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Registration number: 01343502

Mesh Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Mesh Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Mesh Properties Limited

Company Information

Directors

Emma Katz

M Katz

Registered office

C/O Sterlings Ltd
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered AccountantsLawford House
Albert Place
London
N3 1QA

 

Mesh Properties Limited

(Registration number: 01343502)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

187,749

187,749

Investments

5

8,241,000

-

 

8,428,749

187,749

Current assets

 

Stocks

6

1,623,624

1,621,818

Debtors

7

22,552

24,222

Cash at bank and in hand

 

97,474

39,861

 

1,743,650

1,685,901

Creditors: Amounts falling due within one year

8

(1,749,878)

(825,175)

Net current (liabilities)/assets

 

(6,228)

860,726

Total assets less current liabilities

 

8,422,521

1,048,475

Creditors: Amounts falling due after more than one year

8

(7,875,903)

(535,088)

Net assets

 

546,618

513,387

Capital and reserves

 

Called up share capital

9

102

102

Profit and loss account

546,516

513,285

Shareholders' funds

 

546,618

513,387

For the financial 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 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 and 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.

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

 

Mesh Properties Limited

(Registration number: 01343502)
Balance Sheet as at 30 June 2024

.........................................
M Katz
Director

 

Mesh Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
C/O Sterlings Ltd
Lawford House
Albert Place
London
N3 1QA
England

The principal place of business is:
1C Market Place
Falloden Way
London
NW11 6LB

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.

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.

 

Mesh Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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

Fixtures, fittings & equipment

25% straight line

Land and buildings

Nil

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mesh Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Mesh Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

187,749

8,824

196,573

At 30 June 2024

187,749

8,824

196,573

Depreciation

At 1 July 2023

-

8,824

8,824

At 30 June 2024

-

8,824

8,824

Carrying amount

At 30 June 2024

187,749

-

187,749

At 30 June 2023

187,749

-

187,749

Included within the net book value of land and buildings above is £187,749 (2023 - £187,749) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

8,241,000

-

Subsidiaries

£

Cost or valuation

Additions

8,241,000

Provision

Carrying amount

At 30 June 2024

8,241,000

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:

 

Mesh Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Harvco Limited

Lawford House
Albert Place
London
N3 1QA

England

Ordinary

100%

0%

Fernview Estates Limited

Lawford House
Albert Place
London
N3 1QA

England and Wales

Ordinary

100%

0%

Subsidiary undertakings

Harvco Limited

The principal activity of Harvco Limited is other letting and operating of own or leased real estate. Its financial period end is 31 March. The profit for the financial period of Harvco Limited was £30,297 and the aggregate amount of Capital and reserves at the end of the period was £895,034.

Fernview Estates Limited

The principal activity of Fernview Estates Limited is other letting and operating of own or leased real estate.. Its financial period end is 5 April. The profit for the financial period of Fernview Estates Limited was £56,437 and the aggregate amount of Capital and reserves at the end of the period was £267,278.

6

Stocks

2024
£

2023
£

Other inventories

1,623,624

1,621,818

7

Debtors

Current

2024
£

2023
£

Trade debtors

3,039

4,709

Other debtors

19,513

19,513

 

22,552

24,222

 

Mesh Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

200,000

357,557

Trade creditors

 

-

3,294

Taxation and social security

 

78,848

55,159

Accruals and deferred income

 

2,940

2,940

Other creditors

 

1,468,090

406,225

 

1,749,878

825,175

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

7,875,903

535,088

2024
£

2023
 £

Creditors due after more than five years

 

Loans due after more than five years

 

6,200,000

-

 

6,200,000

-

 

Mesh Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

Ordinary C share of £1 each

1

1

1

1

Ordinary D share of £1 each

1

1

1

1

102

102

102

102

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

875,903

535,088

Other borrowings

7,000,000

-

7,875,903

535,088

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

357,557

Other borrowings

200,000

-

200,000

357,557

 

Mesh Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Bank borrowings

YBS Commercial Mortgage is denominated in Pound Sterling with a nominal interest rate of 6.99%, and the final instalment is due on 30 August 2028. The carrying amount at year end is £503,422 (2023 - £503,422).

secured over the company's properties.

Paragon Mortgage is denominated in Pound Sterling with a nominal interest rate of 5.8%, and the final instalment is due on 31 July 2028. The carrying amount at year end is £222,250 (2023 - £222,250).

secured over the company's properties.

Paragon Mortgages is denominated in Pound Sterling with a nominal interest rate of 8.850%, and the final instalment is due on 1 October 2031. The carrying amount at year end is £100,649 (2023 - £100,649).

secured over the company's properties.

Skipton Mortgage is denominated in Pound Sterling with a nominal interest rate of 6.30%, and the final instalment is due on 13 March 2028. The carrying amount at year end is £28,748 (2023 - £24,658).

Secured over the company's properties.

Included in the loans and borrowings are the following amounts due after more than five years:

Debenture loans after five years

£7,200,000 LOAN NOTES 2065
Minimum repayment amount: £200,000
Interest on Notes: Until the Notes are repaid in accordance with the provisons of the instrument, interest shall accrue and be paid on the principal amount of the Notes which are outstanding at the rate and in the manner set out in the Conditions.
Repayment date: 27/06/2065

















 

 

Mesh Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

11

Related party transactions

 

Mesh Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

17,688

17,688

Summary of transactions with other related parties

As at balance sheet date, the company owed £1,200,000 (2023 - Nil) to H Katz and S Katz. This is included in the Creditors: amount falling due within one year. The company also owed H & S Katz £7,000,000 and this is included in Creditors: amount falling due after more than one year.

H Katz and S katz are related to the company by family connections.

Income and receivables from related parties

2024

Subsidiary
£

Receipt of services

139,000

2023

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

375,380

375,380

Advanced

80,253

80,253

At end of period

455,633

455,633