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Company No: 04809261 (England and Wales)

MENDIP ESTATES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

MENDIP ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

MENDIP ESTATES LIMITED

BALANCE SHEET

As at 30 June 2024
MENDIP ESTATES LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 21,597 23,891
Investment property 4 552,630 552,630
574,227 576,521
Current assets
Debtors 5 726 4,739
Cash at bank and in hand 2,350 3,067
3,076 7,806
Creditors: amounts falling due within one year 6 ( 175,437) ( 171,967)
Net current liabilities (172,361) (164,161)
Total assets less current liabilities 401,866 412,360
Net assets 401,866 412,360
Capital and reserves
Called-up share capital 100 100
Fair value reserve ( 38,116 ) ( 38,116 )
Profit and loss account 439,882 450,376
Total shareholders' funds 401,866 412,360

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.

Directors' responsibilities:

The financial statements of Mendip Estates Limited (registered number: 04809261) were approved and authorised for issue by the Board of Directors on 23 October 2024. They were signed on its behalf by:

T A Roper
Director
E Roper
Director
MENDIP ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
MENDIP ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
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

Mendip Estates 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Rental income is recognised in the period for which it is due. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 4 years straight line
Fixtures and fittings 3 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 July 2023 31,816 1,629 33,445
Additions 5,300 0 5,300
At 30 June 2024 37,116 1,629 38,745
Accumulated depreciation
At 01 July 2023 7,925 1,629 9,554
Charge for the financial year 7,594 0 7,594
At 30 June 2024 15,519 1,629 17,148
Net book value
At 30 June 2024 21,597 0 21,597
At 30 June 2023 23,891 0 23,891

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 552,630
As at 30 June 2024 552,630

Valuation

Investment properties were revalued on 30 June 2024 by the directors who are internal to the company. The basis of this valuation was open market value.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 590,746 590,746

5. Debtors

2024 2023
£ £
Trade debtors 250 250
Other debtors 476 4,489
726 4,739

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,957 8,002
Other taxation and social security 0 4,112
Other creditors 172,480 159,853
175,437 171,967

7. Related party transactions

Transactions with the entity's directors

Advances

_T & E Roper_

The Directors' loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 July 2023, the balance owed by the directors was £2,818. During the year, the loan was repaid in full.

At 1 July 2022, the balance owed to the directors was £12,891. During the year, £78,416 was advanced to the directors, and £62,707 was repaid by the director. At 30 June 2023, the balance owed by the directors was £2,818.