Mewstone Assets Limited 09092147 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is is that of investment residential property rental. Digita Accounts Production Advanced 6.30.9574.0 true true 09092147 2023-07-01 2024-06-30 09092147 2024-06-30 09092147 core:CurrentFinancialInstruments 2024-06-30 09092147 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 09092147 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 09092147 core:FurnitureFittings 2024-06-30 09092147 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 09092147 core:OfficeEquipment 2024-06-30 09092147 1 2024-06-30 09092147 bus:SmallEntities 2023-07-01 2024-06-30 09092147 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09092147 bus:FilletedAccounts 2023-07-01 2024-06-30 09092147 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09092147 bus:RegisteredOffice 2023-07-01 2024-06-30 09092147 bus:Director1 2023-07-01 2024-06-30 09092147 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09092147 core:ComputerEquipment 2023-07-01 2024-06-30 09092147 core:FurnitureFittings 2023-07-01 2024-06-30 09092147 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 09092147 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09092147 core:OfficeEquipment 2023-07-01 2024-06-30 09092147 core:KeyManagementPersonnel 2023-07-01 2024-06-30 09092147 countries:EnglandWales 2023-07-01 2024-06-30 09092147 1 2023-07-01 2024-06-30 09092147 2023-06-30 09092147 core:FurnitureFittings 2023-06-30 09092147 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 09092147 core:OfficeEquipment 2023-06-30 09092147 1 2023-06-30 09092147 2022-07-01 2023-06-30 09092147 2023-06-30 09092147 core:CurrentFinancialInstruments 2023-06-30 09092147 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 09092147 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 09092147 core:FurnitureFittings 2023-06-30 09092147 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 09092147 core:OfficeEquipment 2023-06-30 09092147 1 2023-06-30 09092147 core:RevaluationReserve 2022-07-01 2023-06-30 09092147 1 2022-07-01 2023-06-30 09092147 1 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 09092147

Mewstone Assets Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Mewstone Assets Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Mewstone Assets Limited

(Registration number: 09092147)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,730,278

1,635,509

Investments

5

100

100

 

1,730,378

1,635,609

Current assets

 

Debtors

6

243,507

321,963

Cash at bank and in hand

 

5,009

10,048

 

248,516

332,011

Creditors: Amounts falling due within one year

7

(1,025,325)

(1,018,422)

Net current liabilities

 

(776,809)

(686,411)

Total assets less current liabilities

 

953,569

949,198

Creditors: Amounts falling due after more than one year

7

(150,000)

(150,000)

Provisions for liabilities

(85,991)

(83,494)

Net assets

 

717,578

715,704

Capital and reserves

 

Called up share capital

8

200

200

Revaluation reserve

250,994

250,994

Profit and loss account

466,384

464,510

Shareholders' funds

 

717,578

715,704

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Mewstone Assets Limited

(Registration number: 09092147)
Statement of Financial Position as at 30 June 2024 (continued)

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 12 September 2024 and signed on its behalf by:
 


D Fellows
Director

 

Mewstone Assets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Coombe Rise
Noss Mayo
Plymouth
Devon
PL8 1EG

Principal activity

The principal activity of the company is is that of investment residential property rental.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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

Going concern

The financial statements have been prepared on a going concern basis.

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Included in turnover is the value of rent due during the year accrued in line with the assured short term residency agreement.

 

Mewstone Assets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Tax

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

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings fixtures and equipment

- 20% Straight line

Computer equipment

- 33% Straight line

Investment Property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the revaluation reserve. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. Investments properties held that are in the course of construction at the year end are included at cost.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Mewstone Assets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Mewstone Assets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

4

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
£

Computer equipment
£

Total
£

Cost or valuation

At 1 July 2023

1,635,509

10,189

1,141

1,646,839

Additions

94,769

-

-

94,769

At 30 June 2024

1,730,278

10,189

1,141

1,741,608

Depreciation

At 1 July 2023

-

10,189

1,141

11,330

At 30 June 2024

-

10,189

1,141

11,330

Carrying amount

At 30 June 2024

1,730,278

-

-

1,730,278

At 30 June 2023

1,635,509

-

-

1,635,509

Investment property

Included within the above is an investment property measured at fair value of £1,400,000 (2023: £1,400,000).

Investment property held at valuation

In respect of the investment property held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

 

Mewstone Assets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets (continued)

Investment property
£

Total
£

Cost or valuation

At 1 July 2023

1,078,607

1,078,607

At 30 June 2024

1,078,607

1,078,607

Depreciation

Carrying amount

At 30 June 2024

1,078,607

1,078,607

At 30 June 2023

1,078,607

1,078,607

5

Investments

2024
£

2023
£

Shares in group undertakings

100

100

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

10

224,871

290,463

Other debtors

 

18,636

31,500

 

243,507

321,963

 

Mewstone Assets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

7

Creditors

2024
£

2023
£

Due within one year

Amounts owed to group undertakings

8,460

8,460

Taxation and social security

11,818

20,258

Accruals and deferred income

3,152

2,302

Other creditors

1,001,895

987,402

1,025,325

1,018,422

2024
£

2023
£

Due after one year

 

Loans and borrowings

150,000

150,000

The bank loan is secured against the investment property.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(17,036)

(17,036)

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Mewstone Assets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

10

Related party transactions

At the year end the company was owed £217,824 from Wharfdale Ltd (2023 - owed £276,790 from Wharfdale Ltd). These companies are connected by a common director which has controlling interest.

Transactions with directors

During the year the directors entered into the following advances and credits with the company:

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

(956,620)

47,743

(64,000)

(972,877)

         
       

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

19,588

164,477

(1,140,685)

(956,620)