Melford_Estates_Limited_31_Dec_2022_companies_house_set_of_accounts.html
Melford_Estates_Limited_31_Dec_2022_companies_house_set_of_accounts.html
Company registration number:
Report to the board of directors on the preparation of the unaudited statutory financial statements of Melford Estates Limited
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Melford Estates Limited for the year ended 31 December 2022 which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the ICAS, I am subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Melford Estates Limited , as a body, in accordance with the terms of my engagement letter dated 5 September 2006. My work has been undertaken solely to prepare for your approval the financial statements of Melford Estates Limited and state those matters that I have agreed to state to the Board of Directors of Melford Estates Limited , as a body, in this report in accordance with the requirements of the ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Melford Estates Limited and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that Melford Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Melford Estates Limited . You consider that Melford Estates Limited is exempt from the statutory audit requirement for the year.
3 Walker StreetEdinburghEH3 7JYUnited Kingdom
Date:
28 September 2023
Statement of Financial Position
| 2022 | 2021 | ||||
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| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 5 |
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| Investments | 6 |
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| Current assets | |||||
| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 8 |
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| Net current assets/(liabilities) |
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| Total assets less current liabilities | 2,047,840 | 1,723,153 | |||
| Creditors: amounts falling due after more than one year | 9 |
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| Net assets |
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| Revaluation reserve |
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| Profit and loss account |
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| Shareholders funds |
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For the year ending 31 December 2022 , 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 financial statements for the year in question in accordance with section 476; The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
| Director |
Company registration number:
SC261442
Notes to the Financial Statements
Year ended 31 December 2022
1 General information
The company is a private company limited by shares and is registered in Scotland. The address of the registered office is 3 Walker Street , Edinburgh , EH3 7JY , .
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.
3 Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Land and buildings | |
| Plant and machinery | |
| Fixtures and fittings | |
| Motor vehicles | |
| Office equipment |
Fixed asset investments
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.
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.
Government grants
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4 Average number of employees
The average number of persons employed by the company during the year was Nil (2021: Nil).
5 Tangible assets
| Land and buildings | Plant and machinery etc. | Total | ||||
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| £ | £ | £ | ||||
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| At 31 December 2021 |
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Tangible assets held at valuation
6 Investments
| Shares in group undertakings and participating interests | ||
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| Cost | ||
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| Additions |
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| Impairment | ||
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| At 31 December 2021 | - | |
On 21 December 2021, Melford Estates Limited acquired 100% of the share capital of Edinburgh Picardy Place Limited a company incorporated in the United Kingdom and with the same registered address as Melford Estates Limited.
7 Debtors
| 2022 | 2021 | |||
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| £ | £ | |||
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8 Creditors: amounts falling due within one year
| 2022 | 2021 | |||
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| £ | £ | |||
| Bank loans and overdrafts |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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9 Creditors: amounts falling due after more than one year
| 2022 | 2021 | |||
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| £ | £ | |||
| Bank loans and overdrafts |
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A bank loan amounting to £756,394 at 31 December 2022 relates to a loan on which interest is payable at a fixed rate of 5.49% for five years then reverting to a variable rate for a further five years.The lender, Shawbrook Bank Limited, holds a standard security over the property at 3 Walker Street, Edinburgh.