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Registration number: 10561477

Mowdy Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Mowdy Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Mowdy Ltd

(Registration number: 10561477)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

7,300,000

7,474,073

Current assets

 

Debtors

5

3,566

9,077

Cash at bank and in hand

 

66,272

60,631

 

69,838

69,708

Creditors: Amounts falling due within one year

6

(7,707,248)

(7,285,892)

Net current liabilities

 

(7,637,410)

(7,216,184)

Net (liabilities)/assets

 

(337,410)

257,889

Capital and reserves

 

Called up share capital

1,500

1,500

Revaluation reserve

(696,479)

(23,542)

Profit and loss account

357,569

279,931

Shareholders' (deficit)/funds

 

(337,410)

257,889

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:
 


Mrs M Hill
Director

 

Mowdy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is property management and lettings.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

Due to the continued support of the directors, the financial statements have been prepared on a going concern basis.

 

Mowdy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents the rental income received during the period.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Depreciation

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually . Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Mowdy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 February

7,474,073

Additions

491,017

Fair value adjustments

(665,090)

At 31 January

7,300,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

Note

2024
£

2023
£

Prepayments

 

3,566

1,229

Deferred tax assets

-

7,848

 

3,566

9,077

 

Mowdy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

26,508

22,152

Accruals and deferred income

28,668

15,501

Other creditors

7,652,072

7,248,239

7,707,248

7,285,892

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Fair Value reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(672,937)

(672,937)

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advanced by director
£

At 31 January 2024
£

(7,248,239)

(403,833)

(7,652,072)

       
     

 

2023

At 1 February 2022
£

At 31 January 2023
£

(7,248,239)

(7,248,239)

 

Directors' loans are repayable on demand. Interest is payable at a commercial rate on only an element of the loan as disclosed in the related party note. Interest is not payable on the remaining loan to the company.

 

Mowdy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Related party transactions (continued)

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

(1,333,506)

(1,333,506)

Interest transactions

(13,077)

(13,077)

At end of period

(1,346,583)

(1,346,583)

2023

Other related parties
£

Total
£

At start of period

(1,320,000)

(1,320,000)

Interest transactions

(13,506)

(13,506)

At end of period

(1,333,506)

(1,333,506)

Terms of loans from related parties

Interest is payable on an element of the directors' loan at commercial rates. As at 31 January 2024 the total interest included in accruals amounted to £26,583 (2023: £13,506).