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Registration number: 08362733

St Martin's Developments (Hereford) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

St Martin's Developments (Hereford) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

St Martin's Developments (Hereford) Ltd

Company Information

Director

Mr P L Tobin

Company secretary

Mrs C L Tobin

Registered office

St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

St Martin's Developments (Hereford) Ltd

(Registration number: 08362733)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

186,701

177,490

Debtors

5

38,605

23,833

Cash at bank and in hand

 

386

7,586

 

225,692

208,909

Creditors: Amounts falling due within one year

6

(179,004)

(158,995)

Total assets less current liabilities

 

46,688

49,914

Creditors: Amounts falling due after more than one year

6

(34,914)

(40,176)

Net assets

 

11,774

9,738

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

11,674

9,638

Shareholders' funds

 

11,774

9,738

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

St Martin's Developments (Hereford) Ltd

(Registration number: 08362733)
Balance Sheet as at 30 April 2023
(continued)

Approved and authorised by the director on 1 September 2023
 

.........................................
Mr P L Tobin
Director

 

St Martin's Developments (Hereford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA
England

The principal place of business is:
Laurel House
Stretton Sugwas
Hereford
Herefordshire
HR4 7AA

These financial statements were authorised for issue by the director on 1 September 2023.

2

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.

 

St Martin's Developments (Hereford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

2

Accounting policies (continued)

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.

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.

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.

 

St Martin's Developments (Hereford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Stocks

2023
£

2022
£

Other inventories

186,701

177,490

5

Debtors

2023
£

2022
£

Prepayments

429

405

Other debtors

38,176

23,428

38,605

23,833

 

St Martin's Developments (Hereford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,359

5,231

Taxation and social security

 

478

526

Accruals and deferred income

 

1,243

979

Other creditors

 

171,924

152,259

 

179,004

158,995

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

34,914

40,176

Creditors include bank loans repayable by instalments of £11,869 (2022 - £17,802) due after more than five years.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

St Martin's Developments (Hereford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

34,914

40,176

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,359

5,231

 

St Martin's Developments (Hereford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

9

Related party transactions

Summary of transactions with other related parties

The company has an outstanding loan from a shareholder. The loan is unsecured, interest free and repayable on demand.
 

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

151,715

151,715

At end of period

151,715

151,715

2022

Other related parties
£

Total
£

At start of period

151,715

151,715

At end of period

151,715

151,715