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REGISTERED NUMBER: 11801871 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

M&CO HOMES LTD

M&CO HOMES LTD (REGISTERED NUMBER: 11801871)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

M&CO HOMES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: E R D Morgan





REGISTERED OFFICE: 45 Queen Street
Deal
Kent
CT14 6EY





REGISTERED NUMBER: 11801871 (England and Wales)





ACCOUNTANTS: Higson & Co (Deal) Ltd
45 Queen Street
Deal
Kent
CT14 6EY

M&CO HOMES LTD (REGISTERED NUMBER: 11801871)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 749 1,664
Investments 5 300 300
1,049 1,964

CURRENT ASSETS
Stocks 454,266 332,918
Debtors 6 3,137,084 1,590,962
Cash at bank and in hand 3,102,102 17,145
6,693,452 1,941,025
CREDITORS
Amounts falling due within one year 7 755,316 708,506
NET CURRENT ASSETS 5,938,136 1,232,519
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,939,185

1,234,483

CREDITORS
Amounts falling due after more than one
year

8

6,294,951

1,384,151
NET LIABILITIES (355,766 ) (149,668 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (355,767 ) (149,669 )
SHAREHOLDERS' FUNDS (355,766 ) (149,668 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

M&CO HOMES LTD (REGISTERED NUMBER: 11801871)

BALANCE SHEET - continued
28 FEBRUARY 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2023 and were signed by:





E R D Morgan - Director


M&CO HOMES LTD (REGISTERED NUMBER: 11801871)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

M&Co Homes 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 financial statements are presented in round pounds £ 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.

At the time of preparing the accounts it is not probable that the costs incurred will be recovered. Therefore revenue is being recognised to the extent it is received, and costs to the extent they are incurred, in the accounting period.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

M&CO HOMES LTD (REGISTERED NUMBER: 11801871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 1,829
DEPRECIATION
At 1 March 2022 165
Charge for year 915
At 28 February 2023 1,080
NET BOOK VALUE
At 28 February 2023 749
At 28 February 2022 1,664

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 28 February 2023 300
NET BOOK VALUE
At 28 February 2023 300
At 28 February 2022 300

The company's investments at the Balance Sheet date in the share capital of companies include the following:

M & Co Homes Hawkinge (North) Ltd
Registered office: United Kingdom
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00

M & Co Homes Hawkinge (West) Ltd
Registered office: United Kingdom
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00

M&CO HOMES LTD (REGISTERED NUMBER: 11801871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. FIXED ASSET INVESTMENTS - continued

M & Co Homes Hawkinge (South) Ltd
Registered office: United Kingdom
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 2,877,232 1,583,205
Directors' current accounts 255,370 19
VAT 4,482 7,738
3,137,084 1,590,962

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 9,873 51,982
Amounts owed to group undertakings 740,413 640,662
Social security and other taxes 71 1,250
CIS creditor (1,348 ) 7,750
Other creditors 4,362 4,362
Accrued expenses 1,945 2,500
755,316 708,506

The amount due to Group undertakings is due to the Ultimate Holding Company which has confirmed that it will continue to provide financial support to the company for the forseeable future.

Other creditors includes amounts due to Real Time Business Limited, a company controlled by the Director.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 9) 6,294,951 1,384,151

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due between one and two years:
Other loans - 1-2 years 6,294,951 1,384,151

Other loans represents amounts borrowed from D2C Distribution LLC, a US company in which the Director has an interest. Interest of 3% per annum is payable on the loan which has no fixed terms of repayment.

M&CO HOMES LTD (REGISTERED NUMBER: 11801871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
E R D Morgan
Balance outstanding at start of year (19 ) -
Amounts advanced 259,085 -
Amounts repaid (3,696 ) (19 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 255,370 (19 )

The loan to the director was repaid within 9 months of the year end, interest has been charged to the director at 2% per annum.

11. ULTIMATE CONTROLLING PARTY

The controlling party is NYS Services Limited.

The ultimate controlling party is E R D Morgan.

The holding company is NYS Services Limited, a company controlled by the Director.

M&CO HOMES LTD

REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF
M&CO HOMES LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2023 set out on pages one to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Higson & Co (Deal) Ltd
45 Queen Street
Deal
Kent
CT14 6EY


Date: .............................................