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Registration number: 11488661

Mosterton Developments (SW) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2022

 

Mosterton Developments (SW) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Mosterton Developments (SW) Limited

(Registration number: 11488661)
Balance Sheet as at 31 August 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

-

415

Current assets

 

Debtors

5

204,382

720,713

Cash at bank and in hand

 

402

2,527

 

204,784

723,240

Creditors: Amounts falling due within one year

6

(170,973)

(235,694)

Net current assets

 

33,811

487,546

Total assets less current liabilities

 

33,811

487,961

Creditors: Amounts falling due after more than one year

6

(28,291)

(38,099)

Provisions for liabilities

-

(66)

Net assets

 

5,520

449,796

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

5,519

449,795

Total equity

 

5,520

449,796

 

Mosterton Developments (SW) Limited

(Registration number: 11488661)
Balance Sheet as at 31 August 2022

For the financial year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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 Board on 1 December 2023 and signed on its behalf by:
 

J R Higdon
Director

   
     
 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

1

General information

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

The address of its registered office is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

These financial statements were authorised for issue by the Board on 1 December 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 periods 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The company has completed the sale of all the properties that were constructed and is no longer trading. The accounts have therefore been prepared on a break up basis with assets written down to their recoverable amounts and liabilities provided for in full.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of property in the ordinary course of the company’s activities.

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.

 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers or the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2021 - 2).

 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2021

140

613

753

Disposals

(187)

(613)

(800)

At 31 August 2022

(47)

-

(47)

Depreciation

At 1 September 2021

-

338

338

Eliminated on disposal

(47)

(338)

(385)

At 31 August 2022

(47)

-

(47)

Carrying amount

At 31 August 2022

-

-

-

At 31 August 2021

140

275

415

5

Debtors

Note

2022
£

2021
£

Amounts owed by related parties

8

194,528

410,238

Other debtors

 

674

300,814

Prepayments

 

9,180

9,661

 

204,382

720,713

 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

6

Creditors

Due within one year

Note

2022
£

2021
£

 

Loans and borrowings

7

9,808

9,553

Trade creditors

 

5,961

80,752

Amounts due to related parties

8

16,113

-

Social security and other taxes

 

958

1,354

Accruals

 

121,000

124,150

Corporation tax liability

17,133

19,885

 

170,973

235,694

Due after one year

 

Loans and borrowings

7

28,291

38,099

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

28,291

38,099

2022
£

2021
£

Current loans and borrowings

Other borrowings

9,808

9,553

8

Related party transactions

Transactions with directors

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Current account

299,890

13,147

(312,363)

674

         
       

 

2021

At 1 September 2020
£

Advances to director
£

Repayments by director
£

At 31 August 2021
£

Current account

19,330

296,667

(16,107)

299,890

         
       

 

 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

The loan made to directors is repayable on demand and bears interest at the HMRC official rate of interest.

Summary of transactions with entities with joint control or significant interest

Fellow subsidiary of the group
 

Loans to related parties

2022

Parent
£

Other group companies
£

Total
£

At start of period

41,601

368,637

410,238

Advanced

316,518

1,139

317,657

Repaid

(163,591)

(46,147)

(209,738)

Expenses recognised as bad debt

-

(323,629)

(323,629)

At end of period

194,528

-

194,528

2021

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

26,350

9,718

36,068

Advanced

15,251

368,637

383,888

Impairment

-

(9,718)

(9,718)

At end of period

41,601

368,637

410,238

9

Parent and ultimate parent undertaking

The company's immediate parent is Higdon Homes Limited, incorporated in England.