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Registration number: 09007906

Melside Properties Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2021

 

Melside Properties Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Melside Properties Limited

(Registration number: 09007906)
Statement of Financial Position as at 30 April 2021

Note

2021
£

2020
£

Fixed assets

 

Investment property

4

297,950

297,950

Current assets

 

Debtors

5

8,785

10,019

Cash at bank and in hand

 

7,794

2,840

 

16,579

12,859

Creditors: Amounts falling due within one year

6

(180,674)

(177,017)

Net current liabilities

 

(164,095)

(164,158)

Total assets less current liabilities

 

133,855

133,792

Creditors: Amounts falling due after more than one year

6

(187,852)

(163,955)

Net liabilities

 

(53,997)

(30,163)

Capital and reserves

 

Called up share capital

999

999

Profit and loss account

(54,996)

(31,162)

Total equity

 

(53,997)

(30,163)

For the financial year ending 30 April 2021 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 financial statements 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 financial statements.

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 and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 29 August 2024
 

.........................................
Mr J O Meller
Director

 

Melside Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

1

General information

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

The address of its registered office is C/o Azets 1 Massey Road, Thornaby, Stockton-On-Tees, TS17 6DY, England.

The principal place of business is Parkview, Great West Road, Brentford, TW8 9AZ.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company meets its day to day working capital requirements through cash generated from operations and shareholding funding.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

At the balance sheet date, the company reported an excess of liabilities over assets totalling £53,997 (2020: £30,163). However, liabilities include £78,309 (2020: £84,932) owed to a shareholder who has indicated his willingness to finance any shortages in the company's day to day finances.

If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide further liabilities that may arise.

 

Melside Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)

2

Accounting policies (continued)

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 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.

Tax

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

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Melside Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2020 - 0).

4

Investment properties

2021
£

At 1 May

297,950

At 30 April

297,950

The investment property is stated at fair value. The valuation has been made by the directors and is based on local property values.

There has been no valuation of investment property by an independent valuer.

 

Melside Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)

5

Debtors

2021
£

2020
£

Prepayments

1,455

341

Other debtors

7,330

9,678

8,785

10,019

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Bank loans and overdrafts

5,700

-

Trade creditors

2,510

473

Accruals and deferred income

1,800

-

Other creditors

86,016

91,612

Directors loan accounts

84,648

84,932

180,674

177,017

Other creditors includes borrowings totalling £8,557 (2020: £8,169) which are secured against the assets of the company.

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

32,300

-

Other non-current financial liabilities

 

155,552

163,955

 

187,852

163,955

2021
£

2020
£

Due after more than five years

After more than five years by instalments

118,338

125,857

-

-

Other non-current financial liabilities are secured against the assets of the company.

 

Melside Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)

7

Related party transactions

Transactions with the director

2021

At 1 May 2020
£

Advances to directors
£

At 30 April 2021
£

Mr J R Garside

Interest free and repayable on demand

(6,340)

-

(6,340)

       
     

Mr J O Meller

Interest free and repayable on demand

(78,592)

284

(78,308)

       
     

 

2020

At 1 May 2019
£

Advances to directors
£

At 30 April 2020
£

Mr J R Garside

Interest free and repayable on demand

(6,340)

-

(6,340)

       
     

Mr J O Meller

Interest free and repayable on demand

(78,968)

376

(78,592)

       
     

 

Other transactions with the director

Loans from directors are interest free and repayable on demand.