MULGRAVE RESIDENTIAL LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Company registration number 10130392 (England and Wales)
MULGRAVE RESIDENTIAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MULGRAVE RESIDENTIAL LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
758,428
1,176,942
Debtors
4
6,520
42
Cash at bank and in hand
8,670
64,678
773,618
1,241,662
Creditors: amounts falling due within one year
5
(1,093,513)
(1,578,220)
Net current liabilities
(319,895)
(336,558)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(319,896)
(336,559)
Total equity
(319,895)
(336,558)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
I P Hessay
Director
Company registration number 10130392 (England and Wales)
MULGRAVE RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Mulgrave Residential Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit D Chessingham Park, Common Road, Dunnington, York, YO19 5SE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have assessed the company's ability to continue as a going concern, taking into account all available information about the future. They are satisfied that, when necessary, the company will receive the continuing financial support of its fellow group companies in order to meet all of its ongoing financial commitments. The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable on legal completion of a newly built residential property sale. Profit is recognised taking account of estimated costs to complete based on valuations prepared by the commercial team.

1.4
Stocks

Stocks are stated at the lower of cost and net realisable value. Land being developed and undeveloped land with planning consent is measured at cost including associated costs of acquisition. Work in progress is reviewed on a regular basis and comprises direct building materials, sub contract services, professional fees, directly attributable labour, site expenses and marketing costs. Net realisable value is the estimated selling price of completed houses less the estimated costs to complete. the company carries out regular reviews to identify any indications of impairment. Irrecoverable planning costs are written off immediately.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MULGRAVE RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MULGRAVE RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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 recognized 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 commercial department carries out regular valuations of the degree of completion of each site and estimates the costs to complete each development based on their assessment of factors that affect the financial outcome. Development costs are allocated between the individual house units constructed and those to be built. Estimated profit is allocated evenly across each unit, including affordable houses.

 

These assessments include a degree of estimation uncertainty which is mitigated in part of the fixed price contracts for certain services or known construction quantities for each house type. However, profitability remains an estimate which depends on provisions for future costs which in turn are based on estimates of site conditions. Profitability also relies on the selling price of property being stable and predictable. The directors have satisfied themselves that site margins have remained stable over a two-year period.

 

The cost of land is included in work in progress at cost and reviewed periodically for indications of impairment with all the other components of work in progress.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1
42
Deferred tax asset
6,519
-
0
6,520
42
MULGRAVE RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
41,850
124,063
Amounts owed to group undertakings
1,048,621
1,442,603
Other creditors
3,042
11,554
1,093,513
1,578,220
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nigel Everard
Statutory Auditor:
Hunter Gee Holroyd
Date of audit report:
5 August 2024
7
Parent company

The company is a wholly owned subsidiary of Mulgrave Property Group Limited. That company's registered office is Unit D, Chessingham Park, Dunnington, York YO19 5SE.

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