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Registered number: 12820580
MELCORPO PROPERTY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
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MELCORPO PROPERTY LIMITED
REGISTERED NUMBER: 12820580
BALANCE SHEET
AS AT 30 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2025.
___________________________
Paul Furlong
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The notes on pages 3 to 9 form part of these financial statements.
Page 1
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MELCORPO PROPERTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2024
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The notes on pages 3 to 9 form part of these financial statements.
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Page 2
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MELCORPO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
Melcorpo Property Limited (the “company”) is a private company limited by shares, incorporated and tax resident in the United Kingdom under company registration number 12820580. The company was incorporated on 18 August 2020.
The address of the company's registered office is the Byron High Street, Hucknall, Nottingham, England, NG15 7HJ.
The principal activity of the company is the operation of real estate in the United Kingdom.
Melcorpo Property Limited’s immediate parent and controlling party at 30 December 2024 was Melcorpo Solutions Limited, a company incorporated in the United Kingdom under company registration number 14490802 with its registered office at 31 Howcroft Crescent, London, England, N3 1PA.
The company's ultimate parent and ultimate controlling party at 30 December 2024 was Annick Unlimited Company, a company incorporated in the Isle of Man under company registration number 020499V with its registered office at Suite 1, 4th Floor Exchange House, 54-58 Athol Street, Douglas, IM1 1JD, Isle of Man.
Annick Unlimited Company prepares group financial statements and is both the smallest and the largest group for which group financial statements are drawn up and of which the company is a member.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
After considering the financial support that has been pledged to the company by Annick Unlimited Company, its ultimate parent, for a period of at least twelve months from the date these financial statements are issued, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Therefore these entity financial statements have been prepared on a going concern basis.
Page 3
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MELCORPO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Rental income from investment properties
This represents the rents receivable from the company’s investment properties and is recognised on an accruals basis in accordance with the substance of the relevant agreements.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Page 4
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MELCORPO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments made in the process of preparing the entity financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(a) Critical judgemental in applying the entity’s accounting policies
There were no judgments, apart from those involving estimates, made by the directors which had a significant effect on the amounts recognised in the entity financial statements.
(b) Critical accounting estimates and assumptions
The directors make estimates and assumptions concerning the future in the process of preparing the entity financial statements. The resulting accounting estimates will, by definition, seldom equal the related actual results.
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The average monthly number of employees, including directors, during the year was 3 (2023 -3).
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Page 5
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MELCORPO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
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Freehold investment property
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The 2024 valuations were made by Mason, Owen and Lyons, on an open market value for existing use basis.
During 2021, the company acquired two properties from a Group related company at a market value provided by a qualified third-party valuer (Mason, Owen and Lyons).
In 2023, the company acquired commercial property in Kilmarnock, Scotland, with an additional purchase of commercial property in Carmarthen, Wales in 2024.
Attention is drawn to the risks associated with the valuation of investment properties, particularly during this current period of significant market uncertainty. The outcome of this uncertainty may result in a material change to the market value of the properties but cannot presently be determined.
The valuations are based on an assessment of comparable market yields, adjusted for the specific nature of the individual properties.
Page 6
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MELCORPO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred grant income
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Creditors: Amounts falling due after more than one year
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Page 7
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MELCORPO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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The above loans are supported by a fixed and floating charge over the assets of Melcorpo Property Limited incorporating specific charges over various properties. These include:
• Bank of Ireland over Capital House
• Bank of Ireland over 42 The Cutts
• Bank of Ireland over Queens Drive, Kilmarnock
• Bank of Ireland over St. Catherine Street, Carmarthen
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Page 8
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MELCORPO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
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Allotted, called up and fully paid
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1 (2023 -1) Ordinary share of £1.00
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Profit and loss account
The profit and loss account represents accumulated comprehensive income for the financial period.
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Related party transactions
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Melcorpo Property Limited is a wholly owned subsidiary of Melcorpo Solutions Limited. Transactions with Melcorpo Solutions Limited and with other wholly owned subsidiary companies of Melcorpo Solutions Limited are not disclosed as the company has taken advantage of the exemption available under FRS 102 33.1A.
Director's did not receive remuneration during the period ended 30 December 2024.
There were no other related party transactions during the year.
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Post balance sheet events
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There were no material post balance sheets events.
At 30 December 2024, Melcorpo Property Limited’s immediate parent and controlling party is Melcorpo Solutions Limited, a company incorporated in the United Kingdom under company registration number 14490802 with its registered office at 31 Howcroft Crescent, London, England, N3 1PA.
The ultimate parent undertaking of the smallest and largest group of undertakings for which group financial statements are drawn up, and of which the company is a member is Annick Unlimited Company, a company incorporated in the Isle of Man under company registration number 020499V with its registered office at Suite 1, 4th Floor Exchange House, 54-58 Athol Street, Douglas, IM1 1JD, Isle of Man.
The ultimate controlling party are the shareholders of Annick Unlimited Company.
The auditors' report on the financial statements for the year ended 30 December 2024 was unqualified.
The audit report was signed on 2 September 2025 by Celine Donnelly (Senior Statutory Auditor) on behalf of Strata Audit.
Page 9
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