McMinn Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 40 Diglis Road, Worcester, WR5 3BW.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .
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. Financial assets classified as receivable within one year are not amortised.
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, including creditors and loans from fellow group companies, are initially recognised at transaction price Financial liabilities classified as payable within one year are not amortised.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The average monthly number of persons (including directors) employed by the company during the year was:
During the year , the company had no transactions with MSquared (Homes) Ltd, a company in which Mr A McMinn owns 50% of the issued share capital. At the reporting date, amounts totalling £13,199 (201 8 - £ 13 , 199 ) were owed to the company by MSquared (Homes) Ltd.
During the year , the company had transactions with MSquared (Drakes Broughton) Ltd, a company in which Mr A McMinn owns 50% of the issued share capital. Amounts totalling £ Nil (201 8 - £ 152 , 211 ) were paid to or on behalf of MSquared (Drakes Broughton) Ltd by the company. Amounts totalling £ 375,000 (201 8 - £ 130,719 ) were received from MSquared (Drakes Broughton) Ltd), A t the reporting date, a mounts totalling £ 248 ,015 (201 8 - £6 23 , 01 5) were owed to the company by MSquared (Drakes Broughton) Ltd .
During the year , the company had no transactions with MSquared (Clows Top) Ltd, a company owned by MSquared Homes Ltd in which Mr A McMinn owns 100% of the issued share capital. At the reporting date, amounts totalling £186,391 (201 8 - £186,391) were owed to the company by MSquared (Clows Top) Ltd.
During the year, the company had transactions with MSquared Developments Ltd, a company in which Mr A McMinn owns 50% of the issued share capital. Amounts totalling £ Nil (201 8 - £ 44 7,8 57 ) were received from MSquared Developments Ltd, and £ Nil (201 8 - £3 6 , 33 3) were paid to or on behalf of MSquared Developments Ltd. At the reporting date, amounts totalling £4,071 (201 8 - £4 ,071 ) were owed to the company by MSquared Developments Ltd.
During the year , the company had transactions with MPlant Holdings Ltd, a sister company of McMinn Developments Ltd. Amounts totalling £54,035 (2018 - £74,818 ) were paid on behalf of MPlant Holdings Ltd by the company. Amounts totalling £15,000 (2018 - £Nil) were received from MPlant Holdings Ltd. At the reporting date amounts totalling £ 113 , 853 (201 8 £ 74,818 ) were owed to the company by MPlant Holdings Ltd.
During the previous period , the company transferred properties at 32, 38 and 40 Diglis Road to McMinn Property Investments Ltd with total value £456,500. This amount was outstanding at the period end. During the year McMinn Developments made payments of behalf of McMinn Property Investments Ltd totalling £ 42,983 (201 8 - £ 180 ) and collected receipts on behalf of McMinn Property Investments Ltd totalling £ Nil (201 8 £ 2,400 ). At the reporting date amounts totalling £4 97 ,2 63 (201 8 £ 454,280 ) were owed to the company by McMinn Property Investments Ltd.
During the year , the company made payments on behalf of Elite Fleet Travel Ltd with total value £ 45,806 (201 8 £ 5,172 ). At the reporting date £ 50,978 (201 8 £ 5,172 ) was owed to the company.
During the year, the company made payments on behalf of JointMedica Ltd totalling £501,866 (2018 - £Nil). This balance was outstanding at the reporting date.
Advances or credits have been granted by the company to its directors as follows: