Company Registration No. 10838778 (England and Wales)
MEEWAK PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
MEEWAK PROPERTY LIMITED
COMPANY INFORMATION
Director
Mr S Raveendran
Company number
10838778
Registered office
The Old School House
42 High Street
Hungerford
RG17 0NF
Accountants
PMK & Associates LLP
Lower Third Floor, Evelyn Suite
Quantum House, 22 - 24 Red Lion Court
London
EC4A 3EB
MEEWAK PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MEEWAK PROPERTY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
4,500,000
5,030,000
Investments
5
1
-
0
4,500,001
5,030,000
Current assets
Debtors
6
220,845
-
0
Cash at bank and in hand
6,479
14,734
227,324
14,734
Creditors: amounts falling due within one year
7
(1,321,950)
(1,345,972)
Net current liabilities
(1,094,626)
(1,331,238)
Total assets less current liabilities
3,405,375
3,698,762
Creditors: amounts falling due after more than one year
8
(3,093,340)
(3,546,095)
Provisions for liabilities
(71,829)
(49,029)
Net assets
240,206
103,638
Reserves
Income and expenditure account
240,206
103,638
Members' funds
240,206
103,638

The director of the company has elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MEEWAK PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 March 2024
Mr S Raveendran
Director
Company Registration No. 10838778
MEEWAK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Meewak Property Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old School House, 42 High Street, Hungerford, RG17 0NF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable in relation to rent received in line with the principal activity

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MEEWAK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MEEWAK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 April 2022
5,030,000
Disposals
(650,000)
Revaluations
120,000
At 31 March 2023
4,500,000

The Director has assessed the valuation of investment properties and in his opinion the value as shown in the financial statements is the fair value of the investment properties as at 31 March 2022 and 31 March 2023.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
-
Valuation changes
1
At 31 March 2023
1
Carrying amount
At 31 March 2023
1
At 31 March 2022
-
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
220,845
-
0
MEEWAK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,321,950
1,345,972
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,093,340
3,546,095

The long term loans are secured by fixed charges on the company's investment properties.

9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net asset or liabilities of the company on winding up such amounts as may be required not exceeding £1
10
Directors' transactions

 

Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr S Raveendran
(1,327,567)
59,531
(37,018)
(1,305,054)
(1,327,567)
59,531
(37,018)
(1,305,054)
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