Meadowland Developments (East Barnet) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.
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 nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
Investment property comprises of Leasehold Residential Investment property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors made on an open market value basis by reference to market evidence of transaction prices for similar properties.
As at the year end the company was due £135,141 from Trade Debtors.
The Directors have included a provision for bad debts, within the financial statements, for the full amount due as at the year end.
This provision is based on the liquidation of London Building Company Ltd, where the Directors anticipate the full sum to be unrecoverable and the failure of customers to make required payments on the amounts due as at the year end.
Of the creditors falling due after more than one year, the bank loans totaling £4,916,598 were secured.
There is a Legal Charge dated 21 February 2019 in favour of the lender, Aldermore Bank PLC, to secure loan facilities. This comprised fixed and floating charge over all the company's property and undertakings. The Legal Charge contained a negative pledge.
There is a Legal Charge dated 21 February 2019 in favour of the lender, Aldermore Bank PLC, to secure loan facilities. This comprised charge over the Leasehold properties 1 to 6 Arron House, Bentley Way, Barnet. The Legal Charge contained a negative pledge.
There is a Legal Charge dated 24 July 2019 in favour of the lender, Aldermore Bank PLC, to secure loan facilities. This comprised charge over Flat 2, Lorcan House, 3 Bentley Way, Barnet. The Legal Charge contained a negative pledge.
There is a Legal Charge dated 24 July 2019 in favour of the lender, Aldermore Bank PLC, to secure loan facilities. This comprised charge over Flat 1, Lorcan House, 3 Bentley Way, Barnet. The Legal Charge contained a negative pledge.
There is a Legal Charge dated 24 July 2019 in favour of the lender, Aldermore Bank PLC, to secure loan facilities. This comprised charge over Flat 3, Lorcan House, 3 Bentley Way, Barnet. The Legal Charge contained a negative pledge.
There is a Legal Charge dated 11 April 2022 in favour of the lender, Yorkshire Building Society, to secure loan facilities. This comprised charge over Flat 2, Duo House, 5A Bentley Way, Barnet. The Legal Charge contained a fixed charge and a negative pledge.
There is a Legal Charge dated 11 April 2022 in favour of the lender, Yorkshire Building Society, to secure loan facilities. This comprised charge over Flat 1, Duo House, 5A Bentley Way, Barnet. The Legal Charge contained a fixed charge and a negative pledge.
There is a Legal Charge dated 11 April 2022 in favour of the lender, Yorkshire Building Society, to secure loan facilities. This comprised charge over Flat 7, Arron House, 5 Bentley Way, Barnet. The Legal Charge contained a fixed charge and a negative pledge.
There is a Legal Charge dated 11 April 2022 in favour of the lender, Yorkshire Building Society, to secure loan facilities. This comprised charge over Flat 8, Arron House, 5 Bentley Way, Barnet. The Legal Charge contained a fixed charge and a negative pledge.
There is a Legal Charge dated 11 April 2022 in favour of the lender, Yorkshire Building Society, to secure loan facilities. This comprised charge over Flat 10, Arron House, 5 Bentley Way, Barnet. The Legal Charge contained a fixed charge and a negative pledge.
There is a Legal Charge dated 11 April 2022 in favour of the lender, Yorkshire Building Society, to secure loan facilities. This comprised charge over Flat 9, Arron House, 5 Bentley Way, Barnet. The Legal Charge contained a fixed charge and a negative pledge.
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date: