Silverfin false false 30/09/2023 01/10/2022 30/09/2023 L Bibring 01/07/2015 19 September 2024 The principal activity of the company continued to be that of property development. 08932832 2023-09-30 08932832 bus:Director1 2023-09-30 08932832 2022-09-30 08932832 core:CurrentFinancialInstruments 2023-09-30 08932832 core:CurrentFinancialInstruments 2022-09-30 08932832 core:Non-currentFinancialInstruments 2023-09-30 08932832 core:Non-currentFinancialInstruments 2022-09-30 08932832 core:ShareCapital 2023-09-30 08932832 core:ShareCapital 2022-09-30 08932832 core:RetainedEarningsAccumulatedLosses 2023-09-30 08932832 core:RetainedEarningsAccumulatedLosses 2022-09-30 08932832 core:OtherPropertyPlantEquipment 2022-09-30 08932832 core:OtherPropertyPlantEquipment 2023-09-30 08932832 bus:OrdinaryShareClass1 2023-09-30 08932832 2022-10-01 2023-09-30 08932832 bus:FilletedAccounts 2022-10-01 2023-09-30 08932832 bus:SmallEntities 2022-10-01 2023-09-30 08932832 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 08932832 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 08932832 bus:Director1 2022-10-01 2023-09-30 08932832 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-10-01 2023-09-30 08932832 2021-10-01 2022-09-30 08932832 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 08932832 core:Non-currentFinancialInstruments 2022-10-01 2023-09-30 08932832 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 08932832 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08932832 (England and Wales)

MEH HOMES LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

MEH HOMES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

MEH HOMES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
MEH HOMES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 596
0 596
Current assets
Stocks 1,550,000 1,550,000
Debtors 4 75,400 76,613
Cash at bank and in hand 20,279 28,668
1,645,679 1,655,281
Creditors: amounts falling due within one year 5 ( 749,671) ( 754,321)
Net current assets 896,008 900,960
Total assets less current liabilities 896,008 901,556
Creditors: amounts falling due after more than one year 6 ( 1,204,592) ( 1,206,636)
Net liabilities ( 308,584) ( 305,080)
Capital and reserves
Called-up share capital 7 6 6
Profit and loss account ( 308,590 ) ( 305,086 )
Total shareholder's deficit ( 308,584) ( 305,080)

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of MEH Homes Limited (registered number: 08932832) were approved and authorised for issue by the Director on 19 September 2024. They were signed on its behalf by:

L Bibring
Director
MEH HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
MEH HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

MEH Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Financial instruments are recognised in the company's statement of financial position 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2022 17,881 17,881
At 30 September 2023 17,881 17,881
Accumulated depreciation
At 01 October 2022 17,285 17,285
Charge for the financial year 596 596
At 30 September 2023 17,881 17,881
Net book value
At 30 September 2023 0 0
At 30 September 2022 596 596

4. Debtors

2023 2022
£ £
Other debtors 75,400 76,613

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 3,864 3,864
Other creditors 745,807 750,457
749,671 754,321

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 1,204,592 1,206,636

Bank loans of £1,180,887 (2022: £1,180,887) are secured by way of a fixed charge over properties held by the company.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
6 Ordinary shares of £ 1.00 each 6 6

8. Related party transactions

Other related party transactions

2023 2022
£ £
Other related parties 661,813 661,813