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REGISTERED NUMBER: 01414390 (England and Wales)















Miscombe Developments Limited

Financial Statements for the Year Ended 30th September 2023






Miscombe Developments Limited (Registered number: 01414390)

Contents of the Financial Statements
for the Year Ended 30th September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Miscombe Developments Limited

Company Information
for the Year Ended 30th September 2023







DIRECTOR: R A Barnett





REGISTERED OFFICE: 1 Jacobs Yard
North Lane
Buriton
Petersfield
Hampshire
GU31 5RR





REGISTERED NUMBER: 01414390 (England and Wales)





ACCOUNTANTS: Sheen Stickland
Chartered Accountants
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

Miscombe Developments Limited (Registered number: 01414390)

Balance Sheet
30th September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 21,384 38,161

CURRENT ASSETS
Stocks 1,337,618 1,321,612
Debtors 5 5,939,923 6,091,311
Cash at bank and in hand 77,775 260,061
7,355,316 7,672,984
CREDITORS
Amounts falling due within one year 6 (20,854 ) (22,641 )
NET CURRENT ASSETS 7,334,462 7,650,343
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,355,846

7,688,504

CREDITORS
Amounts falling due after more than one year 7 (2,850,000 ) (3,140,771 )
NET ASSETS 4,505,846 4,547,733

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 9 4,505,844 4,547,731
SHAREHOLDERS' FUNDS 4,505,846 4,547,733

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Miscombe Developments Limited (Registered number: 01414390)

Balance Sheet - continued
30th September 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18th April 2024 and were signed by:





R A Barnett - Director


Miscombe Developments Limited (Registered number: 01414390)

Notes to the Financial Statements
for the Year Ended 30th September 2023


1. STATEMENT OF COMPLIANCE

Miscombe Developments Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 1 Jacobs Yard, North Lane, Buriton, Petersfield, GU31 5RR. The registration number is 01414390.

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

2. ACCOUNTING POLICIES

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

The financial statements have been prepared under the historical cost convention.

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.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised:

Rent receivable
Other operating income comprising of rent receivable from the Company's properties, exclusive of value added tax where applicable, is recognised on a straight line basis over the term of the lease.

Sale of properties
Turnover representing the consideration for property sales is recognised on legal completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery-10 - 20% straight line
Motor vehicles-20% straight line
Fixtures & fittings-20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate.

Stocks
Development properties are valued at the lower of cost and net realisable value, being the estimated selling prices less costs to complete. Cost includes all direct costs and attributable overheads associated with the development projects.

Miscombe Developments Limited (Registered number: 01414390)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents
These comprise cash at bank.

Debtors
Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Income Statement when there is objective evidence that the asset is impaired.

Creditors
Creditors are not interest bearing and are stated at their nominal value.

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.

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.

Lease commitments
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Miscombe Developments Limited (Registered number: 01414390)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st October 2022 133,317 17,084 14,700 165,101
Additions - 415 - 415
Disposals (1,295 ) (1,050 ) - (2,345 )
At 30th September 2023 132,022 16,449 14,700 163,171
DEPRECIATION
At 1st October 2022 104,768 11,637 10,535 126,940
Charge for year 11,333 2,765 2,940 17,038
Eliminated on disposal (1,295 ) (896 ) - (2,191 )
At 30th September 2023 114,806 13,506 13,475 141,787
NET BOOK VALUE
At 30th September 2023 17,216 2,943 1,225 21,384
At 30th September 2022 28,549 5,447 4,165 38,161

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors - 1,618
Amounts owed by group undertakings 90,000 140,000
Other debtors 25,833 25,000
Tax 5,419 5,419
VAT 1,283 1,262
Deferred tax asset - 11,663
Prepayments and accrued income 7,388 6,349
129,923 191,311

Amounts falling due after more than one year:
Amounts owed by group undertakings 160,000 300,000
Amounts owed by related parties 5,650,000 5,600,000
5,810,000 5,900,000

Aggregate amounts 5,939,923 6,091,311

Miscombe Developments Limited (Registered number: 01414390)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,998 7,194
Social security and other taxes 4,260 3,793
Other creditors 514 583
Accruals and deferred income 12,082 11,071
20,854 22,641

Included in Other creditors is a pension creditor balance of £514 (2022: £452).

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 2,850,000 3,140,771

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

9. RESERVES
Retained
earnings
£   

At 1st October 2022 4,547,731
Deficit for the year (41,887 )
At 30th September 2023 4,505,844

10. RELATED PARTY DISCLOSURES

Included within debtors as amounts due from related party undertakings is £5,650,000 (2022: £5,600,000), these amounts are from a company which shares the same ultimate controlling party, K D Barnett. These amounts are interest free and are repayable in one year and one day.

11. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is Miscombe Group Limited, a company incorporated in England and Wales. The ultimate controlling party is K D Barnett by virtue of being Settlor of The KDB Trust that controls Miscombe Trading Limited, parent of Miscombe Group Limited.

The registered office for both of these companies is 1 Jacobs Yard, North Lane, Buriton, Petersfield, Hampshire, GU31 5RR.

The smallest and largest group in which results are consolidated is that headed by Miscombe Group Limited. The consolidated financial statements are available to the public and can be obtained from Companies House (https://beta.companieshouse.gov.uk/).