Company Registration No. 05373444 (England and Wales)
MAIDENSGROVE LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
MAIDENSGROVE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MAIDENSGROVE LIMITED
Company Registration No. 05373444
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
51,256
64,070
Investment properties
5
7,050,000
7,535,591
7,101,256
7,599,661
Current assets
Debtors
6
213,536
330,116
Cash at bank and in hand
10,702
3,127
224,238
333,243
Creditors: amounts falling due within one year
7
(1,136,390)
(960,688)
Net current liabilities
(912,152)
(627,445)
Total assets less current liabilities
6,189,104
6,972,216
Creditors: amounts falling due after more than one year
8
(3,505,362)
(3,505,362)
Provisions for liabilities
(622,311)
(473,423)
Net assets
2,061,431
2,993,431
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
2,060,431
2,992,431
Total equity
2,061,431
2,993,431

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

The director acknowledges his 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.

MAIDENSGROVE LIMITED
Company Registration No. 05373444
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 November 2024
R S F Coltart
Director
MAIDENSGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Maidensgrove Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.

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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income received in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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:

Plant and machinery
20% reducing balance
Equipment
20% 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 properties

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
Cash at bank and in hand

Cash at bank and in hand 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 current liabilities.

MAIDENSGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
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.

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.

1.7
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.

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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Exceptional item
2024
2023
£
£
Expenditure
Gain on right of light disposal
-
46,710
MAIDENSGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Employees

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

2024
2023
Number
Number
Total
2
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
382,507
Depreciation and impairment
At 1 April 2023
318,437
Depreciation charged in the year
12,814
At 31 March 2024
331,251
Carrying amount
At 31 March 2024
51,256
At 31 March 2023
64,070
5
Investment property
2024
£
Fair value
At 1 April 2023
7,535,591
Revaluations
(485,591)
At 31 March 2024
7,050,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

MAIDENSGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,190
-
0
Other debtors
212,346
330,116
213,536
330,116
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
41,153
4,398
Taxation and social security
1,901
1,605
Other creditors
1,093,336
954,685
1,136,390
960,688

 

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,400,000
2,400,000
Other creditors
1,105,362
1,105,362
3,505,362
3,505,362

Included within creditors falling due after more than one year are secured bank loans of £2,400,000 (2023 - £2,400,000).

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
MAIDENSGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Related party transactions

At the balance sheet date, the company owed £544,330 (2023 - £317,862) to the director, R Coltart.

 

At the balance sheet date, the director's close family members were owed £1,105,362 (2023 - £1,105,362) by the company.

 

At the balance sheet date, the company owed £538,306 (2023 - £620,839) to LHABC Limited, a connected company.

 

At the balance sheet date, the company was owed £211,486 (2023 - £330,016) by Colux Ltd, a connected company.

 

At the balance sheet date, the company was owed £180 (2023 - £0) by Cosmos Bruton Ltd, a connected company.

 

11
Prior year adjustment

A prior year adjustment has been made to reflect the part disposal of a investment property. This has decreased the accounting profit for 2023.

12
Prior period adjustment
Adjustments to equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Right to light disposal
-
(235,609)
Analysis of the effect upon equity
Profit and loss reserves
-
(235,609)
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