Melinda Property Services Limited
Registered number: 02271560
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,084,652 1,031,925
Investments 4 6 5
1,084,658 1,031,930
Current assets
Debtors 5 1,881,888 1,753,762
Cash at bank and in hand 916,099 1,006,821
2,797,987 2,760,583
Creditors: amounts falling due within one year 6 (203,575) (226,907)
Net current assets 2,594,412 2,533,676
Total assets less current liabilities 3,679,070 3,565,606
Creditors: amounts falling due after more than one year 7 (2,415,511) (2,291,844)
Provisions for liabilities (59,740) (50,240)
Net assets 1,203,819 1,223,522
Capital and reserves
Called up share capital 100,000 100,000
Non-distributable fair value reserve 567,866 527,366
Profit and loss account 535,953 596,156
Shareholders' funds 1,203,819 1,223,522
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 Property Services 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).
Exemption from preparation of consolidated financial information
The financial statements contain information about Melinda Property Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the exemption available under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 3 years
Motor vehicles over 3 years
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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment Properties Office Equipment Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 April 2022 1,028,000 16,076 19,301 1,063,377
Additions - 6,450 - 6,450
Surplus on revaluation 50,000 - - 50,000
Disposals - (3,300) (3,500) (6,800)
At 31 March 2023 1,078,000 19,226 15,801 1,113,027
Depreciation -
At 1 April 2022 - 13,687 17,765 31,452
Charge for the year - 2,966 757 3,723
On disposals - (3,300) (3,500) (6,800)
At 31 March 2023 - 13,353 15,022 28,375
Net book value
At 31 March 2023 1,078,000 5,873 779 1,084,652
At 31 March 2022 1,028,000 2,389 1,536 1,031,925
In accordance with FRS 102, the directors have assessed the fair value of the properties held by the company. The assessment resulted in an increase to the value of the investment properties held for the year ended 31 March 2023 of £50,000 (2022: £nil).

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 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2022 5
Additions 1
At 31 March 2023 6
On 9 February 2023, the company acquired 100% of the ordinary share capital of Melinda Property Investments 2 Limited, a newly incorporated company, for a consideration of £1.
5 Debtors 2023 2022
£ £
Trade debtors 340 4
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,855,601 1,731,330
Other debtors 25,947 22,428
1,881,888 1,753,762
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 24,000 31,800
Trade creditors 26,841 41,684
Amounts owed to group undertakings and undertakings in which the company has a participating interest 95,224 92,975
Taxation and social security costs 3,795 8,285
Other creditors 53,715 52,163
203,575 226,907
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 519,627 539,005
Other creditors (including director's loans) 1,895,884 1,752,839
2,415,511 2,291,844
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 423,627 411,805
423,627 411,805
Secured bank loans 543,627 570,805
Bank Loans are secured over the freehold property owned by the company, incur interest at base rate plus 2.72% and expire in August 2036.
9 Controlling party
Melinda Property Services Limited is controlled by L Wheeler and C Williams, by virtue of their majority shareholding in the company.
10 Other information
Melinda Property Services 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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