REGISTERED NUMBER:
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Miscombe Developments Limited |
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Audited Financial Statements for the Year Ended 30th September 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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2021 | 2020 |
(Unaudited) |
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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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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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 2021 |
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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. |
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The financial statements have been prepared under the historical cost convention. |
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Covid-19 has had a limited impact on the company overall during the financial year. |
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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. |
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Government grants |
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
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The nature of the grant was the Coronavirus Job Retention Scheme. |
Miscombe Developments Limited (Registered number: 01414390) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2021 |
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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. |
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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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Miscombe Developments Limited (Registered number: 01414390) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st October 2020 |
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Additions |
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Disposals | ( |
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At 30th September 2021 |
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DEPRECIATION |
At 1st October 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30th September 2021 |
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NET BOOK VALUE |
At 30th September 2021 |
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At 30th September 2020 |
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5. | DEBTORS |
2021 | 2020 |
(Unaudited) |
£ | £ |
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 | 150,000 | 25,000 |
Other debtors |
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Directors' current accounts | - | 24,102 |
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 | 4,850,000 | 3,750,000 |
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Aggregate amounts |
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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 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
(Unaudited) |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 1,481 | 2,119 |
Other creditors |
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Accruals and deferred income |
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Included in Other creditors is a pension creditor balance of £497 (2020: £489). |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
(Unaudited) |
£ | £ |
Amounts owed to group undertakings |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1st October 2020 |
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Profit for the year |
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At 30th September 2021 |
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10. | 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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Miscombe Developments Limited (Registered number: 01414390) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2021 |
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11. | RELATED PARTY DISCLOSURES |
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During the year, the Company recognised income of £150,000 (2020: £150,000) 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 £5,000,000 (2020: £3,775,000), these amounts are from a company which shares the same ultimate controlling party, K D Barnett. These amounts are interest free and are repayable in one year and one day. £150,000 of the balance is due within one year. |
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As at 30th September 2021, one of the directors had a overdrawn loan account balance of £nil (2020 : £24,102). This amount is considered interest free and will be repaid within 9 months of the year end. |
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12. | POST BALANCE SHEET EVENTS |
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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 Covid-19. The company also has no immediate plans to dispose of any of the stock properties for less than the current values shown in the financial statements and therefore any movement in fair value would be considered temporary only. |
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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 lockdowns. |
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These factors above are not considered to impact the going concern status of the company. |
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13. | 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 controlling party is K D Barnett by virtue of being Settlor of The KDB Trust that controls Miscombe Trading Limited, parent of Miscombe Group Limited. |
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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/). |