Silverfin false false 31/10/2023 01/11/2022 31/10/2023 R Galton 14/07/2009 L Galton 14/07/2009 08 April 2024 The principal activity of the Company during the financial year was property development. 06961315 2023-10-31 06961315 bus:Director1 2023-10-31 06961315 bus:Director2 2023-10-31 06961315 2022-10-31 06961315 core:CurrentFinancialInstruments 2023-10-31 06961315 core:CurrentFinancialInstruments 2022-10-31 06961315 core:Non-currentFinancialInstruments 2023-10-31 06961315 core:Non-currentFinancialInstruments 2022-10-31 06961315 core:ShareCapital 2023-10-31 06961315 core:ShareCapital 2022-10-31 06961315 core:RetainedEarningsAccumulatedLosses 2023-10-31 06961315 core:RetainedEarningsAccumulatedLosses 2022-10-31 06961315 core:Vehicles 2022-10-31 06961315 core:OfficeEquipment 2022-10-31 06961315 core:Vehicles 2023-10-31 06961315 core:OfficeEquipment 2023-10-31 06961315 2022-11-01 2023-10-31 06961315 bus:FilletedAccounts 2022-11-01 2023-10-31 06961315 bus:SmallEntities 2022-11-01 2023-10-31 06961315 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 06961315 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06961315 bus:Director1 2022-11-01 2023-10-31 06961315 bus:Director2 2022-11-01 2023-10-31 06961315 core:Vehicles 2022-11-01 2023-10-31 06961315 core:OfficeEquipment 2022-11-01 2023-10-31 06961315 2021-11-01 2022-10-31 06961315 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Company No: 06961315 (England and Wales)

MOORTOWN DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

MOORTOWN DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

MOORTOWN DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 October 2023
MOORTOWN DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 21,692 25,578
21,692 25,578
Current assets
Debtors 4 1,421,646 978,043
Cash at bank and in hand 32,227 430
1,453,873 978,473
Creditors: amounts falling due within one year 5 ( 686,293) ( 45,212)
Net current assets 767,580 933,261
Total assets less current liabilities 789,272 958,839
Creditors: amounts falling due after more than one year 6 0 ( 125,833)
Provision for liabilities ( 4,122) ( 4,860)
Net assets 785,150 828,146
Capital and reserves
Called-up share capital 100 100
Profit and loss account 785,050 828,046
Total shareholders' funds 785,150 828,146

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Moortown Developments Limited (registered number: 06961315) were approved and authorised for issue by the Board of Directors on 08 April 2024. They were signed on its behalf by:

R Galton
Director
MOORTOWN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
MOORTOWN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Moortown Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Vehicles 15 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

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

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 November 2022 64,665 4,230 68,895
At 31 October 2023 64,665 4,230 68,895
Accumulated depreciation
At 01 November 2022 39,571 3,746 43,317
Charge for the financial year 3,765 121 3,886
At 31 October 2023 43,336 3,867 47,203
Net book value
At 31 October 2023 21,329 363 21,692
At 31 October 2022 25,094 484 25,578

4. Debtors

2023 2022
£ £
Corporation tax 100 0
Other debtors 1,421,546 978,043
1,421,646 978,043

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 10,000
Taxation and social security 6,993 25,096
Other creditors 679,300 10,116
686,293 45,212

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 25,833
Other creditors 0 100,000
0 125,833

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

Other related party transactions

2023 2022
£ £
Overdrawn loan account 596,428 68,961

Interest has been charged in line with HMRC's official rate of interest.