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Registration number: 00555134

Meadow Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Meadow Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Meadow Holdings Limited

(Registration number: 00555134)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

198,003

140,419

Investment properties at valuation

5

15,470,186

15,453,876

 

15,668,189

15,594,295

Current assets

 

Debtors

6

13,282

22,959

Cash at bank and in hand

 

794,396

911,337

 

807,678

934,296

Creditors: Amounts falling due within one year

7

(523,233)

(547,265)

Net current assets

 

284,445

387,031

Total assets less current liabilities

 

15,952,634

15,981,326

Provisions for liabilities

(2,106,000)

(2,106,000)

Net assets

 

13,846,634

13,875,326

Capital and reserves

 

Called up share capital

212,615

212,615

Share premium reserve

368,505

368,505

Capital redemption reserve

5,761

5,761

Revaluation reserve

8,637,006

8,637,006

Profit and loss account

4,622,747

4,651,439

Total equity

 

13,846,634

13,875,326

 

Meadow Holdings Limited

(Registration number: 00555134)
Balance Sheet as at 31 December 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................

G A Miller

Director

 

Meadow Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Mercer House
15 High Road
Redbourn
Hertfordshire
AL3 7LE

These financial statements were authorised for issue by the Board on 8 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1 and are the individual company.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable in respect of rents and management charges receivable in respect of the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Meadow Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Motor vehicles

25% reducing balance

Fixtures and fittings

10% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the Directors. The Directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other debtors

Trade and other debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade and other creditors

Trade and other creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Meadow Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised in the reporting period in which the dividends are paid.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Revaluation reserve

The revaluation reserve is in respect of the revaluation gains and losses on the fair value of investment properties less the corresponding deferred tax liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

130,365

7,176

98,097

235,638

Additions

1,368

-

90,880

92,248

Disposals

-

-

(61,494)

(61,494)

At 31 December 2023

131,733

7,176

127,483

266,392

Depreciation

At 1 January 2023

27,111

6,682

61,426

95,219

Charge for the year

1,291

49

18,371

19,711

Eliminated on disposal

-

-

(46,541)

(46,541)

At 31 December 2023

28,402

6,731

33,256

68,389

Carrying amount

At 31 December 2023

103,331

445

94,227

198,003

At 31 December 2022

103,254

494

36,671

140,419

Included within the net book value of land and buildings above is £103,331 (2022 - £103,254) in respect of freehold land and buildings.
 

 

Meadow Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investment properties

2023
£

At 1 January

15,453,876

Additions

16,310

At 31 December

15,470,186

Revaluations

The Freehold investments properties class of fixed assets was revalued on 31 December 2023 by the Directors who are internal to the company. The basis of this valuation was an open market basis.

This class of assets has a current value of £15,470,186 (2022: £15,453,876) and a carrying amount at historical cost of £4,728,481 (2022: £4,711,171).

The last full independent professional valuation of Freehold investment properties was carried out on 17 November 2013.

6

Debtors

Current

2023
£

2022
£

Trade debtors

6,217

16,546

Other debtors

7,065

6,413

 

13,282

22,959

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

382,611

382,624

Taxation and social security

12,054

12,780

Other creditors

128,568

151,861

523,233

547,265

 

Meadow Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

212,615

212,615

212,615

212,615

         

9

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Newmill Holdings Limited, incorporated in England.