REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2020 |
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M & D DEVELOPMENTS LIMITED |
REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2020 |
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FOR |
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M & D DEVELOPMENTS LIMITED |
M & D DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01538311) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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Page |
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Abridged Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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M & D DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01538311) |
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ABRIDGED BALANCE SHEET |
31ST MARCH 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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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 |
6 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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M & D DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01538311) |
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ABRIDGED BALANCE SHEET - continued |
31ST MARCH 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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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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M & D DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01538311) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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1. | STATUTORY INFORMATION |
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M & D Developments Limited is a
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Registered number: | 01538311 |
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Registered office: | Hengrave Hall |
Hengrave |
Bury St Edmunds |
Suffolk |
IP28 6LZ |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover includes the proceeds of the sale of land and property held for development, together with any management fees received. |
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Sales of properties are considered to have taken place where, by the end of the accounting period there is an agreement to purchase, and completion of the sale takes place within a reasonable period after the balance sheet date. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Land and property held for and in the course of development is a trading asset and is included under current assets at the lower of cost and net realisable value. All interest is charged in the year as it arises. |
M & D DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01538311) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially as transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method. |
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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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Long-term contracts |
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. |
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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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M & D DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01538311) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1st April 2019 |
and 31st March 2020 |
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DEPRECIATION |
At 1st April 2019 |
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Charge for year |
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At 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st March 2019 |
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5. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
At 1st April 2019 | 100 |
Disposals | (100 | ) |
At 31st March 2020 | - |
NET BOOK VALUE |
At 31st March 2020 | - |
At 31st March 2019 | 100 |
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The subsidiary is a dormant company and has not been consolidated into the financial statements of this company because it is immaterial. During the year the company was transferred to a specialist property management company. |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.3.20 | 31.3.19 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 280,642 | 339,927 |
M & D DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01538311) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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7. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.3.20 | 31.3.19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans - less than 1 yr |
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Other loans - less than 1 yr |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 280,642 | 339,927 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the balance sheet date the company owed Mr D H Harris £992,314. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company is under the immediate and ultimate control of D H Harris. |