Registration number:
Marchwood Developments Ltd
for the Year Ended 31 March 2022
Marchwood Developments Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Marchwood Developments Ltd
Company Information
Directors |
Simon Jonothan Foster Craig Stewart Webster |
Registered office |
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Accountants |
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Marchwood Developments Ltd
(Registration number: 10075216)
Balance Sheet as at 31 March 2022
Note |
2022 |
2021 |
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Current assets |
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Stocks |
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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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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
200 |
100 |
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Retained earnings |
(84,550) |
(1,375) |
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Shareholders' deficit |
(84,350) |
(1,275) |
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Marchwood Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Marchwood Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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
Marchwood Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)
Stocks |
2022 |
2021 |
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Work in progress |
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Other inventories |
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Debtors |
Current |
2022 |
2021 |
Prepayments |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2022 |
2021 |
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Due after one year |
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Other non-current financial liabilities |
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Marchwood Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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Ordinary A of £1 each |
55 |
55 |
55 |
55 |
Ordinary B of £1 each |
45 |
45 |
45 |
45 |
Ordinary A of £1 (2021 - £0) each |
45 |
45 |
- |
- |
Ordinary B of £1 (2021 - £0) each |
55 |
55 |
- |
- |
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Marchwood Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)
Related party transactions |
Summary of transactions with key management
Summary of transactions with other related parties
£2,600 due to Moore Place Developments 3 Ltd - £2600 (2021) a company which Simon Foster is both Director and Shareholder.
£25 Urban Matrix Developments LLP - £25 (2021)
The company’s property development is financed by a medium-term debt facility of £2,250,000 from co-owner Rigade Investments Limited which is interest bearing at 5% per annum.
Included In Debtors
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£33,300 due from Moore Place Holding LLP - £35,800 (2021) a partnership which Timothy Dennis is a designated member.
£2,399 due from Moore Place Developments Ltd - £4,119 (2021) a company which Simon Foster and Timothy Dennis are both Director and Shareholder.