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COMPANY REGISTRATION NUMBER: NI632663
MMP Developments Limited
Filleted Unaudited Financial Statements
31 July 2023
MMP Developments Limited
Financial Statements
Year ended 31 July 2023
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
MMP Developments Limited
Officers and Professional Advisers
The board of directors
Mr M Canning
Mr P Mc Cormack
Registered office
Unit 1
739 Antrim Road
Belfast
BT15 4EL
Accountants
Maneely Mc Cann Chartered Accountants
Chartered Accountants
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Bank of Ireland
306-310 Ormeau Road
Belfast
BT7 2GE
Solicitors
DWF (Northern Ireland) LLP
Jefferson House
42 Queen Street
Belfast
BT1 6HL
MMP Developments Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of MMP Developments Limited
Year ended 31 July 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 July 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Maneely Mc Cann Chartered Accountants Chartered Accountants
Aisling House 50 Stranmillis Embankment Belfast BT9 5FL
26 July 2024
MMP Developments Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Current assets
Debtors
4
12,245
12,245
Cash at bank and in hand
119,904
116,052
---------
---------
132,149
128,297
Creditors: amounts falling due within one year
5
136,478
133,819
---------
---------
Net current liabilities
4,329
5,522
-------
-------
Total assets less current liabilities
( 4,329)
( 5,522)
-------
-------
Net liabilities
( 4,329)
( 5,522)
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 4,429)
( 5,622)
-------
-------
Shareholders deficit
( 4,329)
( 5,522)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mr P Mc Cormack
Director
Company registration number: NI632663
MMP Developments Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 1, 739 Antrim Road, Belfast, BT15 4EL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on a going concern basis, notwithstanding the fact that the company had net current liabilities of £4,329 and a net shareholders deficiency of £4,329 at the balance sheet date. Despite difficulties faced in relation to the property which the company occupies, the directors have considered future financial projections, future cashflows and are confident that the company will continue to trade for the foreseeable future. The directors consider that, subject to the continued support from the company's lenders, it is appropriate that the financial statements for the period ended 31 July 2023 are prepared on a going concern basis.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023
2022
£
£
Trade debtors
12,145
12,145
Other debtors
100
100
--------
--------
12,245
12,245
--------
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
37,680
37,681
Social security and other taxes
7,743
7,083
Other creditors
91,055
89,055
---------
---------
136,478
133,819
---------
---------
6. Related party transactions
PWD Developments Limited The director of MMP Developments Limited has a participating interest in PWD Developments Limited. During the year, MMP Developments entered into transactions with PWD Developments Limited. The balance due from PWD Developments Limited at the end of the year was £8,215 (2022: £8,215). Maclex LLP The director of MMP Developments Limited has a participating interest in Maclex LLP. During the year, MMP Developments entered into transactions with Maclex LLP. The balance due to Maclex LLP at the end of the year was £35,317 (2022: £35,317).