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Company registration number: 00961233
Meadfoot (Kilmorie Land) Limited
Unaudited filleted financial statements
30 June 2024
MEADFOOT (KILMORIE LAND) LIMITED
DIRECTORS AND OTHER INFORMATION
Directors J D C Beckwith (Resigned 23 July 2023)
G S Hotine
M A Harding
G N Johnson
P Scullion
H A Duncalf (Resigned 26 July 2023)
Secretary Devon Block Management Limited
Company number 00961233
Registered office The Cottage, Kilmorie
Ilsham Marine Drive
Torquay
Devon
TQ1 2HU
Accountants Westcotts
Petitor House
Nicholson Road
Torquay
Devon
TQ2 7TD
MEADFOOT (KILMORIE LAND) LIMITED
STATEMENT OF FINANCIAL POSITION
30 JUNE 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 15,875 15,875
_______ _______
15,875 15,875
Current assets
Debtors 6 2,551 2,494
_______ _______
2,551 2,494
Net current assets 2,551 2,494
_______ _______
Total assets less current liabilities 18,426 18,369
_______ _______
Net assets 18,426 18,369
_______ _______
Capital and reserves
Called up share capital 16,100 16,100
Profit and loss account 7 2,326 2,269
_______ _______
Shareholders funds 18,426 18,369
_______ _______
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 October 2024 , and are signed on behalf of the board by:
G S Hotine
Director
Company registration number: 00961233
MEADFOOT (KILMORIE LAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Cottage, Kilmorie, Ilsham Marine Drive, Torquay, Devon, TQ1 2HU.
The company is a non-profit making undertaking.
Principal activity
The principal activity of the company is that of the concern with the interests of the freeholders of the land purchased in December 1969 at the rear of the block of flats known as "Kilmorie", also the walled garden adjacent to "Kilmorie", Ilsham Marine Drive, Torquay. This will continue and no other activities are envisaged.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Income represents an amount chargeable to Kilmorie Limited in respect of rent.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - no depreciation
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 July 2023 and 30 June 2024 15,875 15,875
_______ _______
Depreciation
At 1 July 2023 and 30 June 2024 - -
_______ _______
Carrying amount
At 30 June 2024 15,875 15,875
_______ _______
At 30 June 2023 15,875 15,875
_______ _______
The directors consider that the market value of the freehold land and buildings is in excess of the amount shown in the financial statements but as these assets are used in the company's business and no disposals are envisaged the excess is not quantified and no depreciation is charged.
6. Debtors
2024 2023
£ £
Other debtors 2,551 2,494
_______ _______
7. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
8. Related party transactions
The land adjoining the company's land is owned by Kilmorie Ltd, which maintains the company's land and also pays rent of £70 per annum for the cottage on the company's land. Kilmorie Ltd owns 300 £1 ordinary shares of the company's total issued capital. There is an amount due by Kilmorie Ltd of £2,551 (2023: £2,494) in respect of rent due, less expenses paid by Kilmorie Ltd.