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Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Meadfleet Limited

Meadfleet Limited (Registered number: 03022583)

Contents of the Financial Statements
for the Year Ended 31 July 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Meadfleet Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: S E Carter
G Hunt
P G Miller
D B S King
S J Hursey





REGISTERED OFFICE: Unit 2 Meadway Court
Meadway Technology Park
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF





REGISTERED NUMBER: 03022583 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

Meadfleet Limited (Registered number: 03022583)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,468,907 8,833,764

CURRENT ASSETS
Stocks 5 2,080,499 1,778,338
Debtors 6 766,341 775,751
Cash at bank 493,972 510,975
3,340,812 3,065,064
CREDITORS
Amounts falling due within one year 7 2,665,982 2,194,767
NET CURRENT ASSETS 674,830 870,297
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,143,737

9,704,061

PROVISIONS FOR LIABILITIES 9 2,589,450 2,485,863
NET ASSETS 7,554,287 7,218,198

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Fair value reserve 11 7,019,287 6,516,518
Retained earnings 534,000 700,680
SHAREHOLDERS' FUNDS 7,554,287 7,218,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





P G Miller - Director


Meadfleet Limited (Registered number: 03022583)

Notes to the Financial Statements
for the Year Ended 31 July 2023


1. STATUTORY INFORMATION

Meadfleet 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 as modified by the revaluation of certain assets.

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

Turnover is made up of charges to plot holders for site work carried out together with unit transfer fees.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Controlled land - not provided
Motor vehicles - 25% on cost and Straight line over 3 years
Computer equipment - 20% on cost and Straight line over 3 years

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company receives deposits on all plots managed. These deposits are held until a plot is sold when it is refunded and a new deposit received from the incoming owner. Under FRS102 Financial Instruments these deposits are recorded in the books at the discounted cashflow value of the deposit which unlikely to be repaid in the foreseeable future. The company has used a discount period of 125 years and 5%. These parameters are reviewed annually by the directors. The gross value of the deposits is disclosed separately in the accounts.

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.

Deferred tax on potential gains on Land Controlled is provided in full and offset against the fair value Reserve

Meadfleet Limited (Registered number: 03022583)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 32 ) .

4. TANGIBLE FIXED ASSETS
Controlled Motor Computer
land vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2022 8,688,690 157,006 339,006 9,184,702
Additions - 55,328 4,269 59,597
Disposals - (46,125 ) (7,794 ) (53,919 )
Valuation 652,790 - - 652,790
At 31 July 2023 9,341,480 166,209 335,481 9,843,170
DEPRECIATION
At 1 August 2022 - 119,114 231,824 350,938
Charge for year - 33,990 43,084 77,074
Eliminated on disposal - (46,125 ) (7,624 ) (53,749 )
At 31 July 2023 - 106,979 267,284 374,263
NET BOOK VALUE
At 31 July 2023 9,341,480 59,230 68,197 9,468,907
At 31 July 2022 8,688,690 37,892 107,182 8,833,764

The land was valued by the directors during the year at £290 per unit (2022: £290 per unit), being the unit transfer fee based on a total of 32,212 (2022: 29,961) units of land.

The historic value of the units of land was £Nil (2022: £Nil).

Cost or valuation at 31 July 2023 is represented by:

Controlled Motor Computer
land vehicles equipment Totals
£    £    £    £   
Valuation in 2016 4,522,260 - - 4,522,260
Valuation in 2017 702,090 - - 702,090
Valuation in 2018 722,680 - - 722,680
Valuation in 2019 698,610 - - 698,610
Valuation in 2020 709,050 - - 709,050
Valuation in 2021 734,280 - - 734,280
Valuation in 2022 599,720 - - 599,720
Valuation in 2023 652,790 - - 652,790
Cost - 166,209 335,481 501,690
9,341,480 166,209 335,481 9,843,170

Meadfleet Limited (Registered number: 03022583)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


5. STOCKS
2023 2022
£    £   
Stocks 2,476,280 2,116,890
Payments on account (395,781 ) (338,552 )
2,080,499 1,778,338

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 683,123 704,603
Other debtors 83,218 71,148
766,341 775,751

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 577,388 446,116
Taxation and social security 384,314 361,896
Other creditors 1,704,280 1,386,755
2,665,982 2,194,767

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 45,898 45,898
Between one and five years 32,639 78,537
78,537 124,435

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,332,613 2,182,592

Other provisions
Dowry & commuted fund 47,100 47,100
Security deposit fund at NPV 6,807 6,739
Reserve fund 202,930 249,432
256,837 303,271

Aggregate amounts 2,589,450 2,485,863

Deferred Other
tax provisions
£    £   
Balance at 1 August 2022 2,182,592 303,271
Provided during year 150,021 (46,434 )
Balance at 31 July 2023 2,332,613 256,837

Meadfleet Limited (Registered number: 03022583)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


9. PROVISIONS FOR LIABILITIES - continued

Security deposits are shown at their Net Present Value (NPV). The gross amount due is £4,453,322 (2022 - £4,123,978)

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal 2023 2022
value: £ £

81,100 Ordinary £0.01 811.00 811.00
9,450 Preference £0.01 94.50 94.50
9,450 Preference B £0.01 94.50 94.50
1,000 1,000

11. RESERVES
Fair
value
reserve
£   
At 1 August 2022 6,516,518
Deferred tax movement (150,021 )
Fair value transfer 652,790

At 31 July 2023 7,019,287

The deferred tax movement against the fair value reserve represents tax not yet incurred on the uplifted value of the controlled land, at 25% (2022: 25%).

12. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the year by the Land Management Holdings Limited.