Registered number
04353859
Meadownet Limited
Filleted Accounts
31 December 2024
Meadownet Limited
Registered number: 04353859
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,146,574 1,140,272
Current assets
Debtors 4 11,353 1,283
Cash at bank and in hand 93,491 53,556
104,844 54,839
Creditors: amounts falling due within one year 5 (60,765) (62,252)
Net current assets/(liabilities) 44,079 (7,413)
Total assets less current liabilities 1,190,653 1,132,859
Creditors: amounts falling due after more than one year 6 (3,404) -
Provisions for liabilities (97,644) (96,136)
Net assets 1,089,605 1,036,723
Capital and reserves
Called up share capital 800 800
Share premium 79,200 79,200
Revaluation reserve 7 228,550 228,550
Profit and loss account 781,055 728,173
Shareholders' funds 1,089,605 1,036,723
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Cuthbert
Director
Approved by the board on 20 May 2025
Meadownet Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rentals and other associated services provided to tenants.
Investment Property
Investment property is included at fair value. Gains are recognised in the profit and loss account. deferred tax is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided on investment property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment over 10 years reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 1,060,691 108,760 46,250 1,215,701
Additions - 8,500 33,393 41,893
Disposals - - (46,250) (46,250)
At 31 December 2024 1,060,691 117,260 33,393 1,211,344
Depreciation
At 1 January 2024 - 59,882 15,547 75,429
Charge for the year - 4,888 5,110 9,998
On disposals - - (20,657) (20,657)
At 31 December 2024 - 64,770 - 64,770
Net book value
At 31 December 2024 1,060,691 52,490 33,393 1,146,574
At 31 December 2023 1,060,691 48,878 30,703 1,140,272
4 Debtors 2024 2023
£ £
Trade debtors 10,070 -
Other debtors 1,283 1,283
11,353 1,283
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 15,945 10,967
Trade creditors 2,123 -
Taxation and social security costs 9,534 18,221
Other creditors 33,163 33,064
60,765 62,252
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,404 -
7 Revaluation reserve 2024 2023
£ £
At 1 January 2024 228,550 228,550
At 31 December 2024 228,550 228,550
8 Other information
Meadownet Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Aston House, Redburn Road
Westerhope
Newcastle upon Tyne
Tyne & Wear
NE5 1NB
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