Silverfin false false 30/04/2024 01/05/2023 30/04/2024 A R Crispin 28/04/2017 G E Crispin 28/04/2017 28 January 2025 The principle activity of the Company during the financial year was the rental of commercial property. 10745779 2024-04-30 10745779 bus:Director1 2024-04-30 10745779 bus:Director2 2024-04-30 10745779 2023-04-30 10745779 core:CurrentFinancialInstruments 2024-04-30 10745779 core:CurrentFinancialInstruments 2023-04-30 10745779 core:Non-currentFinancialInstruments 2024-04-30 10745779 core:Non-currentFinancialInstruments 2023-04-30 10745779 core:ShareCapital 2024-04-30 10745779 core:ShareCapital 2023-04-30 10745779 core:FurtherSpecificReserve1ComponentTotalEquity 2024-04-30 10745779 core:FurtherSpecificReserve1ComponentTotalEquity 2023-04-30 10745779 core:RetainedEarningsAccumulatedLosses 2024-04-30 10745779 core:RetainedEarningsAccumulatedLosses 2023-04-30 10745779 core:CurrentFinancialInstruments core:Secured 2024-04-30 10745779 2023-05-01 2024-04-30 10745779 bus:FilletedAccounts 2023-05-01 2024-04-30 10745779 bus:SmallEntities 2023-05-01 2024-04-30 10745779 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 10745779 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10745779 bus:Director1 2023-05-01 2024-04-30 10745779 bus:Director2 2023-05-01 2024-04-30 10745779 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Company No: 10745779 (England and Wales)

MEWS COMMERCIAL LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

MEWS COMMERCIAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

MEWS COMMERCIAL LIMITED

BALANCE SHEET

As at 30 April 2024
MEWS COMMERCIAL LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,400,000 1,400,000
1,400,000 1,400,000
Current assets
Debtors 4 7,000 7,000
Cash at bank and in hand 36,282 21,038
43,282 28,038
Creditors: amounts falling due within one year 5 ( 293,971) ( 341,442)
Net current liabilities (250,689) (313,404)
Total assets less current liabilities 1,149,311 1,086,596
Creditors: amounts falling due after more than one year 6 ( 372,129) ( 388,129)
Provision for liabilities ( 76,449) ( 76,449)
Net assets 700,733 622,018
Capital and reserves
Called-up share capital 4 4
Fair value reserve 272,874 272,874
Profit and loss account 427,855 349,140
Total shareholder's funds 700,733 622,018

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Mews Commercial Limited (registered number: 10745779) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

A R Crispin
Director
MEWS COMMERCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
MEWS COMMERCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Mews Commercial 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

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

3. Investment property

Investment property
£
Valuation
As at 01 May 2023 1,400,000
As at 30 April 2024 1,400,000

The value of the investment property was assessed by external valuers in October 2019 as being £1,400,000. The basis of the valuation was open market value.

This class of asset has a current value of £1,400,000 (2023 - £1,400,000) and a carrying amount at historic cost of £1,069,025 (2023 - £1,069,025). The depreciation on this historical cost is £nil (2023 - £nil).

4. Debtors

2024 2023
£ £
Other debtors 7,000 7,000

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 16,000 16,000
Taxation and social security 23,278 15,578
Other creditors 254,693 309,864
293,971 341,442

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

2024 2023
£ £
Bank loans (secured) 372,129 388,129