Meadfoot (Kilmorie Land) Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 5

Meadfoot (Kilmorie Land) Limited

(Registration number: 00961233)
Statement of Financial Position as at 30 June 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	15,875	15,875
Current assets
Debtors	5	2,644	2,608
Net assets		18,519	18,483
Capital and reserves
Called up share capital		16,100	16,100
Profit and loss account		2,419	2,383
Shareholders' funds		18,519	18,483

For the financial year ending 30 June 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 24 August 2026 and signed on its behalf by:
 

Mr P Scullion Director

Meadfoot (Kilmorie Land) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2026

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Cottage Kilmorie
Ilsham Marine Drive
Torquay
Devon
TQ1 2HU

The company is a non-profit making undertaking.

Principal activity

The principal activity of the company is The principal activity of the company is that of the concern with the interests of the freeholders of the land purchased in December 1969 at the rear of the block of flats known as "Kilmorie", also the walled garden adjacent to "Kilmorie", Ilsham Marine Drive, Torquay. This will continue and no other activities are envisaged.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Meadfoot (Kilmorie Land) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2026 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	not depreciated

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Meadfoot (Kilmorie Land) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2026 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2025 - 4).

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 July 2025	15,875	15,875
At 30 June 2026	15,875	15,875
Depreciation
Carrying amount
At 30 June 2026	15,875	15,875
At 30 June 2025	15,875	15,875

Included within the net book value of land and buildings above is £15,875 (2025 - £15,875) in respect of freehold land and buildings.
 

The directors consider that the market value of the freehold land and buildings is in excess of the amount shown in the financial statements but as these assets are used in the company's business and no disposals are envisaged the excess is not quantified and no depreciation is charged.

Meadfoot (Kilmorie Land) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2026 (continued)

5

Debtors

	2026 £	2025 £
Other debtors	2,644	2,608
	2,644	2,608

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7	Related party transactions

Summary of transactions with other related parties

The land adjoining the company's land is owned by Kilmorie Ltd, which maintains the company's land and also pays rent of £70 per annum for the cottage on the company's land. Kilmorie Ltd owns 300 £1 ordinary shares of the company's total issued capital. There is an amount due by Kilmorie Ltd of £2,644 (2025: £2,608) in respect of rent due, less expenses paid by Kilmorie Ltd.