Company registration number 10763383 (England and Wales)
MWR DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
MWR DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MWR DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
25 DECEMBER 2022
25 December 2022
- 1 -
25 December 2022
26 December 2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
475,000
Current assets
Debtors
5
547,437
120
Cash at bank and in hand
144
173
547,581
293
Creditors: amounts falling due within one year
6
(656,223)
(565,484)
Net current liabilities
(108,642)
(565,191)
Net liabilities
(108,642)
(90,191)
Capital and reserves
Called up share capital
7
300
300
Profit and loss reserves
(108,942)
(90,491)
Total equity
(108,642)
(90,191)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 9 February 2024 and are signed on its behalf by:
Mr David Ramsey
Director
Company registration number 10763383 (England and Wales)
MWR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

MWR Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Wool Barn, Peper Harow, Godalming, Surrey, GU8 6BQ.

1.1
Reporting period

FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The Company has net liabilities of £true108,642 (2021: £90,191) and net current liabilities of £108,642 (2021: £565,191).

 

The directors have reviewed the future liquidity requirements and have considered the cash flow forecasts of the Company. The Company is party to a group structure and the group produces long-term financial forecasts which show the Company is able to operate and meet its financial obligations as they fall due as they have support from its holding company as and when required. Fellow group companies will also relinquish the right to call up intercompany loans owned by the Company when required. Based on this review and the future business prospects of the Company and its group the Directors believe the Company will be able to meet its liabilities as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% to resdiual value. Land is not depreciated
MWR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

MWR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,833
50
3
Employees

The Company have no employees other than the directors, who received no remuneration in the current or prior year.

MWR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 DECEMBER 2022
- 5 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 27 December 2021
524,717
Disposals
(524,717)
At 25 December 2022
-
0
Depreciation and impairment
At 27 December 2021
49,717
Depreciation charged in the Period
7,494
Eliminated in respect of disposals
(57,211)
At 25 December 2022
-
0
Carrying amount
At 25 December 2022
-
0
At 26 December 2021
475,000

During the year the company sold its properties.

5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
547,437
120
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
-
0
180
Amounts owed to group undertakings
566,783
565,304
Taxation and social security
83,589
-
0
Accruals and deferred income
5,851
-
0
656,223
565,484
MWR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 DECEMBER 2022
- 6 -
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
3000 Ordinary shares (2021: 3000) of 10p each
3,000
3,000
300
300

The ordinary share is allotted, called up and fully paid.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Marc Waterman
Statutory Auditor:
UHY Hacker Young
9
Related party transactions

The Company has taken advantage of the exemption available under FRS 102 not to disclose transactions with wholly owned group members.

10
Parent company

The Company's immediate and ultimate parent entity is Red Lion Holdings LLP, a limited liability partnership incorporated in England and Wales. The registered office address of Red Lion Holdings LLP is The Wool Barn, Peper Harow, Godalming, Surrey, GU8 6BQ. The smallest and largest group of which the Company is a member and for which group accounts are prepared is Red Lion Holdings LLP. Copies of these are available from Companies House.

 

It is the opinion of the directors that there is no single controlling party of the Company.

2022-12-252021-12-27false09 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr  Jason MyersMr David RamseyMr  Mark  WilliamsMr  Mark Robsonfalse107633832021-12-272022-12-25107633832022-12-25107633832021-12-2610763383core:LandBuildings2022-12-2510763383core:LandBuildings2021-12-2610763383core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-2510763383core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-2610763383core:CurrentFinancialInstruments2022-12-2510763383core:CurrentFinancialInstruments2021-12-2610763383core:ShareCapital2022-12-2510763383core:ShareCapital2021-12-2610763383core:RetainedEarningsAccumulatedLosses2022-12-2510763383core:RetainedEarningsAccumulatedLosses2021-12-2610763383bus:Director22021-12-272022-12-2510763383core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-272022-12-25107633832020-12-282021-12-2610763383core:LandBuildings2021-12-2610763383core:LandBuildings2021-12-272022-12-2510763383bus:PrivateLimitedCompanyLtd2021-12-272022-12-2510763383bus:SmallCompaniesRegimeForAccounts2021-12-272022-12-2510763383bus:FRS1022021-12-272022-12-2510763383bus:Audited2021-12-272022-12-2510763383bus:Director12021-12-272022-12-2510763383bus:Director32021-12-272022-12-2510763383bus:Director42021-12-272022-12-2510763383bus:FullAccounts2021-12-272022-12-25xbrli:purexbrli:sharesiso4217:GBP