REGISTERED NUMBER:
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Miscombe Developments Limited |
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Audited Financial Statements for the Year Ended 30th September 2019 |
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REGISTERED NUMBER:
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Miscombe Developments Limited |
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Audited Financial Statements for the Year Ended 30th September 2019 |
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Miscombe Developments Limited (Registered number: 01414390) |
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Contents of the Financial Statements |
for the Year Ended 30th September 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Miscombe Developments Limited |
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Company Information |
for the Year Ended 30th September 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
4 High Street |
Alton |
Hampshire |
GU34 1BU |
Miscombe Developments Limited (Registered number: 01414390) |
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Balance Sheet |
30th September 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Miscombe Developments Limited (Registered number: 01414390) |
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Notes to the Financial Statements |
for the Year Ended 30th September 2019 |
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1. | STATEMENT OF COMPLIANCE |
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Miscombe Developments Limited is a private company, limited by shares, incorporated in England |
and Wales. The address of the registered office is 1 Jacobs Yard, North Lane, Buriton, Petersfield, |
GU31 5RR. The registration number is 01414390. |
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The financial statements are presented in sterling, which is the functional currency of the company, |
and rounded to the nearest pound. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A |
"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in |
the UK and Republic of Ireland" and the Companies Act 2006.The financial statements have been |
prepared under the historical cost convention. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose |
related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
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 value added tax. The following criteria must also be |
met before revenue is recognised: |
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Rent receivable |
Other operating income comprising of rent receivable from the Company's properties, exclusive of |
value added tax where applicable, is recognised on a straight line basis over the term of the lease. |
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Sale of properties |
Turnover representing the consideration for property sales is recognised on legal completion. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its |
estimated useful life. |
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Plant & machinery | - | 10 - 20% straight line |
Motor vehicles | - | 20% straight line |
Fixtures & fittings | - | 20% straight line |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted |
prospectively if appropriate. |
Miscombe Developments Limited (Registered number: 01414390) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Development properties are valued at the lower of cost and net realisable value, being the |
estimated selling prices less costs to complete. Cost includes all direct costs and attributable |
overheads associated with the development projects. |
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Financial instruments |
Financial assets and financial liabilities are recognised when the Company becomes party to the |
contractual provisions of the financial instrument. |
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Cash and cash equivalents |
These comprise cash at bank. |
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Debtors |
Short term debtors are stated at their nominal value. Loans receivable are measured initially at their |
nominal value and are measured subsequently at amortised cost using the effective interest |
method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Income |
Statement when there is objective evidence that the asset is impaired. |
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Creditors |
Creditors are not interest bearing and are stated at their nominal value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income |
or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
Miscombe Developments Limited (Registered number: 01414390) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Lease commitments |
Rentals paid under operating leases are charged to the Income Statement on a straight line basis |
over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to the Income Statement in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st October 2018 |
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Additions |
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Disposals |
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Reclassification/transfer | ( |
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At 30th September 2019 |
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DEPRECIATION |
At 1st October 2018 |
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Charge for year |
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Eliminated on disposal |
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Reclassification/transfer | ( |
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At 30th September 2019 |
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NET BOOK VALUE |
At 30th September 2019 |
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At 30th September 2018 |
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Miscombe Developments Limited (Registered number: 01414390) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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5. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by related parties | 125,000 | 19,916 |
Other debtors |
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VAT |
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Prepayments and accrued income |
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Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Amounts owed by related parties | 1,200,000 | - |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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Included in Other creditors is a pension creditor balance of £473 (2018: £283). |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
Miscombe Developments Limited (Registered number: 01414390) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1st October 2018 |
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Profit for the year |
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At 30th September 2019 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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During the year, the Company received £125,000 (2018: nil) of management fees from a company |
which shares the same ultimate parent controlling party, K D Barnett. |
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Included within debtors as amounts due from related party undertakings is £1,325,000 (2018: |
£19,916), these amounts are from a company which shares the same ultimate parent controlling |
party, K D Barnett. These amounts are interest free and amounts shown as due in less than one year |
are repayable on demand and the amounts shown as due more than one year are repayable in one |
year and one day. |
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11. | POST BALANCE SHEET EVENTS |
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Since March 2020, the outbreak of Covid-19 has caused material disruptions to businesses around |
the world, leading to an economic slowdown. Global equity markets have experienced significant |
volatility and weakness. At the date these financial statements were authorised for issue, the fair |
value of the company's stock properties is not considered to have been materially impacted by the |
outbreak. The company also has no immediate plans to dispose of any of the stock properties and |
therefore any movement in fair value would be considered temporary only. |
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During March 2020, in response to a decrease in demand amidst the Covid-19 outbreak, the |
company temporarily reduced its workforce and made use of the furlough scheme available. |
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The company and related companies have significant bank and cash reserves built up over a number |
of years which should be more than sufficient for the foreseeable future to withstand any potential |
cashflow or operational difficulties caused by the impact of Covid-19 and the related lockdown. |
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These factors above are not considered to impact the going concern status of the company. |
Miscombe Developments Limited (Registered number: 01414390) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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12. | ULTIMATE CONTROLLING PARTY |
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The company's immediate parent undertaking is Miscombe Group Limited, a company incorporated |
in England and Wales. The ultimate parent undertaking is Miscombe Trading Limited, a company |
incorporated in England and Wales. |
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The registered office for both of these companies is 1 Jacobs Yard, North Lane, Buriton, Petersfield, |
Hampshire, GU31 5RR. |
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The smallest and largest group in which results are consolidated is that headed by Miscombe Group |
Limited. The consolidated financial statements are available to the public and can be obtained from |
Companies House (https://beta.companieshouse.gov.uk/). |