MEDRA CYFYNGEDIG

Company Registration Number:
10733085 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

MEDRA CYFYNGEDIG

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

MEDRA CYFYNGEDIG

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

Directors’ Report The directors present their annual report and the audited financial statements for the year ended 31 March 2024. Principal Activities Medra Cyfyngedig was established as a wholly owned subsidiary of Adra (Tai) Cyfyngedig, on 20th April 2017. The Company’s principal activities are to deliver new build development services and the buying and selling of own real estate. Business Review The 2023/24 financial year has been the 5th year of operations for Medra Cyfyngedig. In response to the economic conditions that projected a downturn in the market sales sector, a decision was taken by the Medra Board during the 2022/23 year to scale down operations and thus reduce the risk. This decision resulted in four pipeline schemes being sold at their market values to Adra to be developed as either social, intermediate or market rent properties. Medra entered 2023/24 with one scheme, Hayfield. The table below summarises the progress of this scheme.



Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

NIGEL C SINNETT
RHYS PARRY


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
3 September 2024

And signed on behalf of the board by:
Name: NIGEL C SINNETT
Status: Director

MEDRA CYFYNGEDIG

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 0 425,000
Cost of sales: 0 ( 415,000 )
Gross profit(or loss): 0 10,000
Distribution costs: 0 0
Administrative expenses: ( 33,000 ) ( 77,000 )
Other operating income: 0 0
Operating profit(or loss): (33,000) (67,000)
Interest payable and similar charges: ( 77,000 ) ( 43,000 )
Profit(or loss) before tax: (110,000) (110,000)
Tax: 0 0
Profit(or loss) for the financial year: (110,000) (110,000)

MEDRA CYFYNGEDIG

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks: 3 2,135,000 913,000
Debtors: 4 38,000 34,000
Cash at bank and in hand: 3,000 1,000
Investments:   0 0
Total current assets: 2,176,000 948,000
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 339,000 ) ( 80,000 )
Net current assets (liabilities): 1,837,000 868,000
Total assets less current liabilities: 1,837,000 868,000
Creditors: amounts falling due after more than one year: 6 ( 2,292,000 ) ( 1,213,000 )
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (455,000) (345,000)
Capital and reserves
Called up share capital: 1 1
Share premium account: 0 0
Profit and loss account: (455,001 ) (345,001 )
Total Shareholders' funds: ( 455,000 ) (345,000)

The notes form part of these financial statements

MEDRA CYFYNGEDIG

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 3 September 2024
and signed on behalf of the board by:

Name: NIGEL C SINNETT
Status: Director

The notes form part of these financial statements

MEDRA CYFYNGEDIG

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Revenue Recognition Turnover is measured at the fair value of consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated.

    Other accounting policies

    Accounting Policies Basis of Preparation The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue Recognition Turnover is measured at the fair value of consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. Income Tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Value Added Tax The Company is registered for VAT Development Expenditure included as Work in Progress Development expenditure represents the purchase and construction price and any directly attributable costs of acquisition. The directly attributable labour costs of the group’s employees that arise directly from the construction or acquisition are included as Work in Progress as these costs would have been avoided if the property had not been constructed or acquired. Interest Payable Interest incurred during the development period is included as Work in Progress and added to the cost of completed housing properties based on the net investment and its average borrowing costs during the year. Work in Progress Work in Progress is calculated at the lower of cost or net realisable value of completed Properties held for sale. Loan Facility The company has a revolving credit facility with the parent. The interest rate is set on Commercial terms. Financial Instruments All financial instruments held by the company are classified as basic with regards FRS 102. These instruments are initially recorded at the transaction price less any transaction costs (historical cost), FRS 102 requires that basic financial instruments are subsequently measured at amortised cost. Loans and investments that are payable or receivable within one year are not discounted. Creditors Falling Due After More Than One Year Creditors falling due after more than one year representing amounts owing to Adra (Tai) Cyfyngedig in relation to a Loan. Gift Aid Gift aid payments are accounted for as a distribution. Gift aid payments are only accrued where a legal obligation to make the payment exists at the reporting date. Going Concern A review of Medra’s long-term business plan shows that it has adequate resources, to continue in operational existence for the foreseeable future and is supported by the directors of the Adra Group. On the basis of the financial support provided by the Parent through the agreed on-lending agreement, the Company therefore continues to adopt the going concern

MEDRA CYFYNGEDIG

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

MEDRA CYFYNGEDIG

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Stocks

2024 2023
£ £
Stocks 2,135,000 913,000
Payments on account 0 0
Total 2,135,000 913,000

MEDRA CYFYNGEDIG

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

2024 2023
£ £
Other debtors 38,000 34,000
Total 38,000 34,000

MEDRA CYFYNGEDIG

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 0
Taxation and social security 0 0
Accruals and deferred income 0 0
Other creditors 339,000 80,000
Total 339,000 80,000

MEDRA CYFYNGEDIG

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Other creditors 2,292,000 1,213,000
Total 2,292,000 1,213,000

MEDRA CYFYNGEDIG

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Financial Commitments

The company had financial commitments to be undertaken on behalf of the parent company of the below at the balance sheet date: Commitments contracted but not provided for 2,369,362 Commitments approved by the Board but not contracted for 0