Registration number:
Melside Properties Limited
Filleted
for the Year Ended 30 April 2021
Melside Properties Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Melside Properties Limited
(Registration number: 09007906)
Statement of Financial Position as at 30 April 2021
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2021 |
2020 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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
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Melside Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is
The principal place of business is Parkview, Great West Road, Brentford, TW8 9AZ.
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 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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
2021 |
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At 1 May |
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At 30 April |
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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)
Debtors |
2021 |
2020 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Directors loan accounts |
84,648 |
84,932 |
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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 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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187,852 |
163,955 |
2021 |
2020 |
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Due after more than five years |
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After more than five years by instalments |
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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)
Related party transactions |
Transactions with the director |
2021 |
At 1 May 2020 |
Advances to directors |
At 30 April 2021 |
Mr J R Garside |
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Interest free and repayable on demand |
( |
- |
( |
Mr J O Meller |
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Interest free and repayable on demand |
( |
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( |
2020 |
At 1 May 2019 |
Advances to directors |
At 30 April 2020 |
Mr J R Garside |
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Interest free and repayable on demand |
( |
- |
( |
Mr J O Meller |
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Interest free and repayable on demand |
( |
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( |
Other transactions with the director |
Loans from directors are interest free and repayable on demand.