McMinn Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 40 Diglis Road, Worcester, WR5 3BW.
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 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.
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. Financial assets classified as receivable within one year are not amortised.
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, including creditors and loans from fellow group companies, are initially recognised at transaction price Financial liabilities classified as payable within one year are not amortised.
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.
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
During the year, the company had no transactions with MSquared (Homes) Ltd, a company in which Mr A McMinn owns 50% of the issued share capital. At the reporting date, amounts totaling £226,801 (2022 £226,801) was owed by the company to MSquared (Homes) Ltd.
During the year, the company had no transactions with MSquared (Drakes Broughton) Ltd, a company in which Mr A McMinn owns 50% of the issued share capital. At the reporting date, amounts totaling £128,486 (2022 £128,486) was owed by the company to MSquared (Drakes Broughton) Ltd.
During the year, the company had no transactions with MSquared (Clows Top) Ltd, a company owned by MSquared Homes Ltd in which Mr A McMinn owns 100% of the issued share capital. At the reporting date, amounts totalling £186,391 (2022 £186,391) was owed to the company by MSquared (Clows Top) Ltd.
During the year, the company had no transactions with MSquared Developments Ltd, a company in which Mr A McMinn owns 50% of the issued share capital. At the reporting date, amounts totalling £4,071 (2022 £4,071) was owed to the company by MSquared Developments Ltd.
During the year, the company had transactions with MPlant Holdings Ltd, a sister company of McMinn Developments Ltd. Amounts totalling £595 (2022 £2,192) was paid on behalf of MPlant Holdings Ltd and £43,000 (2022 £29,500) was received from the company. At the reporting date amounts totalling £58,655 (2022 £101,060) was owed to the company by MPlant Holdings Ltd.
During the year the company had transactions with McMinn Properties Investments Ltd, a company in which Mr A McMinn owns 50% of the issued share capital. Amounts totalling £5,592 were paid on behalf of McMinn Property Investments Limited and £33,300 was received from the company. At the reporting date amounts totalling £409,566 (2022 £437,275) was owed to the company by McMinn Property Investments Ltd.
During the year, the company made payments on behalf of Elite Fleet Travel Ltd with total value £7,075 (2022 £10,198). At the reporting date £nil (2022 £93,363) was owed to the company as the debt was written off due to the company being dissolved.
During the year, the company made payments on behalf of JointMedica Ltd totalling £46,218 (2022 £50,000). At the reporting date £1,008,584 (2022 £962,366) was owed to the company by JointMedica Ltd.