Company registration number 09357391 (England and Wales)
Makin Developments Wakefield Ltd
Unaudited
Financial Statements
for the period ended 31 August 2022
PAGES FOR FILING WITH REGISTRAR
Makin Developments Wakefield Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Makin Developments Wakefield Ltd
Statement of financial position
as at 31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,194
Current assets
Stocks
364,371
1,120,884
Debtors
4
3,970,471
3,282,683
Cash at bank and in hand
1,266,766
1,436,607
5,601,608
5,840,174
Creditors: amounts falling due within one year
5
(421,491)
(2,615,341)
Net current assets
5,180,117
3,224,833
Net assets
5,189,311
3,224,833
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
5,188,311
3,223,833
Total equity
5,189,311
3,224,833
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 August 2022 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 period 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 7 December 2022 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 period ended 31 August 2022
- 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
.
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
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.
Taxation
The tax expense represents the sum of the tax currently payable
.
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.
Makin Developments Wakefield Ltd
Notes to the Financial Statements (continued)
for the period ended 31 August 2022
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2021
Number
Number
Total
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2021
Additions
10,816
At 31 August 2022
10,816
Depreciation and impairment
At 1 March 2021
Depreciation charged in the period
1,622
At 31 August 2022
1,622
Carrying amount
At 31 August 2022
9,194
At 28 February 2021
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,620
Amounts owed by connected companies
3,958,851
510,000
Other debtors
10,000
2,772,683
3,970,471
3,282,683
Makin Developments Wakefield Ltd
Notes to the Financial Statements (continued)
for the period ended 31 August 2022
- 4 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
7,253
90,194
Corporation tax
411,898
507,903
Other creditors
2,340
2,017,244
421,491
2,615,341
6
Control
The company was under the control of the directors' throughout the previous and current period.
7
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.