Company registration number 03314477 (England and Wales)
MELLOWOOD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
MELLOWOOD PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
824,000
824,000
Investments
5
1
1
824,001
824,001
Current assets
Cash at bank and in hand
26,754
35,664
Creditors: amounts falling due within one year
6
(18,135)
(16,097)
Net current assets
8,619
19,567
Total assets less current liabilities
832,620
843,568
Provisions for liabilities
(103,658)
(103,658)
Net assets
728,962
739,910
Capital and reserves
Called up share capital
8
10
10
Other reserves
562,426
562,426
Profit and loss reserves
166,526
177,474
Total equity
728,962
739,910

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 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges their 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 22 October 2024
Mr A E Lunt
Director
Company registration number 03314477 (England and Wales)
MELLOWOOD PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
10
562,426
217,588
780,024
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
35,886
35,886
Dividends
-
-
(76,000)
(76,000)
Balance at 31 July 2023
10
562,426
177,474
739,910
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
-
44,052
44,052
Dividends
-
-
(55,000)
(55,000)
Balance at 31 July 2024
10
562,426
166,526
728,962
MELLOWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Mellowood Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 264 Banbury Road, Oxford, OX2 7DY.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Rental income on assets leased under operating leases is recognised on a straight-line basis over the lease term.

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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
25% reducing balance

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 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. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

MELLOWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Cash and cash equivalents

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

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised 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 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.

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 other 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.

 

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

1.8
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.

1.9
Taxation

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

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.

MELLOWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 and 31 July 2024
1,500
Depreciation and impairment
At 1 August 2023 and 31 July 2024
1,500
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
-
0
4
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
824,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2024 by the director.

MELLOWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1
1
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
10,780
8,439
Other creditors
7,355
7,658
18,135
16,097
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
103,658
103,658
There were no deferred tax movements in the year.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
9
Other reserves

The director has decided to split from the profit and loss reserve all fair value movements which are not distributable profits in accordance with the Companies Act 2006 into a separate reserve as permitted by FRS102.

2024
2023
£
£
At the beginning and end of the year
562,426
562,426
MELLOWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
10
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
887,362
928,782
11
Directors' transactions

Dividends totalling £55,000 (2023 - £76,000) were paid in the year in respect of shares held by the company's directors.

2024-07-312023-08-01false25 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr A E LuntMrs K T Luntfalsefalse033144772023-08-012024-07-31033144772024-07-31033144772023-07-3103314477core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3103314477core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3103314477core:CurrentFinancialInstruments2024-07-3103314477core:CurrentFinancialInstruments2023-07-3103314477core:ShareCapital2024-07-3103314477core:ShareCapital2023-07-3103314477core:OtherMiscellaneousReserve2024-07-3103314477core:OtherMiscellaneousReserve2023-07-3103314477core:RetainedEarningsAccumulatedLosses2024-07-3103314477core:RetainedEarningsAccumulatedLosses2023-07-3103314477core:ShareCapital2022-07-3103314477core:RetainedEarningsAccumulatedLosses2022-07-3103314477bus:Director12023-08-012024-07-3103314477core:RetainedEarningsAccumulatedLosses2022-08-012023-07-31033144772022-08-012023-07-3103314477core:RetainedEarningsAccumulatedLosses2023-08-012024-07-3103314477core:FurnitureFittings2023-08-012024-07-3103314477core:OtherPropertyPlantEquipment2023-07-3103314477core:OtherPropertyPlantEquipment2024-07-3103314477core:OtherPropertyPlantEquipment2023-07-31033144772023-07-3103314477bus:PrivateLimitedCompanyLtd2023-08-012024-07-3103314477bus:SmallCompaniesRegimeForAccounts2023-08-012024-07-3103314477bus:FRS1022023-08-012024-07-3103314477bus:AuditExemptWithAccountantsReport2023-08-012024-07-3103314477bus:CompanySecretary12023-08-012024-07-3103314477bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP