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REGISTERED NUMBER: 07152506 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

MEDWELL HYDE LIMITED

MEDWELL HYDE LIMITED (REGISTERED NUMBER: 07152506)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MEDWELL HYDE LIMITED

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: R T A Medwell
A B Medwell





REGISTERED OFFICE: Magma House
16 Davy Court
Castle Mound Way
Rugby
Warwickshire
CV23 0UZ





REGISTERED NUMBER: 07152506 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

MEDWELL HYDE LIMITED (REGISTERED NUMBER: 07152506)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,128 1,504
Investment property 5 3,314,000 3,314,000
3,315,128 3,315,504

CURRENT ASSETS
Stocks 6 1,050,000 1,861,729
Debtors 7 1,532 1,821
Cash at bank 231,810 173,162
1,283,342 2,036,712
CREDITORS
Amounts falling due within one year 8 (2,006,164 ) (171,597 )
NET CURRENT (LIABILITIES)/ASSETS (722,822 ) 1,865,115
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,592,306

5,180,619

CREDITORS
Amounts falling due after more than one
year

9

(1,972,590

)

(3,955,000

)
NET ASSETS 619,716 1,225,619

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 619,712 1,225,615
SHAREHOLDERS' FUNDS 619,716 1,225,619

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MEDWELL HYDE LIMITED (REGISTERED NUMBER: 07152506)

BALANCE SHEET - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





A B Medwell - Director


MEDWELL HYDE LIMITED (REGISTERED NUMBER: 07152506)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024


1. STATUTORY INFORMATION

Medwell Hyde Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07152506 and registered office is Magma House, 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, CV23 0UZ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentational currency of the financial statements is Sterling (£) and the figures are rounded to the nearest £1.

Significant judgements and estimates
The principle accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. The company has adopted FRS 102 (September 2015) 1A Small Entities in these financial statements. Details of the transition to FRS 102 Section 1A Small Entities are disclosed in the notes to the financial statements.

Turnover
Turnover is measured as the fair value of the consideration received or receivable and recognises the sale of properties upon completion and rental income when it falls due.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Motor vehicles-25% on reducing balance
Computer equipment-33% straight line
Fixture and fittings-25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investment property
The company classifies land and buildings as investment property when it is held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost, which comprises the purchase price and any directly attributable expenditure. Investment properties are subsequently remeasured to fair value at each reporting date with changes in fair value recognised in the income statement.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

MEDWELL HYDE LIMITED (REGISTERED NUMBER: 07152506)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and 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.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand and deposits held at call with financial institutions.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

MEDWELL HYDE LIMITED (REGISTERED NUMBER: 07152506)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 3,901 2,000 4,452 10,353
DEPRECIATION
At 1 March 2023 2,666 1,731 4,452 8,849
Charge for year 309 67 - 376
At 29 February 2024 2,975 1,798 4,452 9,225
NET BOOK VALUE
At 29 February 2024 926 202 - 1,128
At 28 February 2023 1,235 269 - 1,504

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 3,314,000
NET BOOK VALUE
At 29 February 2024 3,314,000
At 28 February 2023 3,314,000

The investment properties have been revalued following a professional valuation as at 28 February 2023.

6. STOCKS
2024 2023
£    £   
Stocks 1,050,000 1,861,729

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 800 1,144
Prepayments and accrued income - 677
Prepayments 732 -
1,532 1,821

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,450 23,115
Social security and other taxes 2,439 3,067
Other creditors 1,977,971 479
Directors' current accounts - 135,504
Accruals and deferred income 23,304 9,432
2,006,164 171,597

MEDWELL HYDE LIMITED (REGISTERED NUMBER: 07152506)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Directors Loan account 1,972,590 3,955,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
R T A Medwell
Balance outstanding at start of year (135,504 ) 67,153
Amounts advanced 135,504 -
Amounts repaid - (202,657 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (135,504 )

The balance due to the company was repaid during the year. The loan was interest free.

11. RELATED PARTY DISCLOSURES

During the year, sales of £7,350 have been made with a company of common directorship.