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Registered number: 13700786 MELWAKE LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
MELWAKE LIMITED REGISTERED NUMBER: 13700786 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 18,564,845 |  | 19,000,000
|  |  | 18,564,845 |  | 19,000,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 43,812 |  | 747,969 |
Cash at bank and in hand | 6 | 415,118 |  | 13,202 |
|  | 458,930 |  | 761,171 |
Creditors: amounts falling due within one year | 7 | (13,295,398) |  | (23,994,081) |
Net current liabilities |  |  | (12,836,468) |  | (23,232,910)
Total assets less current liabilities |  |  | 5,728,377 |  | (4,232,910)
Creditors: amounts falling due after more than one year | 8 |  | (11,525,332) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 | - |  | (6,687) |
|  |  | - |  | (6,687)
Net liabilities |  |  | (5,796,955) |  | (4,239,597)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 200 |  | 200
Other reserves | 11 |  | - |  | 20,060
Profit and loss account | 11 |  | (5,797,155) |  | (4,259,857)
|  |  | (5,796,955) |  | (4,239,597)
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MELWAKE LIMITED REGISTERED NUMBER: 13700786 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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 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 by:
J C Burgess
Director
Date: 23 December 2025
The notes on pages 3 to 8 form part of these financial statements. Page 2
MELWAKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Melwake Limited is a private company, limited by shares, incorporated in England and Wales (registered number: 13700786). The Company's registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. The principal place of business of the Company is 7 Trebeck Street, London, W1J 7LU. The Company's principal activity is that of property investment. The financial statements are presented in sterling, which is the functional currency of the Company. 2. Accounting policies
| 2.1 | Basis of preparation of financial statements
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:
| 2.2 | Going concern
At the reporting date, the Company had net liabilities. The Company is dependent on external financial support from the lender and shareholders in order to remain a going concern, and the financial statements do not reflect the impact of the withdrawal of said financial support. The shareholders have indicated their intention to continue providing financial support to the Company for a period not less than 12 months of the date of approval of these financial statements. The financial statements do not include the adjustments that would result if the group and Company were unable to continue as a going concern.
| 2.3 | Revenue
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. Page 3
MELWAKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2. Accounting policies (continued)
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
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.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Investment property
Investment property is carried at fair value determined annually by the directors 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.
| 2.9 | Debtors
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. Page 4
MELWAKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2. Accounting policies (continued)
| 2.10 | Cash and cash equivalents
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.
| 2.11 | Creditors
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.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
4. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 19,000,000
| Additions at cost | 67,935
| Surplus / (deficit) on revaluation | (503,090)
| At 31 March 2025 | 18,564,845
The 2025 valuations were made by the directors, who have based their valuation on a report prepared by a third-party valuer. The assets of the Company are secured by charges held by the mortgagee.
Page 5
MELWAKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | - | 333,544
| Other debtors | 2,600 | 200
| Prepayments and accrued income | 41,212 | 136,225
| Financial instruments | - | 278,000
|  | 43,812 | 747,969
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 415,118 | 13,202
|  | 415,118 | 13,202
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 8,489,470 | 20,801,546
| Trade creditors | 16,276 | 307,909
| Other taxation and social security | 39,775 | 37,885
| Other creditors | 1,500,000 | 430,000
| Accruals and deferred income | 3,249,877 | 2,416,741
|  | 13,295,398 | 23,994,081
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 11,525,332 | -
|  | 11,525,332 | -
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MELWAKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Other loans | 8,489,470 | 20,801,546
| Amounts falling due 2-5 years |  |
| Bank loans | 11,525,332 | -
|  | 20,014,802 | 20,801,546
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (6,687)
| Charged to profit or loss | 6,687
| At end of year | -
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Revaluation surplus on investment property | - | (6,687)
|  | - | (6,687)
11. | Reserves
Other reserves Other reserves comprise the revaluation surplus on investment property, net of any deferred tax liability. Profit and loss account The profit and loss account comprises accumulated, realised profits less accumulated, realised losses. Page 7
MELWAKE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Controlling party
The immediate parent company and controlling entity is MelYork West Holdings Limited (registered number: 13514728), whose registered address is 101 New Cavendish Street, 1st Floor South, London W1W 6XH.
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