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REGISTERED NUMBER: 12991513 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 November 2023

for

M. CARDIGAN DEVELOPMENTS LIMITED

M. CARDIGAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12991513)

Contents of the Financial Statements
for the year ended 30 November 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Accountants' Report 6

M. CARDIGAN DEVELOPMENTS LIMITED

Company Information
for the year ended 30 November 2023







Director: Y E Omenai





Registered office: Aissela
46 High Street
Esher
Surrey
KT10 9QY





Registered number: 12991513 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY

M. CARDIGAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12991513)

Balance Sheet
30 November 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 1,007 2,021
Investments 5 1 1
1,008 2,022

Current assets
Debtors 6 1,548,158 3,314
Cash at bank 542,274 2,730,252
2,090,432 2,733,566
Creditors
Amounts falling due within one year 7 2,176,454 2,805,160
Net current liabilities (86,022 ) (71,594 )
Total assets less current liabilities (85,014 ) (69,572 )

Capital and reserves
Called up share capital 8 1 1
Retained earnings (85,015 ) (69,573 )
Shareholders' funds (85,014 ) (69,572 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 August 2024 and were signed by:





Y E Omenai - Director


M. CARDIGAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12991513)

Notes to the Financial Statements
for the year ended 30 November 2023


1. Statutory information

M. Cardigan Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is in a net liability position however is supported by the director.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Critical accounting judgements and key sources of estimation uncertainty
Despite the rise in net liabilities at the Balance Sheet date, the directors affirm that the company remains a going concern, in line with FRS 102. The financial statements have been prepared based on this going concern premise, and the directors will continuously monitor the company's financial health and potential business risks.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

M. CARDIGAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12991513)

Notes to the Financial Statements - continued
for the year ended 30 November 2023


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

3. Employees and directors

The average number of employees during the year was NIL (2022 - NIL).

4. Tangible fixed assets
Computer
equipment
£
Cost
At 1 December 2022
and 30 November 2023 3,072
Depreciation
At 1 December 2022 1,051
Charge for year 1,014
At 30 November 2023 2,065
Net book value
At 30 November 2023 1,007
At 30 November 2022 2,021

5. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 December 2022
and 30 November 2023 1
Net book value
At 30 November 2023 1
At 30 November 2022 1

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 523 -
Amounts owed by group undertakings 1,534,403 -
Other debtors 13,232 3,314
1,548,158 3,314

M. CARDIGAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12991513)

Notes to the Financial Statements - continued
for the year ended 30 November 2023


7. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 2,176,454 2,805,160

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1 Ordinary £1 1 1

Accountants' Report to the Director
on the Unaudited Financial Statements of
M. Cardigan Developments Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M. Cardigan Developments Limited for the year ended 30 November 2023 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of M. Cardigan Developments Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of M. Cardigan Developments Limited and state those matters that we have agreed to state to the director of M. Cardigan Developments Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M. Cardigan Developments Limited and its director for our work or for this report.

It is your duty to ensure that M. Cardigan Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of M. Cardigan Developments Limited. You consider that M. Cardigan Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of M. Cardigan Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY


22 August 2024