Company registration number 04626144 (England and Wales)
MELSOM HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MELSOM HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
MELSOM HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
24,373
1
Tangible assets
4
624,088
842,979
Investment properties
5
9,258,720
9,055,000
9,907,181
9,897,980
Current assets
Stocks
2,447
7,918
Debtors
6
2,191,703
969,646
Cash at bank and in hand
52,150
1,216,044
2,246,300
2,193,608
Creditors: amounts falling due within one year
7
(634,948)
(577,554)
Net current assets
1,611,352
1,616,054
Total assets less current liabilities
11,518,533
11,514,034
Creditors: amounts falling due after more than one year
8
(4,711,492)
(4,296,335)
Provisions for liabilities
9
(1,377,155)
(1,487,808)
Net assets
5,429,886
5,729,891
Capital and reserves
Called up share capital
300
300
Profit and loss reserves
5,429,586
5,729,591
Total equity
5,429,886
5,729,891

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MELSOM HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
D J Ridler
Director
Company Registration No. 04626144
MELSOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Melsom Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is derived from the company's principal activity of the provision of serviced office accommodation, together with ancillary support services, all within the United Kingdom and net of VAT.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

MELSOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Over remaining term of the lease
Plant and machinery
20% straight line
Fixtures, fittings & equipment
10% straight line
Motor vehicles
25% straight line

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.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

The company only had financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MELSOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
11
MELSOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 October 2023
89,470
-
0
89,470
Additions
-
0
30,465
30,465
At 30 September 2024
89,470
30,465
119,935
Amortisation and impairment
At 1 October 2023
89,469
-
0
89,469
Amortisation charged for the year
-
0
6,093
6,093
At 30 September 2024
89,469
6,093
95,562
Carrying amount
At 30 September 2024
1
24,372
24,373
At 30 September 2023
1
-
0
1
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
63,775
252,975
730,254
442,813
1,489,817
Additions
-
0
32,636
3,473
-
0
36,109
Disposals
-
0
-
0
-
0
(131,145)
(131,145)
At 30 September 2024
63,775
285,611
733,727
311,668
1,394,781
Depreciation and impairment
At 1 October 2023
63,775
133,224
342,761
107,078
646,838
Depreciation charged in the year
-
0
53,930
63,152
77,918
195,000
Eliminated in respect of disposals
-
0
-
0
-
0
(71,145)
(71,145)
At 30 September 2024
63,775
187,154
405,913
113,851
770,693
Carrying amount
At 30 September 2024
-
0
98,457
327,814
197,817
624,088
At 30 September 2023
-
0
119,751
387,493
335,735
842,979
MELSOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
5
Investment properties
2024
£
Fair value
At 1 October 2023
9,055,000
Additions
203,720
At 30 September 2024
9,258,720

Investment property comprises 2 industrial units and a listed building at the Thames Industrial Park in East Tilbury. The properties were valued at £9,055,000 by Avison Young (UK) Limited on 25th March 2024 and the Directors consider that the figure in the accounts at 30th September 2024 of £9,258,720 is an accurate reflection of the value at the year end date. The additions in the year of £203,720 are represented at cost which the directors consider to be a fair value.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
236,546
242,655
Other debtors
1,955,157
726,991
2,191,703
969,646
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
28,798
35,552
Corporation tax
42,044
-
0
Other taxation and social security
57,427
16,344
Other creditors
506,679
525,658
634,948
577,554
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,535,833
4,018,333
Other creditors
175,659
278,002
4,711,492
4,296,335

The bank loan of £4,527,500 (2023: £4,000,000) is secured by way of fixed and floating charges over the investment property held by the company.

MELSOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,377,155
1,487,808
10
Operating lease commitments
As lessee

The operating lease commitments represent short-term leases for the provision of office equipment. The leases are generally negotiated over terms of 5 years and rentals are fixed for this period.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
6,570
33,051
As lessor

The operating leases represent the provision of serviced office accommodation and commercial and domestic storage facilities to third parties. The leases are generally negotiated over various terms ranging from 30 days up to 5 years and rentals are fixed for these periods. There are options in place for either party to extend the lease terms at the end of the primary period.

2024
2023
Future amounts receivable under operating leases:
£
£
Total commitments
501,427
678,707
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Management charges
receivable
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
15,000
15,000
MELSOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Related party transactions
(Continued)
- 9 -
Rent payable and associated costs
2024
2023
£
£
Other entities not under common control
115,769
92,382

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other entities not under common control
92,368
70,098

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,894,641
764,716
12
Directors' transactions

The director, Mr D J Ridler, owed the company £124,575 (2023: £Nil) at the balance sheet date.

 

The director has been charged interest at a rate of 2.25% on the movements on this loan during the period.

13
Controlling party

The company is controlled by the directors.

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