Silverfin false false 31/08/2024 01/09/2023 31/08/2024 Mr F T Bray 09/08/2019 Mrs E J Bray 09/08/2019 29 May 2025 The principal activity of the company is that of furnished holiday lettings. 12147617 2024-08-31 12147617 bus:Director1 2024-08-31 12147617 bus:Director2 2024-08-31 12147617 2023-08-31 12147617 core:CurrentFinancialInstruments 2024-08-31 12147617 core:CurrentFinancialInstruments 2023-08-31 12147617 core:Non-currentFinancialInstruments 2024-08-31 12147617 core:Non-currentFinancialInstruments 2023-08-31 12147617 core:ShareCapital 2024-08-31 12147617 core:ShareCapital 2023-08-31 12147617 core:RetainedEarningsAccumulatedLosses 2024-08-31 12147617 core:RetainedEarningsAccumulatedLosses 2023-08-31 12147617 core:LeaseholdImprovements 2023-08-31 12147617 core:PlantMachinery 2023-08-31 12147617 core:OfficeEquipment 2023-08-31 12147617 core:LeaseholdImprovements 2024-08-31 12147617 core:PlantMachinery 2024-08-31 12147617 core:OfficeEquipment 2024-08-31 12147617 bus:OrdinaryShareClass1 2024-08-31 12147617 2023-09-01 2024-08-31 12147617 bus:FilletedAccounts 2023-09-01 2024-08-31 12147617 bus:SmallEntities 2023-09-01 2024-08-31 12147617 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 12147617 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12147617 bus:Director1 2023-09-01 2024-08-31 12147617 bus:Director2 2023-09-01 2024-08-31 12147617 core:LeaseholdImprovements 2023-09-01 2024-08-31 12147617 core:PlantMachinery 2023-09-01 2024-08-31 12147617 core:OfficeEquipment 2023-09-01 2024-08-31 12147617 2022-09-01 2023-08-31 12147617 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 12147617 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 12147617 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12147617 (England and Wales)

MEARE COURT LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

MEARE COURT LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

MEARE COURT LTD

BALANCE SHEET

As at 31 August 2024
MEARE COURT LTD

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 94,983 111,647
94,983 111,647
Current assets
Debtors 5 70,138 61,137
Cash at bank and in hand 24,469 4,533
94,607 65,670
Creditors: amounts falling due within one year 6 ( 146,133) ( 143,979)
Net current liabilities (51,526) (78,309)
Total assets less current liabilities 43,457 33,338
Creditors: amounts falling due after more than one year 7 ( 436) 0
Provision for liabilities ( 5,456) ( 5,202)
Net assets 37,565 28,136
Capital and reserves
Called-up share capital 8 99 99
Profit and loss account 37,466 28,037
Total shareholders' funds 37,565 28,136

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Meare Court Ltd (registered number: 12147617) were approved and authorised for issue by the Board of Directors on 29 May 2025. They were signed on its behalf by:

Mr F T Bray
Director
Mrs E J Bray
Director
MEARE COURT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
MEARE COURT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Meare Court Ltd (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 Meare Court Farm, Wrantage, Taunton, TA3 6DA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 15 % reducing balance
not depreciated
Plant and machinery 15 % reducing balance
Office equipment 15 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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. Prior year adjustment

The prior year has been restated to correct the previously overstated rental amounts due by the company.

As previously reported Adjustment As restated
Year ended 31 August 2023 £ £ £
Profit and loss account 10,037 18,000 28,037
Other creditors 138,363 (18,000) 120,363

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 September 2023 78,113 96,603 1,041 175,757
At 31 August 2024 78,113 96,603 1,041 175,757
Accumulated depreciation
At 01 September 2023 19,386 44,426 298 64,110
Charge for the financial year 8,812 7,741 111 16,664
At 31 August 2024 28,198 52,167 409 80,774
Net book value
At 31 August 2024 49,915 44,436 632 94,983
At 31 August 2023 58,727 52,177 743 111,647

5. Debtors

2024 2023
£ £
Trade debtors 1,500 0
Other debtors 68,638 61,137
70,138 61,137

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,601 6,601
Trade creditors 1,977 5,321
Other taxation and social security 14,336 11,694
Obligations under finance leases and hire purchase contracts 873 0
Other creditors 122,346 120,363
146,133 143,979

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 436 0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
99 Ordinary shares of £ 1.00 each 99 99

9. Related party transactions

Other related party transactions

At the year end the balance on the loan due to Bray Farms Limited was £66,395 (2023 - £65,304), which is under normal trade terms and no interest is being charged.