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Registered number: 11321914













MADDOX HOMES (SUGDEN ROAD) LIMITED
UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


 
MADDOX HOMES (SUGDEN ROAD) LIMITED
 

 
COMPANY INFORMATION


Directors
N R W Smith 
P J W Smith 




Registered number
11321914



Registered office
Church Court
Church Road

Great Bookham

Surrey

KT23 3PG




Accountants
Warrener Stewart
Chartered Accountants

Harwood House

43 Harwood Road

London

SW6 4QP






 
MADDOX HOMES (SUGDEN ROAD) LIMITED
 


CONTENTS



Page
Directors' Report
 
1
Accountants' Report
 
2
Statement of Comprehensive Income
 
3
Balance Sheet
 
4 - 5
Statement of Changes in Equity
 
6
Notes to the Financial Statements
 
7 - 10



 
MADDOX HOMES (SUGDEN ROAD) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Principal activity

The principal activity of the company is that of property development.

Directors

The directors who served during the year were:

N R W Smith 
P J W Smith 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



................................................
N R W Smith
Director

Date: 29 March 2024

Page 1


 
MADDOX HOMES (SUGDEN ROAD) LIMITED
 

 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MADDOX HOMES (SUGDEN ROAD) LIMITED
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maddox Homes (Sugden Road) Limited for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Maddox Homes (Sugden Road) Limited, as a body, in accordance with the terms of our engagement letter dated 24 April 2018Our work has been undertaken solely to prepare for your approval the financial statements of Maddox Homes (Sugden Road) Limited  and state those matters that we have agreed to state to the Board of Directors of Maddox Homes (Sugden Road) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maddox Homes (Sugden Road) Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Maddox Homes (Sugden Road) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Maddox Homes (Sugden Road) Limited. You consider that Maddox Homes (Sugden Road) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Maddox Homes (Sugden Road) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Warrener Stewart
 
Chartered Accountants
  
Harwood House
43 Harwood Road
London
SW6 4QP
 
Date: 
29 March 2024
Page 2


 
MADDOX HOMES (SUGDEN ROAD) LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

31 March
15 months ended
31 March
2023
2022
£
£

  

Administrative expenses
  
(3,692)
(1,190)

Operating loss
  
(3,692)
(1,190)

Tax on loss
  
-
-

Loss for the financial year/period
  
(3,692)
(1,190)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 7 to 10 form part of these financial statements.

Page 3


 
MADDOX HOMES (SUGDEN ROAD) LIMITED
REGISTERED NUMBER:11321914


BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
7,591,356
378,967

Debtors: amounts falling due within one year
 5 
569,428
-

Cash at bank and in hand
  
315
4

  
8,161,099
378,971

Creditors: amounts falling due within one year
 6 
(8,123,227)
(331,061)

Net current assets
  
 
 
37,872
 
 
47,910

Total assets less current liabilities
  
37,872
47,910

Creditors: amounts falling due after more than one year
  
(42,654)
(49,000)

  

Net liabilities
  
(4,782)
(1,090)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(4,882)
(1,190)

  
(4,782)
(1,090)


Page 4


 
MADDOX HOMES (SUGDEN ROAD) LIMITED
REGISTERED NUMBER:11321914

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
N R W Smith
Director

Date: 29 March 2024

The notes on pages 7 to 10 form part of these financial statements.

Page 5


 
MADDOX HOMES (SUGDEN ROAD) LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2021
100
-
100


Comprehensive income for the period

Loss for the period
-
(1,190)
(1,190)



At 1 April 2022
100
(1,190)
(1,090)


Comprehensive income for the year

Loss for the year
-
(3,692)
(3,692)


At 31 March 2023
100
(4,882)
(4,782)


The notes on pages 7 to 10 form part of these financial statements.

Page 6


 
MADDOX HOMES (SUGDEN ROAD) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Maddox Homes (Sugden Road) Limited is a limited company incorporated and domiciled in England and Wales. The Company's registered office is Church Court, Church Road, Great Bookham, Surrey, KT23 3PG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

  
2.4

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for any foreseeable under recoveries.
Work in progress comprises direct materials, labour costs, site overheads, associated professional fees, financing costs and other attributable overheads, less amounts attributed to any project sales.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 7


 
MADDOX HOMES (SUGDEN ROAD) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Stocks

2023
2022
£
£

Work in progress
7,591,356
378,967



5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
569,428
-


Page 8


 
MADDOX HOMES (SUGDEN ROAD) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
6,000
1,000

Amounts owed to group undertakings
-
330,061

Other loans
8,114,227
-

Accruals and deferred income
3,000
-

8,123,227
331,061


Secured loans

Other loans shown above are secured by a legal charge over land and properties in the course of construction included in work in progress.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
42,654
49,000



8.


Bank loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year
6,000
1,000

Amounts falling due 1-2 years
6,000
6,000

Amounts falling due 2-5 years
18,000
18,000

Amounts falling due after more than 5 years
18,654
25,000

48,654
50,000



9.


Related party transactions

Included in debtors at the year end is £569,428 (2022: included in creditors £330,061) owed to Maddox Homes Limited. The balance is interest free and repayable on demand.

Page 9


 
MADDOX HOMES (SUGDEN ROAD) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Controlling party

The ultimate controlling party is Maddox Homes Limited.

 
Page 10