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REGISTERED NUMBER: 11298343 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

MONTREAUX CRICKLEWOOD DEVELOPMENTS LTD

MONTREAUX CRICKLEWOOD DEVELOPMENTS LTD (REGISTERED NUMBER: 11298343)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MONTREAUX CRICKLEWOOD DEVELOPMENTS LTD

Company Information
for the Year Ended 31 December 2022







DIRECTORS: D Burke
D Stalley





REGISTERED OFFICE: Spitalfields House
Stirling Way
Borehamwood
WD6 2FX





REGISTERED NUMBER: 11298343 (England and Wales)





ACCOUNTANTS: Primera Accountants Limited
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

MONTREAUX CRICKLEWOOD DEVELOPMENTS LTD (REGISTERED NUMBER: 11298343)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   
CURRENT ASSETS
Inventories 4 78,583,750 71,516,296
Debtors 5 77,651 2,650,282
Cash at bank and in hand 326 4,618
78,661,727 74,171,196
CREDITORS
Amounts falling due within one year 6 (60,942,263 ) (52,503,619 )
NET CURRENT ASSETS 17,719,464 21,667,577
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,719,464

21,667,577

CREDITORS
Amounts falling due after more than one
year

7

(22,988,074

)

(21,537,645

)
NET (LIABILITIES)/ASSETS (5,268,610 ) 129,932

CAPITAL AND RESERVES
Called up share capital 2 1
Capital redemption reserve - 1
Retained earnings (5,268,612 ) 129,930
SHAREHOLDERS' FUNDS (5,268,610 ) 129,932

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MONTREAUX CRICKLEWOOD DEVELOPMENTS LTD (REGISTERED NUMBER: 11298343)

Balance Sheet - continued
31 December 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





D Burke - Director


MONTREAUX CRICKLEWOOD DEVELOPMENTS LTD (REGISTERED NUMBER: 11298343)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Montreaux Cricklewood Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Turnover comprises the fair value of the consideration received or receivable for rental income and the sale of properties on completion together with associated fees, commissions and other property development income 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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Judgements in respect of the value of work in progress have had the most significant effects on amounts recognised in the financial statements

Government grants
Government grants are recognised in income when received.

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 condition.The loan interest relating to the property development is being capitalised

MONTREAUX CRICKLEWOOD DEVELOPMENTS LTD (REGISTERED NUMBER: 11298343)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MONTREAUX CRICKLEWOOD DEVELOPMENTS LTD (REGISTERED NUMBER: 11298343)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
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 arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
The directors have considered the company's financial resources and performance and believe that the company is well placed to manage its business risks successfully and that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. INVENTORIES
31.12.22 31.12.21
£    £   
Work-in-progress 78,583,750 71,516,296

Included in work in progress is capitalised loan interest of £19,102,615

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 67,650 67,650
Other debtors - 2,578,019
VAT 1,797 -
Prepayments and accrued income 8,204 4,613
77,651 2,650,282

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts (see note 8) 59,558,874 51,551,458
Trade creditors 565,893 884,844
Tax 12,356 12,356
VAT - 471
Accruals and deferred income 805,140 54,490
60,942,263 52,503,619

MONTREAUX CRICKLEWOOD DEVELOPMENTS LTD (REGISTERED NUMBER: 11298343)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.12.21
£    £   
Bank loans (see note 8) 22,988,074 21,537,645

8. LOANS

An analysis of the maturity of loans is given below:

31.12.22 31.12.21
£    £   
Amounts falling due within one year or on demand:
Bank loans 59,558,874 51,551,458

Amounts falling due between one and two years:
Bank loans - 1-2 years 22,973,927 21,510,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 14,147 27,645

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Bank loans 82,546,948 73,089,103

The bank loans are secured over the shares and assets to which they relate. Guarantees have been provided by a related company in favour of the lenders.

Bank loans include a Senior lender of £ 53,496,952 which carries an interest rate of 8.25% per annum

10. RELATED PARTY DISCLOSURES

During the year, the company incurred management fees of £750,000 with a related company.

These companies are connected by virtue of having a director in common. Amounts outstanding arise by virtue of financing transactions. These amounts are unsecured, interest free and due within one year.