Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Investments | 4 |
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| 2,185,659 | 2,185,659 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 5,412,786 | 6,663,495 | |||
| Creditors: amounts falling due within one year | 6 | (
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(
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| Net current (liabilities)/assets | (1,053,104) | 242,942 | ||
| Total assets less current liabilities | 1,132,555 | 2,428,601 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Profit and loss account |
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of Meydan Asset Management Limited (registered number:
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Mr A G D Esse
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Meydan Asset Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 264 Banbury Road, Oxford, Oxfordshire, England, OX2 7DY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.
Prior year adjustments are recognised retrospectively in accordance with FRS 102 Section 10 (Accounting Policies, Estimates and Errors). Where a material error is identified relating to prior financial period, the comparative amounts for the prior period presented are restated so that the financial statements reflect the correction as if the error had never occurred.
The nature of the prior year adjustments processed in these financial statements relates to the historical misclassification of intercompany balances, assignment and recalculation of director-related debt, and the associated retrospective recognition of Section 455 corporation tax liabilities.
The quantitative effect of these corrections for each individual financial statement line item affected for the comparative period ended 31 October 2024, alongside the opening impact on cumulative reserves at the beginning of the earliest prior period, is set out in full detail within Note 2 (Prior Year Adjustment) to the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Prior period adjustments have been recognised in these financial statements to correct historical errors relating to the classification of intercompany funds, director transactions, and the associated statutory tax liabilities for the year ended 31 October 2024. The individual components of the restatement are detailed below:
1. Reclassification of Subsidiary Intercompany Balances
It was identified that historical cash extractions totaling £1,206,272 had been incorrectly classified within 'Amounts owed by own subsidiaries'. These funds were direct drawings on the Director's Loan Account (DLA). Correcting this error moves the balance to the DLA, shifting the director's net position from an opening credit balance of £100,137 to an overdrawn debit position.
2. Assignment of Related Party Loan Account
A loan account balance originally held within 'Other Debtors' as due from a related party was formally assigned and transferred to the Director’s Loan Account. Prior to this transfer, a recalculation of beneficial loan interest was performed, which reduced the outstanding principal balance from £150,058 to £149,232.
3. Adjustment to Beneficial Loan Interest
A retrospective review of historical beneficial interest calculations was undertaken. Consequently, the cumulative beneficial interest recorded on the director-related loans was adjusted from £3,302 to £2,849, resulting in a net credit variance of £453 adjusted against opening retained earnings.
4. Recognition of Section 455 Tax Liabilities
As a consequence of the Director's Loan Account becoming substantively overdrawn by £1,255,739 at the year ended 31 October 2024 following the above restatements, a retrospective Section 455 corporation tax charge applies under the Corporation Tax Act 2010.
Accordingly, the Section 455 tax control account within 'Other Debtors' has been increased by £423,812 (from £505,896 to £929,708). A corresponding Corporation Tax liability has been recognised, increasing the balance sheet control account from £926 to £424,738.
| As previously reported | Adjustment | As restated | ||||
| Year ended 31 October 2024 | £ | £ | £ | |||
| Debtors - Amounts owed by own subsidiaries | 2,067,464 | (1,206,272) | 861,192 | |||
| Debtors - Other debtors | 4,272,726 | 1,529,493 | 5,802,219 | |||
| Creditors: amounts falling due within one year - Other creditors | (214,486) | 100,137 | (114,349) | |||
| Creditors: amounts falling due within one year - Corporation tax | (926) | (423,812) | (424,738) | |||
| Profit and loss account - Interest receivable and similar income | (3,302) | 453 | (2,849) |
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| £ | £ | ||
| Subsidiary undertakings |
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| £ | £ | ||
| Amounts owed by own subsidiaries |
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| Other debtors |
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxation and social security |
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| Other creditors |
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The company previously undertook arrangements that gave rise to certain credits to the Director's loan account. HMRC are of the view that PAYE should be applied on those credits and that the Director should make good that liability to the company. The Director disputes this view and is currently in discussions with HMRC on this matter. Whilst the Director does not currently accept that this liability is due, he has taken the prudent view to accrue for this potential liability in these accounts. The liability of £5,867,623 (2024: £5,867,623) is included within tax and social security.
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
Included within Creditors is £789 owed to a director (2024: £1,255,739 owed from a director). Interest has been charged in line with HMRC's beneficial loan interest rate. The loan is unsecured and repayable on demand.
Other related party transactions
The company has taken advantage of the exemptions provided by paragraph 1AC.35 of FRS 102 and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.