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Company registration number: 02540011
MEAD ESTATES LIMITED
Unaudited filleted financial statements
30 September 2024
MEAD ESTATES LIMITED
Contents
Statement of financial position
Notes to the financial statements
MEAD ESTATES LIMITED
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 311,501 312,313
_______ _______
311,501 312,313
Current assets
Debtors 5 9,822 15,114
Cash at bank and in hand 607,990 698,267
_______ _______
617,812 713,381
Creditors: amounts falling due
within one year 6 ( 17,230) ( 17,150)
_______ _______
Net current assets 600,582 696,231
_______ _______
Total assets less current liabilities 912,083 1,008,544
_______ _______
Net assets 912,083 1,008,544
_______ _______
Capital and reserves
Called up share capital 7,702 7,702
Share premium account 712,645 712,645
Revaluation reserve 290,348 290,348
Profit and loss account ( 98,612) ( 2,151)
_______ _______
Shareholders funds 912,083 1,008,544
_______ _______
For the year ending 30 September 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 18 June 2025 , and are signed on behalf of the board by:
Mr G S Mead
Director
Company registration number: 02540011
MEAD ESTATES LIMITED
Notes to the financial statements
Year ended 30 September 2024
1. 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'.
2. 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 is provided on freehold land and buildings as residual value is greater than cost.
Plant and machinery - 20 % reducing balance
Motor vehicles - 20 % straight line
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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
4. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 and 30 September 2024 309,000 61,044 48,350 418,394
_______ _______ _______ _______
Depreciation
At 1 October 2023 - 57,731 48,350 106,081
Charge for the year - 812 - 812
_______ _______ _______ _______
At 30 September 2024 - 58,543 48,350 106,893
_______ _______ _______ _______
Carrying amount
At 30 September 2024 309,000 2,501 - 311,501
_______ _______ _______ _______
At 30 September 2023 309,000 3,313 - 312,313
_______ _______ _______ _______
5. Debtors
2024 2023
£ £
Other debtors 9,822 15,114
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 718 4,093
Social security and other taxes 2,382 2,217
Other creditors 14,130 10,840
_______ _______
17,230 17,150
_______ _______