Meltham Properties Limited 03891168 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of letting property and the provision of associated services. Digita Accounts Production Advanced 6.30.9574.0 true true 03891168 2023-01-01 2023-12-31 03891168 2023-12-31 03891168 core:CurrentFinancialInstruments 2023-12-31 03891168 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03891168 core:FurnitureFittingsToolsEquipment 2023-12-31 03891168 bus:SmallEntities 2023-01-01 2023-12-31 03891168 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03891168 bus:FullAccounts 2023-01-01 2023-12-31 03891168 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03891168 bus:RegisteredOffice 2023-01-01 2023-12-31 03891168 bus:Director1 2023-01-01 2023-12-31 03891168 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03891168 core:Goodwill 2023-01-01 2023-12-31 03891168 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03891168 core:OfficeEquipment 2023-01-01 2023-12-31 03891168 countries:EnglandWales 2023-01-01 2023-12-31 03891168 2022-12-31 03891168 core:FurnitureFittingsToolsEquipment 2022-12-31 03891168 2022-01-01 2022-12-31 03891168 2022-12-31 03891168 core:CurrentFinancialInstruments 2022-12-31 03891168 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03891168 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 03891168

Meltham Properties Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Meltham Properties Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Meltham Properties Limited

(Registration number: 03891168)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,920

3,976

Investment property

6

469,024

1,314,805

 

471,944

1,318,781

Current assets

 

Debtors

7

3,305,638

3,446,976

Investments

8

643,077

599,567

Cash at bank and in hand

 

828,225

513,336

 

4,776,940

4,559,879

Creditors: Amounts falling due within one year

9

(96,739)

(105,044)

Net current assets

 

4,680,201

4,454,835

Total assets less current liabilities

 

5,152,145

5,773,616

Provisions for liabilities

-

(239)

Net assets

 

5,152,145

5,773,377

Capital and reserves

 

Called up share capital

1

1

Fair value reserve

16,508

1,020

Retained earnings

5,135,636

5,772,356

Shareholders' funds

 

5,152,145

5,773,377

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Meltham Properties Limited

(Registration number: 03891168)
Statement of Financial Position as at 31 December 2023

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 director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 15 May 2024
 

.........................................
Mr R Collinge
Director

   
     
 

Meltham Properties 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 and Wales.

The address of its registered office is:
C/o Beever and Struthers
One Express
1 George Leigh Street
Manchester
M4 5DL
England

The principal place of business is:
Meltham Mills
Meltham
Holmfirth
Yorkshire
HD9 4AY
United Kingdom

These financial statements were authorised for issue by the director on 15 May 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

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

 

Meltham Properties Limited

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

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts report. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the opinion of the directors there are no critical accounting judgements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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 statement of financial position 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.

 

Meltham Properties Limited

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

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

Office equipment

5 year straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an ongoing basis.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Meltham Properties Limited

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

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitues a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairement at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 1).

4

Exceptional Items

Other operating expenses include a charge of £250,000 (2022: £1,505,738) arising as a result of a provision against a balance due from a fellow group company.

 

Meltham Properties Limited

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

5

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

5,296

5,296

At 31 December 2023

5,296

5,296

Depreciation

At 1 January 2023

1,320

1,320

Charge for the year

1,056

1,056

At 31 December 2023

2,376

2,376

Carrying amount

At 31 December 2023

2,920

2,920

At 31 December 2022

3,976

3,976

6

Investment properties

2023
£

At 1 January

1,314,805

Disposals

(845,781)

At 31 December

469,024

In respect of tangible assets held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model is £469,024 (2022: £1,360,979).

7

Debtors

2023
£

2022
£

Trade debtors

2,921

1,501

Other debtors

3,276,061

3,363,888

Prepayments

26,656

81,587

3,305,638

3,446,976

8

Current asset investments

2023
£

2022
£

Other investments

643,077

599,567

 

Meltham Properties Limited

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

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

360

-

Taxation and social security

73,177

100,289

Accruals and deferred income

18,359

4,755

Other creditors

4,843

-

96,739

105,044

10

Related party transactions

During the year loans totalling £nil (2022: £134,999) were advanced to a director. The loans and associated accrued interest were repaid on 11 January 2023.