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REGISTERED NUMBER: 04106158 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Melford Construction Limited

Melford Construction Limited (Registered number: 04106158)






Contents of the Financial Statements
for the year ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Melford Construction Limited

Company Information
for the year ended 31 October 2023







DIRECTORS: Mr P A Wright
Mr C J Wright





REGISTERED OFFICE: The Riverside Business Park
Gravel Lane
Banks
Southport
Merseyside
PR9 8DE





REGISTERED NUMBER: 04106158 (England and Wales)





ACCOUNTANTS: Bennett Brooks & Co Ltd
Adelphi Chambers
30 Hoghton Street
Southport
Merseyside
PR9 0NZ

Melford Construction Limited (Registered number: 04106158)

Balance Sheet
31 October 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 4 1,071 1,385
Tangible assets 5 173,498 212,009
Investment property 6 398,121 398,121
572,690 611,515

CURRENT ASSETS
Stocks 1,928,042 1,576,358
Debtors 7 191,038 167,132
Cash at bank and in hand 34,874 19,584
2,153,954 1,763,074
CREDITORS
Amounts falling due within one year 8 (738,590 ) (295,496 )
NET CURRENT ASSETS 1,415,364 1,467,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,988,054

2,079,093

CREDITORS
Amounts falling due after more than one year 9 (2,502 ) (32,523 )

PROVISIONS FOR LIABILITIES (14,384 ) (15,844 )
NET ASSETS 1,971,168 2,030,726

CAPITAL AND RESERVES
Called up share capital 12 2,100 2,100
Retained earnings 1,969,068 2,028,626
SHAREHOLDERS' FUNDS 1,971,168 2,030,726

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Melford Construction Limited (Registered number: 04106158)

Balance Sheet - continued
31 October 2023


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 28 July 2024 and were signed on its behalf by:





Mr P A Wright - Director


Melford Construction Limited (Registered number: 04106158)

Notes to the Financial Statements
for the year ended 31 October 2023

1. STATUTORY INFORMATION

Melford Construction 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 represents the net sales value excluding VAT of properties constructed and sold during the year and other contracting work done where the right to consideration existed in the year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is stated at fair value which the directors consider to be not materially different to cost at either 31 October 2023 or 31 October 2022.

Stocks
Stocks consist of land purchased for development and construction cost of properties either in progress or completed but unsold at 31 October 2023. Stocks are valued at the lower of cost and net realisable value.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Melford Construction Limited (Registered number: 04106158)

Notes to the Financial Statements - continued
for the year ended 31 October 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.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1 November 2022
and 31 October 2023 3,136
AMORTISATION
At 1 November 2022 1,751
Amortisation for year 314
At 31 October 2023 2,065
NET BOOK VALUE
At 31 October 2023 1,071
At 31 October 2022 1,385

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 November 2022
and 31 October 2023 281,741 14,436 184,438 6,080 486,695
DEPRECIATION
At 1 November 2022 186,126 10,329 73,161 5,070 274,686
Charge for year 9,562 411 27,820 718 38,511
At 31 October 2023 195,688 10,740 100,981 5,788 313,197
NET BOOK VALUE
At 31 October 2023 86,053 3,696 83,457 292 173,498
At 31 October 2022 95,615 4,107 111,277 1,010 212,009

Melford Construction Limited (Registered number: 04106158)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
COST
At 1 November 2022
and 31 October 2023 93,064
DEPRECIATION
At 1 November 2022 23,266
Charge for year 17,450
At 31 October 2023 40,716
NET BOOK VALUE
At 31 October 2023 52,348
At 31 October 2022 69,798

6. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 November 2022
and 31 October 2023 398,121
NET BOOK VALUE
At 31 October 2023 398,121
At 31 October 2022 398,121

7. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 700 1,690
Amounts recoverable
on contracts 14,532 14,532
Other debtors 159,588 134,692
174,820 150,914

Amounts falling due after more than one year:
Other debtors 16,218 16,218

Aggregate amounts 191,038 167,132

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 10) 551,753 95,984
Hire purchase contracts 30,021 30,021
Trade creditors 126,259 128,754
Taxation and social security 22,985 29,411
Other creditors 7,572 11,326
738,590 295,496

Melford Construction Limited (Registered number: 04106158)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Hire purchase contracts 2,502 32,523

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans - less than 1 year 551,753 95,984

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 551,753 95,984
Hire purchase contracts 32,523 62,544
584,276 158,528

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2,000 Ordinary £1 2,000 2,000
100 Ordinary A £1 100 100
2,100 2,100

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£ £
Mr P A Wright
Balance outstanding at start of year 9,507 10,502
Amounts advanced 110,751 170,305
Amounts repaid (52,117 ) (171,300 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 68,141 9,507

Mr C J Wright
Balance outstanding at start of year 33,178 34,335
Amounts advanced 66,812 13,822
Amounts repaid (28,393 ) (14,979 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 71,597 33,178

The loans are repayable on demand and bear interest at commercial rate charged annually in arrears.

Melford Construction Limited (Registered number: 04106158)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

14. RELATED PARTY DISCLOSURES

Debtors include an interest-free loan of £9,112 (2022: £69,992) due from P.A.Wright & Son Limited, a company which is controlled by a director, Mr.P.A.Wright. There are no fixed repayment terms.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director, Mr.P.A.Wright, who is the majority shareholder.