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Registered number: 12892146
Megit Properties Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
High Royd Business Services Limited
BBIC
Innovation Way
Barnsley
South Yorkshire
S75 1JL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12892146
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 889,753 895,008
889,753 895,008
CURRENT ASSETS
Debtors 5 1,860 -
Cash at bank and in hand 17,020 5,640
18,880 5,640
Creditors: Amounts Falling Due Within One Year 6 (2,184 ) (1,325 )
NET CURRENT ASSETS (LIABILITIES) 16,696 4,315
TOTAL ASSETS LESS CURRENT LIABILITIES 906,449 899,323
Creditors: Amounts Falling Due After More Than One Year 7 (914,773 ) (904,773 )
NET LIABILITIES (8,324 ) (5,450 )
CAPITAL AND RESERVES
Called up share capital 8 10 10
Profit and Loss Account (8,334 ) (5,460 )
SHAREHOLDERS' FUNDS (8,324) (5,450)
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M E Green
Director
23/09/2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Megit Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12892146 . The registered office is 3 The Orchard Ryecroft Road, Frampton Cotterell, Bristol, Gloucestershire, BS36 2HW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 10%
Fixtures & Fittings 25%
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2023 865,680 29,328 895,008
As at 31 December 2023 865,680 29,328 895,008
Depreciation
As at 1 January 2023 - - -
Provided during the period - 5,255 5,255
As at 31 December 2023 - 5,255 5,255
Net Book Value
As at 31 December 2023 865,680 24,073 889,753
As at 1 January 2023 865,680 29,328 895,008
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,860 -
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 17
Other creditors 2,184 1,308
2,184 1,325
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Amounts owed to group undertakings 914,773 904,773
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10 10
9. Ultimate Parent Undertaking and Controlling Party
The company's controlling party is Megit Group Limited by virtue of it's ownership of 100% of the issued share capital in the company. The director is considered to be the ultimate controlling party by virtue of his shareholdings in the ultimate controlling company.
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