer equipment - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

MEGLAND PROPERTIES LIMITED (REGISTERED NUMBER: 04358426)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 February 2023
and 31 January 2024 569,020 46,872 1,427
DEPRECIATION
At 1 February 2023
and 31 January 2024 - - 1,427
NET BOOK VALUE
At 31 January 2024 569,020 46,872 -
At 31 January 2023 569,020 46,872 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 1,695 1,569 620,583
DEPRECIATION
At 1 February 2023
and 31 January 2024 - 1,569 2,996
NET BOOK VALUE
At 31 January 2024 1,695 - 617,587
At 31 January 2023 1,695 - 617,587

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax - 1,297
Rent Bonds 1,833 2,334
Directors' loan accounts 424,178 424,178
Accrued expenses 10,900 10,900
436,911 438,709

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Mortgage - 16 Craig Y Letty 80,799 80,799
Mortgage - 47 Maesgwern 50,681 50,681
Mortgage - Gilwern - 62,928
131,480 194,408

MEGLAND PROPERTIES LIMITED (REGISTERED NUMBER: 04358426)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Mortgage - 16 Craig Y Letty 80,799 80,799
Mortgage - 47 Maesgwern 50,681 50,681
Mortgage - Gilwern - 62,928
131,480 194,408