Registered number
04353859
Meadownet Limited
Filleted Accounts
31 December 2023
Meadownet Limited
Registered number: 04353859
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,140,272 1,143,966
Current assets
Debtors 5 1,283 2,044
Cash at bank and in hand 53,556 33,828
54,839 35,872
Creditors: amounts falling due within one year 6 (63,116) (81,804)
Net current liabilities (8,277) (45,932)
Total assets less current liabilities 1,131,995 1,098,034
Creditors: amounts falling due after more than one year 7 - (10,970)
Provisions for liabilities (96,136) (92,978)
Net assets 1,035,859 994,086
Capital and reserves
Called up share capital 800 800
Share premium 79,200 79,200
Revaluation reserve 9 228,550 228,550
Profit and loss account 727,309 685,536
Shareholders' funds 1,035,859 994,086
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Cuthbert
Director
Approved by the board on 31 May 2024
Meadownet Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rentals and other associated services provided to tenants.
Investment property
Investment property is included at fair value. Gains are recognised in the profit and loss account. deferred tax is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided on investment property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment over 10 years reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Geoffrey Little FCA, CTA
Firm: Bell Anderson Limited
Date of audit report: 31 May 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 January 2023 1,060,691 97,420 46,250 1,204,361
Additions - 11,340 - 11,340
At 31 December 2023 1,060,691 108,760 46,250 1,215,701
Depreciation
At 1 January 2023 - 55,082 5,313 60,395
Charge for the year - 4,800 10,234 15,034
At 31 December 2023 - 59,882 15,547 75,429
Net book value
At 31 December 2023 1,060,691 48,878 30,703 1,140,272
At 31 December 2022 1,060,691 42,338 40,937 1,143,966
The investment property is valued at directors' valuation following an independent valuation performed by Lambert Smith Hampton RICS in February 2020 of £1.06m
5 Debtors 2023 2022
£ £
Trade debtors - 221
Other debtors 1,283 1,823
1,283 2,044
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 32,766
Obligations under finance lease and hire purchase contracts 10,967 7,740
Trade creditors - 624
Taxation and social security costs 19,085 6,996
Other creditors 33,064 33,678
63,116 81,804
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 10,970
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans - 32,766
The bank loan was secured over the property at 1 Aston House,Redburn Road, Westerhope.
9 Revaluation reserve 2023 2022
£ £
At 1 January 2023 228,550 246,802
Deferred taxation arising on the revaluation of land and buildings - (18,252)
At 31 December 2023 228,550 228,550
10 Related party transactions
The management of the property is carried by Outlet Properties Limited, a company under common control. All transactions are carried out at arms' length and total payments in the year amounts to £15,000. (2022: £15,000).
11 Other information
Meadownet Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Aston House, Redburn Road
Westerhope
Newcastle upon Tyne
Tyne & Wear
NE5 1NB
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