Melinda Construction Limited
Registered number: 06623202
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,900,000 1,825,000
1,900,000 1,825,000
Current assets
Debtors 4 97,803 100,820
Cash at bank and in hand 20,814 62,155
118,617 162,975
Creditors: amounts falling due within one year 5 (9,472) (7,170)
Net current assets 109,145 155,805
Total assets less current liabilities 2,009,145 1,980,805
Creditors: amounts falling due after more than one year 6 (1,433,310) (1,432,450)
Provisions for liabilities (99,841) (90,177)
Net assets 475,994 458,178
Capital and reserves
Called up share capital 1 1
Non-distributable fair value reserve 545,155 503,955
Profit and loss account (69,162) (45,778)
Shareholders' funds 475,994 458,178
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 Construction 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).
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.
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.
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.
Related Party
The company is a wholly owned subsidiary of Melinda Property Services Limited. The company has therefore taken advantage of the exemption in Financial Reporting Standard 102 (as applied to small entities by Section 1A of the standard) from the requirement to disclose transactions with other wholly owned subsidiaries in the Group and the parent company.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible Assets - Investment Properties
Investment property
£
Valuation
At 1 April 2022 1,825,000
Additions 24,136
Surplus on revaluation 50,864
At 31 March 2023 1,900,000
In accordance with FRS 102, the directors have assessed the fair value of the properties held by the company. The assessment resulted in an upwards revaluation of £50,864 during the year ended 31 March 2023 (2022: £68,000).
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 Debtors 2023 2022
£ £
Trade debtors 1,781 1,315
Amounts owed by group undertakings and undertakings in which the company has a participating interest 95,223 92,975
Other debtors 799 6,530
97,803 100,820
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,526 1,406
Other creditors 6,946 5,764
9,472 7,170
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,433,310 1,432,450
1,433,310 1,432,450
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 1,433,310 1,432,450
Bank loans are secured over the investment property held by the company, incur interest at base rate plus interest between 3.00% to 4.55% and expire in March 2027.
8 Controlling party
The immediate parent undertaking is Melinda Property Services Limited. The ultimate controlling parties are L Wheeler and C Williams by vitue of their majority shareholding in Melinda Property Services Limited.
9 Other information
Melinda Construction 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
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