Company Registration No. 09357391 (England and Wales)
Makin Developments Wakefield Ltd
Unaudited
Financial Statements
for the year ended 31 July 2020
PAGES FOR FILING WITH REGISTRAR
Makin Developments Wakefield Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
Makin Developments Wakefield Ltd
Statement Of Financial Position
as at 31 July 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
1,120,884
2,704,131
Debtors
3
3,567,286
330,255
Cash at bank and in hand
1,158,607
8,134
5,846,777
3,042,520
Creditors: amounts falling due within one year
4
(2,425,946)
(1,789,061)
Net current assets
3,420,831
1,253,459
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
3,419,831
1,252,459
Total equity
3,420,831
1,253,459
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2021 and are signed on its behalf by:
C W Makin
Director
Company Registration No. 09357391
Makin Developments Wakefield Ltd
Notes to the financial statements
for the year ended 31 July 2020
- 2 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised
on
consideration received net of VAT and other sales related taxes
.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Finished goods relate to property stock.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated, but not reversed, at the balance sheet date. Timing differences represent accumulated differences between the company’s taxable profit and its financial profit arise primarily from the differences between the accelerated capital allowances and depreciation
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
Makin Developments Wakefield Ltd
Notes to the financial statements (continued)
for the year ended 31 July 2020
- 3 -
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by connected companies
510,000
330,000
Other debtors
3,057,286
255
3,567,286
330,255
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
19,069
5,153
Corporation tax
507,830
88,489
Other creditors
1,899,047
1,695,419
2,425,946
1,789,061
5
Company information
Makin Developments Wakefield Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Sturton Grange, Ridge Road, Micklefield, Leeds, West Yorkshire, LS25 4DZ.