Company registration number 09675740 (England and Wales)
MEWGLADE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MEWGLADE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
MEWGLADE LIMITED
COMPANY INFORMATION
Director
Mr C A Thelen
Company number
09675740
Registered office
82 St John Street
London
EC1M 4JN
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
MEWGLADE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
£
£
£
£
Fixed assets
Tangible assets
3
281,100
317,257
Investment properties
4
2,246,330
2,246,330
2,527,430
2,563,587
Current assets
Debtors
5
15,991
15,991
Cash at bank and in hand
102,456
75,172
118,447
91,163
Creditors: amounts falling due within one year
6
(1,546,370)
(1,632,480)
Net current liabilities
(1,427,923)
(1,541,317)
Net assets
1,099,507
1,022,270
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,099,506
1,022,269
Total equity
1,099,507
1,022,270

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 12 September 2024
Mr C A Thelen
Director
Company registration number 09675740 (England and Wales)
MEWGLADE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
943,656
943,657
Year ended 31 December 2022:
Profit for the year
-
78,613
78,613
Balance at 31 December 2022
1
1,022,269
1,022,270
Year ended 31 December 2023:
Profit for the year
-
77,237
77,237
Balance at 31 December 2023
1
1,099,506
1,099,507
MEWGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Mewglade Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.
1.2
Turnover

Turnover is derived from the rental of property and is recognised evenly over the period that the properties are let.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings Leasehold
Straight-line over 15 years
Fixtures, fittings & equipment
25% straight-line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property is measured using the fair value model and is stated at its open market value as at the reporting end date. Any aggregate surplus or deficit arising from changes in fair value is recognized in the Income Statement. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

 

Although this accounting policy is in accordance with the FRS 102 Section 1A, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account.

 

Current or deferred taxation assets and liabilities are not discounted.

 

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

MEWGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with bank.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments FRS 102 to all of its financial instruments.

 

Financial instruments are recognized in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MEWGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
541,000
7,260
548,260
Depreciation and impairment
At 1 January 2023
223,916
7,087
231,003
Depreciation charged in the year
36,067
90
36,157
At 31 December 2023
259,983
7,177
267,160
Carrying amount
At 31 December 2023
281,017
83
281,100
At 31 December 2022
317,084
173
317,257
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,246,330
Net book value
At 31 December 2023
2,246,330
At 31 December 2022
2,246,330

Cost or valuation at 31 December 2016 is represented by:

£
Valuation in 2016
2,246,330
MEWGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
1,646,330
1,646,330

Investment property was valued on an open market basis on 31 December 2016 by the Director with assistance from the Company’s property management company.

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
39
39
Other debtors
15,952
15,952
15,991
15,991
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
85,975
52,127
Other taxation and social security
7,752
7,752
Other creditors
1,452,643
1,572,601
1,546,370
1,632,480
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
MEWGLADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Related party transactions

Included within other creditors is a balance of £1,410,620 (2022: £1,530,578) owned to a director. This is an interest-free, unsecured loan which is repayable on demand.

9
Shareholder's Funds

Shareholder's funds include non-distributable profits of £480,000 net of tax for change in fair value of investment property.

2023-12-312023-01-01false12 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr C A Thelenfalsefalse096757402023-01-012023-12-3109675740bus:Director12023-01-012023-12-3109675740bus:RegisteredOffice2023-01-012023-12-31096757402023-12-31096757402022-12-3109675740core:LandBuildings2023-12-3109675740core:OtherPropertyPlantEquipment2023-12-3109675740core:LandBuildings2022-12-3109675740core:OtherPropertyPlantEquipment2022-12-3109675740core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109675740core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109675740core:CurrentFinancialInstruments2023-12-3109675740core:CurrentFinancialInstruments2022-12-3109675740core:ShareCapital2023-12-3109675740core:ShareCapital2022-12-3109675740core:RetainedEarningsAccumulatedLosses2023-12-3109675740core:RetainedEarningsAccumulatedLosses2022-12-3109675740core:ShareCapital2021-12-3109675740core:RetainedEarningsAccumulatedLosses2021-12-3109675740core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31096757402022-01-012022-12-3109675740core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3109675740core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3109675740core:FurnitureFittings2023-01-012023-12-3109675740core:LandBuildings2022-12-3109675740core:OtherPropertyPlantEquipment2022-12-31096757402022-12-3109675740core:LandBuildings2023-01-012023-12-3109675740core:OtherPropertyPlantEquipment2023-01-012023-12-3109675740bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109675740bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109675740bus:FRS1022023-01-012023-12-3109675740bus:AuditExemptWithAccountantsReport2023-01-012023-12-3109675740bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP