Company No:
Contents
Directors | M Butt |
S Wilson |
Registered office | 614 Kingston Road |
Raynes Park | |
London | |
SW20 8DN | |
United Kingdom |
Company number | 01272092 (England and Wales) |
Accountant | Kreston Reeves LLP |
Plus X Innovation Hub | |
Lewes Road | |
Brighton | |
East Sussex | |
BN2 4GL |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Melville Property Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Melville Property Group Limited. You consider that Melville Property Group Limited is exempt from the statutory audit requirement for the financial period.
We have not been instructed to carry out an audit or a review of the financial statements of Melville Property Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
Lewes Road
Brighton
East Sussex
BN2 4GL
Note | 30.04.2025 | 31.03.2024 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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541,000 | 17,448,677 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand | 7 |
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20,187,608 | 1,012,904 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 19,517,818 | 144,021 | ||
Total assets less current liabilities | 20,058,818 | 17,592,698 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Melville Property Group Limited (registered number:
M Butt
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Melville Property Group 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 614 Kingston Road, Raynes Park, London, SW20 8DN, 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 whole Pound (£).
The directors have confirmed their intention to place the Company into members’ voluntary liquidation within a 12-month period. At the date these financial statements were approved, the Company remained solvent and continued to meet its obligations as they fell due. The financial statements have therefore been prepared on a going concern basis.
These financial statements cover the period from 1 April 2024 to 31 April 2025, a period of 13 months. The comparative figures presented are for the 12-month period ended 31 March 2024 and therefore may not be entirely comparable.
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 current tax rates and laws. 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.
Fixtures and fittings |
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Office equipment |
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Computer equipment |
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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.
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.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
- at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
Period from 01.04.2024 to 30.04.2025 |
Year ended 31.03.2024 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Fixtures and fittings | Office equipment | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2024 |
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Additions |
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Disposals | (
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At 30 April 2025 |
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Accumulated depreciation | |||||||
At 01 April 2024 |
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Charge for the financial period |
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Disposals | (
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At 30 April 2025 |
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Net book value | |||||||
At 30 April 2025 |
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At 31 March 2024 |
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Investment property | |
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Valuation | |
As at 01 April 2024 |
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Disposals | (13,894,415) |
As at 30 April 2025 |
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The 2025 valuations were made by the directors, on an open market value for existing use basis.
Listed investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 April 2024 |
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Additions |
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Disposals | (
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At 30 April 2025 |
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Carrying value at 30 April 2025 |
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Carrying value at 31 March 2024 |
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30.04.2025 | 31.03.2024 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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30.04.2025 | 31.03.2024 | ||
£ | £ | ||
Cash at bank and in hand |
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30.04.2025 | 31.03.2024 | ||
£ | £ | ||
Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
30.04.2025 | 31.03.2024 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) | 0 | 410 | |
Other pensions commitments not shown in the Balance Sheet | 3,952 | 3,585 | |
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Transactions with the entity's directors
30.04.2025 | 31.03.2024 | ||
£ | £ | ||
Dividends paid in respect of shares held by the company's directors | 367,682 | 254,453 |
At the year end the amount due to/(from) the directors, M Butt and S Wilson, were £5,890 (2024 - £5,294) and (£864) (2024 - (£360)) respectively.