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Company registration number: 1942839
Mellandene Limited
Unaudited filleted financial statements
31 March 2024
Mellandene Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Mellandene Limited
Directors and other information
Directors Ms Carol Murrey
Miss Cassandra Page
Secretary Carol Murrey
Company number 1942839
Registered office Cassandra House
19 Dunswell Road
Cottingham
East Yorkshire
HU16 4JA
Mellandene Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,350,208 1,351,965
Investments 6 100 100
_______ _______
1,350,308 1,352,065
Current assets
Stocks 1,200 1,200
Debtors 7 401,231 362,566
Cash at bank and in hand 228,677 335,361
_______ _______
631,108 699,127
Creditors: amounts falling due
within one year 8 ( 453,787) ( 420,980)
_______ _______
Net current assets 177,321 278,147
_______ _______
Total assets less current liabilities 1,527,629 1,630,212
Creditors: amounts falling due
after more than one year 9 ( 21,643) ( 44,842)
Provisions for liabilities ( 52) ( 374)
_______ _______
Net assets 1,505,934 1,584,996
_______ _______
Capital and reserves
Called up share capital 346 346
Revaluation reserve 578,745 578,745
Profit and loss account 926,843 1,005,905
_______ _______
Shareholders funds 1,505,934 1,584,996
_______ _______
For the year ending 31 March 2024 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 June 2024 , and are signed on behalf of the board by:
Ms Carol Murrey
Director
Company registration number: 1942839
Mellandene Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 April 2022 346 278,745 939,883 1,218,974
Profit for the year 116,884 116,884
Other comprehensive income for the year:
Revaluation of tangible assets 300,000 300,000
_______ _______ _______ _______
Total comprehensive income for the year - 300,000 116,884 416,884
Dividends paid and payable ( 50,862) ( 50,862)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 50,862) ( 50,862)
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 346 578,745 1,005,905 1,584,996
Profit for the year 69,718 69,718
_______ _______ _______ _______
Total comprehensive income for the year - - 69,718 69,718
Dividends paid and payable ( 148,780) ( 148,780)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 148,780) ( 148,780)
_______ _______ _______ _______
At 31 March 2024 346 578,745 926,843 1,505,934
_______ _______ _______ _______
Mellandene Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Mellandene Limited, Cassandra House, 19 Dunswell Road, Cottingham, East Yorkshire, HU16 4JA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is recognised for residential home fees as they fall due and Covid related grants on the accruals basis.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax the company expects to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants have been received for capital purchases. These grants are being written off over the life of the assets to which they relate at 20% per year.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 47 (2023: 46 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 1,350,000 145,867 1,000 1,496,867
Disposals - ( 29,416) ( 1,000) ( 30,416)
_______ _______ _______ _______
At 31 March 2024 1,350,000 116,451 - 1,466,451
_______ _______ _______ _______
Depreciation
At 1 April 2023 - 143,902 1,000 144,902
Charge for the year - 1,757 - 1,757
Disposals - ( 29,416) ( 1,000) ( 30,416)
_______ _______ _______ _______
At 31 March 2024 - 116,243 - 116,243
_______ _______ _______ _______
Carrying amount
At 31 March 2024 1,350,000 208 - 1,350,208
_______ _______ _______ _______
At 31 March 2023 1,350,000 1,965 - 1,351,965
_______ _______ _______ _______
Tangible assets held at valuation
Cassandra House, the freehold property was valued by Christie & Co on 21 September 2022 at £1,350,000. This value has been reflected in the accounts.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2023 and 31 March 2024 100 100
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 100 100
_______ _______
At 31 March 2023 100 100
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 50,826 44,997
Amounts owed by group undertakings and undertakings in which the company has a participating interest 258,091 260,628
Other debtors 92,314 56,941
_______ _______
401,231 362,566
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 239,400 284,300
Trade creditors 21,373 24,348
Corporation tax 22,675 46,787
Social security and other taxes 14,171 12,295
Other creditors 156,168 53,250
_______ _______
453,787 420,980
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 21,643 43,657
Other creditors - 1,185
_______ _______
21,643 44,842
_______ _______
10. Directors advances, credits and guarantees
Directors were advanced £89,010 in the year (2023 £52,937), amounts repaid totalled £53,070 (2023 £52,032) and the balance at the year end was £87,414 (2023 £51,474). Monthly interest was charged by the company on the overdrawn balance at the official beneficial loan rates. There have been no further directors advances, credits and guarantees.