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Registered number: 01089213










MELLAWOOD PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
MELLAWOOD PROPERTIES LIMITED
REGISTERED NUMBER: 01089213

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
529,448
530,245

Investments
 5 
200
200

Investment property
 6 
8,100,000
9,290,000

  
8,629,648
9,820,445

Current assets
  

Debtors: amounts falling due after more than one year
 7 
131,953
142,673

Debtors: amounts falling due within one year
 7 
5,514,910
4,805,843

Cash at bank and in hand
 8 
1,547,889
867,341

  
7,194,752
5,815,857

Creditors: amounts falling due within one year
 9 
(2,245,106)
(2,748,960)

Net current assets
  
 
 
4,949,646
 
 
3,066,897

Total assets less current liabilities
  
13,579,294
12,887,342

Creditors: amounts falling due after more than one year
 10 
-
(183,493)

  

Net assets
  
13,579,294
12,703,849


Capital and reserves
  

Called up share capital 
 11 
500,000
500,000

Revaluation reserve
  
449,431
449,431

Profit and loss account
  
12,629,863
11,754,418

  
13,579,294
12,703,849


Page 1

 
MELLAWOOD PROPERTIES LIMITED
REGISTERED NUMBER: 01089213

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B Galan
Director

Date: 10 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MELLAWOOD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Mellawood Properties Limited is a private company, limited by shares, and is incorporated in England and Wales. The address of its registered office is 29 Broad Walk, London, N21 3BU.
The functional and presentational currency of the company is considered to be Pound Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents rents and service charges receivable during the year from investment properties.
Rental income from investment properties is accrued on a time apportioned basis under the term of the lease.
Premiums arising from the acceptance of surrenders of leases by tenants are treated as capital receipts. The excess of the premium received over the reduction in the capital value of the freehold interest resulting from the surrender is credited as turnover to the profit and loss account.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MELLAWOOD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Fixtures and fittings
-
15%
reducing balance
Office equipment
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
MELLAWOOD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
MELLAWOOD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Freehold property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 October 2022
500,000
53,856
553,856


Additions
-
1,375
1,375



At 30 September 2023

500,000
55,231
555,231



Depreciation


At 1 October 2022
-
23,611
23,611


Charge for the year on owned assets
-
2,172
2,172



At 30 September 2023

-
25,783
25,783



Net book value



At 30 September 2023
500,000
29,448
529,448



At 30 September 2022
500,000
30,245
530,245

Cost or valuation at 30 September 2023 is as follows:

Land and buildings
£


At cost
64,286
At valuation:

30 September 2023
435,714



500,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
64,286
64,286

Accumulated depreciation
(15,773)
(15,087)

Net book value
48,513
49,199

Page 6

 
MELLAWOOD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2022
200



At 30 September 2023
200





6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 October 2022
8,195,000
1,095,000
9,290,000


Disposals
(790,000)
-
(790,000)


Deficit on revaluation
(370,000)
(30,000)
(400,000)



At 30 September 2023
7,035,000
1,065,000
8,100,000

The 2023 valuations were made by the director, a qualified surveyor, on a fair value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
15,311,545
16,828,707


7.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
131,953
142,673


2023
2022
£
£

Due within one year
Page 7

 
MELLAWOOD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.Debtors (continued)


Trade debtors
201,282
-

Amounts owed by group undertakings
5,193,002
4,677,852

Other debtors
113,407
97,274

Prepayments and accrued income
7,219
30,717

5,514,910
4,805,843



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,547,889
867,341



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
207,495

Trade creditors
-
19,799

Amounts owed to group undertakings
1,187,456
1,157,767

Corporation tax
213,762
36,576

Other taxation and social security
3,199
2,576

Other creditors
655,997
1,157,142

Accruals and deferred income
184,692
167,605

2,245,106
2,748,960


Page 8

 
MELLAWOOD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
183,493


The following liabilities were secured:

2023
2022
£
£



Bank loans
-
390,988

Details of security provided:

The aggregate amount of creditors for which security has been given amounted to £Nil (2022 - £390,988).


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



500,000 Ordinary shares of £1 each
500,000
500,000



12.


Contingent liabilities

At the Balance Sheet the company had provided a cross guarantee in support of borrowings totalling £Nil (2022 - £765,502) included in the financial statements of Lawfield Properties Limited, a subsidiary undertaking.


13.


Pension commitments

The company operated a defined contribution pension scheme. The assets of the scheme are hold separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £3,948 (2022 - £3,548). Contributions totalling £626 (2022 - £553) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.


Page 9