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Registration number: 07643297

Megs Enterprises Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Megs Enterprises Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Megs Enterprises Limited

Company Information

Directors

MR Edwards

GS Southall

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Megs Enterprises Limited

(Registration number: 07643297)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,612

-

Investment property

5

2,975,000

2,975,000

Investments

6

100

100

 

2,976,712

2,975,100

Current assets

 

Debtors

7

2,246

1,544

Cash at bank and in hand

 

13,556

14,048

 

15,802

15,592

Creditors: Amounts falling due within one year

8

(9,216)

(15,588)

Net current assets

 

6,586

4

Total assets less current liabilities

 

2,983,298

2,975,104

Creditors: Amounts falling due after more than one year

8

(1,786,859)

(1,811,859)

Provisions for liabilities

(146,124)

(146,124)

Net assets

 

1,050,315

1,017,121

Capital and reserves

 

Called up share capital

10

200

200

Other reserves

646,315

646,315

Retained earnings

403,800

370,606

Shareholders' funds

 

1,050,315

1,017,121

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Megs Enterprises Limited

(Registration number: 07643297)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 4 December 2024 and signed on its behalf by:



 

.........................................

MR Edwards

Director

 

Megs Enterprises Limited

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

1

General information

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

The address of its registered office is:
Maria House
35 Millers Road
Brighton
BN1 5NP

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 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.

 

Megs Enterprises Limited

Notes to the Unaudited 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

Office equipment

33% Straight line

Investment property

Investment property is carried at fair value. Gains are recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

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.

Non-distributable reserve

 

Megs Enterprises Limited

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

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

3

Staff numbers

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

 

Megs Enterprises Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

584

584

Additions

2,419

2,419

At 31 March 2024

3,003

3,003

Depreciation

At 1 April 2023

584

584

Charge for the year

807

807

At 31 March 2024

1,391

1,391

Carrying amount

At 31 March 2024

1,612

1,612

5

Investment properties

2024
£

At 1 April

2,975,000

At 31 March

2,975,000

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 April 2023

100

Provision

Carrying amount

At 31 March 2024

100

At 31 March 2023

100

 

Megs Enterprises Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Surrenden Services Limited

Maria House, 35 Millers Road, Brighton BN1 5NP

England

Ordinary

100%

100%

Subsidiary undertakings

Surrenden Services Limited

The principal activity of Surrenden Services Limited is management consultants.

7

Debtors

Current

2024
£

2023
£

Prepayments

1,544

1,544

Other debtors

702

-

 

2,246

1,544

 

Megs Enterprises Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

100

100

Taxation and social security

 

6,885

12,186

Accruals and deferred income

 

2,231

3,302

 

9,216

15,588

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,786,859

1,811,859

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

207,570

232,570

Other borrowings

1,579,289

1,579,289

1,786,859

1,811,859

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary Shares of £1 each

100

100

100

100

B Ordinary Shares of £1 each

50

50

50

50

C Ordinary Shares of £1 each

50

50

50

50

200

200

200

200