Company registration number 8927235 (England and Wales)
METEOR DEVELOPMENTS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
METEOR DEVELOPMENTS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
METEOR DEVELOPMENTS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
2
2
Current assets
Debtors
4
2,798,227
2,798,427
Cash at bank and in hand
160
200
2,798,387
2,798,627
Creditors: amounts falling due within one year
5
(1,400)
(1,400)
Net current assets
2,796,987
2,797,227
Net assets
2,796,989
2,797,229
Capital and reserves
Called up share capital
6
2,800,250
2,800,250
Profit and loss reserves
(3,261)
(3,021)
Total equity
2,796,989
2,797,229
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 July 2023 and are signed on its behalf by:
P London
Director
Company Registration No. 8927235
METEOR DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Meteor Developments Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dunsley Manor, 48 Dunsley Road, Kinver, Stourbridge, West Midlands, DY7 6LX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
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.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
METEOR DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
On the basis of these Financial Statements no provision has been made for corporation tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
1
METEOR DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts due from group undertakings
2,705,083
2,720,482
Other debtors
93,144
77,945
2,798,227
2,798,427
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,400
1,400
6
Share Capital
2023
2022
Allotted, called up and fully paid
50 Ordinary 'A' shares of £1 each
50
50
1,450,050 Ordinary 'B' shares of £1 each
1,450,050
1,450,050
1,350,000 Ordinary 'C' shares of £1 each
1,350,050
1,350,050
50 Ordinary 'D' shares of £1 each
50
50
50 Ordinary 'E' shares of £1 each
50
50
2,800,250
2,800,250
The 'A' Shares carry the rights to capital, income and voting with regards to all matters relating to the business of Meteor Developments Holdings Limited.
The 'B' Shares carry the rights to capital, income and voting with regards to all matters relating to the business of Meteor West Developments Limited.
The 'C' Shares carry the rights to capital, income and voting with regards to all matters relating to the business of Meteor Chapel Developments Limited.
The 'D' and 'E' shares carry capital, income and voting rights to businesses that have been dissolved and therefore have no influence over the affairs of any matters of the group.
METEOR DEVELOPMENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Related party transactions
Related Businesses
The following business is a related party of Meteor Developments Holdings Limited:
Name of business
Nature of relationship
Dunsley Business Services Limited
P London and R Street, directors of Meteor Developments Holdings Limited, are directors of Dunsley Business Services Limited.
and the following transactions took place with this business during the year:
Name of business
Nature of
Balance due
transaction
(to)/from Other
Party
Dunsley Business Services Limited
Ongoing loan
-
93,144
Interest received
(15,199)
The company is exempt from disclosing related party transactions with any wholly owned subsidiary undertaking.
All Related Party Transactions
There are no provisions against any of the amounts owing at the year end and no amounts have been written off in respect of these transactions during the year.