Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.3true2023-04-01false3truefalse 01272092 2024-03-31 01272092 2023-04-01 2024-03-31 01272092 2022-04-01 2023-03-31 01272092 2023-03-31 01272092 2022-04-01 01272092 c:Director1 2023-04-01 2024-03-31 01272092 d:FurnitureFittings 2023-04-01 2024-03-31 01272092 d:FurnitureFittings 2024-03-31 01272092 d:FurnitureFittings 2023-03-31 01272092 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01272092 d:OfficeEquipment 2023-04-01 2024-03-31 01272092 d:OfficeEquipment 2024-03-31 01272092 d:OfficeEquipment 2023-03-31 01272092 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01272092 d:ComputerEquipment 2023-04-01 2024-03-31 01272092 d:ComputerEquipment 2024-03-31 01272092 d:ComputerEquipment 2023-03-31 01272092 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01272092 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01272092 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 01272092 d:FreeholdInvestmentProperty 2024-03-31 01272092 d:FreeholdInvestmentProperty 2023-03-31 01272092 d:CurrentFinancialInstruments 2024-03-31 01272092 d:CurrentFinancialInstruments 2023-03-31 01272092 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01272092 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01272092 d:ShareCapital 2023-04-01 2024-03-31 01272092 d:ShareCapital 2024-03-31 01272092 d:ShareCapital 2022-04-01 2023-03-31 01272092 d:ShareCapital 2023-03-31 01272092 d:ShareCapital 2022-04-01 01272092 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01272092 d:RetainedEarningsAccumulatedLosses 2024-03-31 01272092 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01272092 d:RetainedEarningsAccumulatedLosses 2023-03-31 01272092 d:RetainedEarningsAccumulatedLosses 2022-04-01 01272092 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01272092 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01272092 d:OtherDeferredTax 2024-03-31 01272092 d:OtherDeferredTax 2023-03-31 01272092 c:FRS102 2023-04-01 2024-03-31 01272092 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01272092 c:FullAccounts 2023-04-01 2024-03-31 01272092 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01272092 2 2023-04-01 2024-03-31 01272092 6 2023-04-01 2024-03-31 01272092 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01272092










Melville Property Group Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Melville Property Group Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Melville Property Group Limited for the year ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Melville Property Group Limited for the year ended 31 March 2024 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Melville Property Group Limited, as a body, in accordance with the terms of our engagement letter dated 17 February 2022Our work has been undertaken solely to prepare for your approval the financial statements of Melville Property Group Limited and state those matters that we have agreed to state to the Board of directors of Melville Property Group Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Melville Property Group Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Melville Property Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Melville Property Group Limited. You consider that Melville Property Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Melville Property Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
9 August 2024
Page 1

 
Melville Property Group Limited
Registered number: 01272092

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
45,170
58,947

Investment property
 5 
14,435,415
15,772,915

Fixed asset investments
 6 
2,968,092
1,394,700

  
17,448,677
17,226,562

Current assets
  

Debtors: amounts falling due within one year
 7 
609,644
751,258

Cash at bank and in hand
 8 
944,831
1,235,939

  
1,554,475
1,987,197

Creditors: Amounts Falling Due Within One Year
 9 
(868,883)
(909,899)

Net current assets
  
 
 
685,592
 
 
1,077,298

Total assets less current liabilities
  
18,134,269
18,303,860

  

Net assets
  
18,134,269
18,303,860


Capital and reserves
  

Called up share capital 
  
306,494
306,494

Profit and loss account
  
17,827,775
17,997,366

  
18,134,269
18,303,860


Page 2

 
Melville Property Group Limited
Registered number: 01272092

Balance sheet (continued)
As at 31 March 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
M Butt
Director
Date: 9 August 2024

The notes on pages 5 to 12 form part of these financial statements.

Page 3

 
Melville Property Group Limited
 

Statement of changes in equity
For the year ended 31 March 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
306,494
17,997,366
18,303,860


Comprehensive income for the year

Profit for the year
-
564,633
564,633
Total comprehensive income for the year
-
564,633
564,633

Dividends: Equity capital
-
(734,224)
(734,224)


At 31 March 2024
306,494
17,827,775
18,134,269


The notes on pages 5 to 12 form part of these financial statements.


Statement of changes in equity
For the year ended 31 March 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
306,494
17,756,822
18,063,316


Comprehensive income for the year

Profit for the year
-
878,883
878,883
Total comprehensive income for the year
-
878,883
878,883

Dividends: Equity capital
-
(638,339)
(638,339)


At 31 March 2023
306,494
17,997,366
18,303,860


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
Melville Property Group Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

The Company is a private company limited by share capital incorporated in England and Wales. The address of its registered office is: 614 Kingston Road, Raynes Park, London, SW20 8DN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis.

 
2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
Melville Property Group Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
Melville Property Group Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash
flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid  or received. However, if the arrangements of a short-term instrument constitute a financing  transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an
out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially
at the present value of future cash flows discounted at a market rate of interest for a similar debt
instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the
case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares 
are publicly traded or their fair value can otherwise be measured reliably; 
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate
for measuring any impairment loss is the current effective interest rate determined under the
contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Company would receive for the asset if it were to be sold at
the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when
there is an 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 7

 
Melville Property Group Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees & Directors
3
3

Page 8

 
Melville Property Group Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
87,612
47,348
7,224
142,184



At 31 March 2024

87,612
47,348
7,224
142,184



Depreciation


At 1 April 2023
39,294
42,162
1,781
83,237


Charge for the year on owned assets
12,080
1,296
401
13,777



At 31 March 2024

51,374
43,458
2,182
97,014



Net book value



At 31 March 2024
36,238
3,890
5,042
45,170



At 31 March 2023
48,318
5,186
5,443
58,947


5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
15,772,915


Disposals
(1,337,500)



At 31 March 2024
14,435,415

The 2024 valuations were made by the directors, on an open market value for existing use basis.




Page 9

 
Melville Property Group Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2023
1,394,700


Additions
2,954,816


Disposals
(1,374,279)


Revaluations
(7,145)



At 31 March 2024
2,968,092





7.


Debtors

2024
2023
£
£


Trade debtors
27,637
32,651

Other debtors
5,860
3,572

Prepayments and accrued income
34,576
64,917

Deferred taxation
541,571
650,118

609,644
751,258



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
944,831
1,235,939

944,831
1,235,939


Page 10

 
Melville Property Group Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
23,561
12,855

Corporation tax
402,074
93,858

Other taxation and social security
33,243
33,868

Shareholder loan accounts
77,883
461,482

Pensions payable
410
410

Sinking fund
56,940
41,425

Accruals and deferred income
274,772
266,001

868,883
909,899



10.


Deferred taxation




2024


£






At beginning of year
650,118


Charged to profit or loss
(108,547)



At end of year
541,571

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
69,773
(760,624)

Capital losses
471,798
1,410,742

541,571
650,118


Page 11

 
Melville Property Group Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £3,585 (2023 - £3,585) . Contributions totalling £410 (2023 - £410) were payable to the fund at the balance sheet date and are included in creditors.


12.


Director's Transaction

Dividends totalling £254,453 (2023: £255,671) were paid in the year in respect of shares held by the company's directors.
At the year end the amount due to/(from) the directors, M Butt and S Wilson, were £5,294 (2023 - £17,280) and (£360) (2023 - £Nil) respectively.
Page 12