Registration number:
M62 Developments Limited
Filleted
for the
Year Ended 31 December 2020
M62 Developments Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
M62 Developments Limited
Company Information
Directors |
Mr M F Hogan Mr A J Turnbull Mr A E Radcliffe Mr R S A Buckley |
Company secretary |
Mr P S Coates |
Registered office |
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Solicitors |
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Bankers |
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Auditor |
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M62 Developments Limited
(Registration number: 07925852)
Statement of Financial Position as at 31 December 2020
Note |
2020 |
2019 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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M62 Developments Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
As the company has ceased trading, the directors consider it inappropriate to prepare the financial statements on a going concern basis and therefore the financial statements have been prepared on a break-up basis.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
M62 Developments Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
M62 Developments Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Auditors' remuneration |
31 December |
31 December |
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Audit of the financial statements |
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Other fees to auditors |
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Taxation compliance services |
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Debtors |
2020 |
2019 |
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Amounts owed by group undertakings |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Other creditors |
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Other creditors include £272,147 due to Esh Developments Limited, £31,645 due to Willows Property Limited and £6,329 due to BIM Property Development Ltd. Esh Developments Limited, Willow Property Developments Limited and BIM Property Development Ltd are all shareholders of M62 Developments Limited.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
M62 Developments Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Audit report |
We draw attention to note 2 in the financial statements, which state that the financial statements have not been prepared on a going concern basis due to the entity ceasing to trade. The financial statements have been prepared on a break up basis.
The name of the Senior Statutory Auditor who signed the audit report on
MHA Tait Walker is a trading name of Tait Walker LLP.