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Registration number: 09862867

Meyrick Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Meyrick Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Meyrick Developments Limited

Company Information

Directors

Mr R W Davies

Mr M S Brownhill

Registered office

32 Meyrick Street
Pembroke Dock
SA72 6UT

 

Meyrick Developments Limited

(Registration number: 09862867)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

225

282

Investment property

6

125,000

-

 

125,225

282

Current assets

 

Stocks

7

132,243

239,124

Debtors

8

11,459

6,220

Cash at bank and in hand

 

29,636

9,061

 

173,338

254,405

Creditors: Amounts falling due within one year

9

(129,658)

(118,260)

Net current assets

 

43,680

136,145

Total assets less current liabilities

 

168,905

136,427

Creditors: Amounts falling due after more than one year

9

(136,799)

(160,534)

Provisions for liabilities

(13,543)

-

Net assets/(liabilities)

 

18,563

(24,107)

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

18,559

(24,111)

Total equity

 

18,563

(24,107)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Meyrick Developments Limited

(Registration number: 09862867)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Mr R W Davies
Director

   
     
 

Meyrick Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
32 Meyrick Street
Pembroke Dock
SA72 6UT

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Meyrick Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Meyrick Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

56

70

 

Meyrick Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

550

550

At 31 March 2024

550

550

Depreciation

At 1 April 2023

268

268

Charge for the year

57

57

At 31 March 2024

325

325

Carrying amount

At 31 March 2024

225

225

At 31 March 2023

282

282

6

Investment properties

2024
£

Additions

70,828

Fair value adjustments

54,172

At 31 March

125,000

There has been no valuation of investment property by an independent valuer.

7

Stocks

2024
£

2023
£

Other inventories

132,243

239,124

8

Debtors

2024
£

2023
£

Trade debtors

5,546

306

Other debtors

5,913

5,914

11,459

6,220

 

Meyrick Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

11

7,339

7,339

Trade creditors

 

1,657

822

Taxation and social security

 

41

-

Other related parties

12

119,499

109,499

Corporation tax liability

 

492

-

Other creditors

 

630

600

 

129,658

118,260

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

58,127

64,984

Amounts owed to related parties

12

78,672

95,550

 

136,799

160,534

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.10 each

30

3.00

30

3.00

         
 

Meyrick Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

58,127

64,984

2024
£

2023
£

Current loans and borrowings

Other borrowings

7,339

7,339

 

Meyrick Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

12

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr R W Davies

Interest free loan repayable on demand

5,910

-

5,910

Mr M S Brownhill

Interest free loan repayable on demand

(109,499)

(10,000)

(119,499)

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr R W Davies

Interest free loan repayable on demand

10,518

(5,530)

923

5,910

Mr M S Brownhill

Interest free loan repayable on demand

(99,499)

(10,000)

-

(109,499)

Summary of transactions with other related parties

During the year there were related party loan and purchase transactions from Penfro Consultancy Ltd, the companies have a Director in common.

 At the balance sheet date the amount due from Penfro Consultancy was £2.(2022: £2)

At the balance sheet date the amount owed to Penfro Consultancy was £78,672, (2022; £95,550)