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COMPANY REGISTRATION NUMBER: 12117256
MELWOOD LETTINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
MELWOOD LETTINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
MELWOOD LETTINGS LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
2,375,120
2,375,874
Current assets
Debtors
5
17,330
16,788
Cash at bank and in hand
5,401
714
------------
------------
22,731
17,502
Creditors: amounts falling due within one year
6
( 2,064,791)
( 2,129,079)
------------
------------
Net current liabilities
( 2,042,060)
( 2,111,577)
------------
------------
Total assets less current liabilities
333,060
264,297
------------
------------
Net assets
333,060
264,297
------------
------------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
332,960
264,197
------------
------------
Shareholders funds
333,060
264,297
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the 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.
Directors' 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
A Dobson R I Taylor
Director Director
Company registration number: 12117256
MELWOOD LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Primrose Lane, Kirkburton, Huddersfield, HD8 0QY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
In the opinion of the directors, the company and its parent undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
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 reported. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents the total amount of rents receivable.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Freehold investment properties which are carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
33% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Freehold investment properties
Office equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
2,375,120
4,833
2,379,953
------------
------------
------------
Depreciation
At 1 January 2023
4,079
4,079
Charge for the year
754
754
------------
------------
------------
At 31 December 2023
4,833
4,833
------------
------------
------------
Carrying amount
At 31 December 2023
2,375,120
2,375,120
------------
------------
------------
At 31 December 2022
2,375,120
754
2,375,874
------------
------------
------------
Freehold investment properties are valued by the director, A Dobson . The historic cost of freehold investment properties at 31 December 2023 is £2,375,120 (2022: £2,375,120).
5. Debtors
2023
2022
£
£
Prepayments and accrued income
2,580
2,388
Other debtors
14,750
14,400
------------
------------
17,330
16,788
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
90,479
42,067
Corporation tax
16,000
18,700
Director's loan account (note 8)
31,912
86,912
Other creditors (note 8)
1,926,400
1,981,400
------------
------------
2,064,791
2,129,079
------------
------------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
8. Related party transactions
Transactions with directors Included in creditors is a loan from the director, R Taylor, in the amount of £31,912 (2022: £86,912). A Dobson is a director of Melwood Limited and controls that company. Included in other creditors is a loan due to Melwood Limited in the amount of £1,665,394 (2022: £1,720,394). Interest on the loan was charged during the year and amounted to £Nil (2022: £25,000). R Taylor is a director of RBR Limited and holds 60% of that company's ordinary share capital. Included in other creditors is a loan due to RBR Limited in the amount of £261,006 (2022: £261,006).
9. Parent company
The company is a wholly-owned subsidiary of Melwood 2 Limited. There is no one controlling party of this company.