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Company No: 10639779 (England and Wales)

MEAD STORAGE LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MEAD STORAGE LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MEAD STORAGE LIMITED

BALANCE SHEET

As at 29 February 2024
MEAD STORAGE LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Restated - note 2
Current assets
Debtors 4 383,991 307,505
Cash at bank and in hand 157,431 246,669
541,422 554,174
Creditors: amounts falling due within one year 5 ( 262,883) ( 330,421)
Net current assets 278,539 223,753
Total assets less current liabilities 278,539 223,753
Net assets 278,539 223,753
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 278,439 223,653
Total shareholder's funds 278,539 223,753

For the financial year ending 29 February 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 Mead Storage Limited (registered number: 10639779) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

Paul Parker
Director
MEAD STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
MEAD STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 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

Mead Storage 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 Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is Mead, Ashburton, Newton Abbot, Devon, TQ13 7LJ.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

The company holds the following financial instruments:
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 28 February 2023 £ £ £
Debtors 346,080 (38,575) 307,505
Cash at bank and in hand 2,960 243,709 246,669
Creditors: amounts falling due within one year (125,287) (205,134) (330,421)

3. Employees

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

4. Debtors

2024 2023
£ £
Trade debtors 0 2,310
Amounts owed by related parties 30,000 30,000
Amounts owed by directors 208,098 206,018
Other debtors 145,893 69,177
383,991 307,505

5. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 3,522 1,350
Taxation and social security 18,718 111,436
Other creditors 240,643 217,635
262,883 330,421

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director 1 - Interest free loan repayable on demand 216 3,216
Director 2 - Loan repayable on demand with interest at a rate of 2% 207,882 202,802
Total 208,098 206,018

During the year advances totalling £3,000 (2023: £3,216) were paid to director 1.

During the year advances totalling £530 (2023: £200,000) were paid to director 2.

The balances due by the directors at the balance sheet date are stated above.

Other related party transactions

2024 2023
£ £
Mead Units Limited (240,643) (217,635)
Community Homes South West Limited 30,000 30,000

Mead Units Limited has lent funds to Mead Storage Limited as shown above and in note 5. These companies have a mutual director and the shareholders are relatives.

Mead Storage Limited lent £30,000 to Community Homes South West Limited as shown above and in note 4. These companies have a mutual director and the shareholders are relatives.