Registered number
11796265
Moxie Developments Rentals Ltd
Filleted Accounts
31 January 2024
Moxie Developments Rentals Ltd
Registered number: 11796265
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 92 544
Investments 4 659,569 659,569
659,661 660,113
Current assets
Debtors 5 103,362 54,000
Cash at bank and in hand 427 377
103,789 54,377
Creditors: amounts falling due within one year 6 (310,633) (246,614)
Net current liabilities (206,844) (192,237)
Total assets less current liabilities 452,817 467,876
Creditors: amounts falling due after more than one year 7 (518,212) (519,520)
Net liabilities (65,395) (51,644)
Capital and reserves
Called up share capital 1 1
Profit and loss account (65,396) (51,645)
Shareholder's funds (65,395) (51,644)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
DJ Blackwood
Director
Approved by the board on 27 August 2024
Moxie Developments Rentals Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The director has made an assessment of the company's ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements were approved. As a result of his assessment he considers that the company is able to continue to operate as a going concern and that it is appropriate to prepare the financial statements on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Property investments are measured at fair value. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants
Government Grants are recognised using the performance model. The company is in receipt of a loan under the Bounced Back Loan Scheme (BBLS), managed by the British Business Bank on behalf, and with the financial backing of the Government. The BBLS was established to support SME's during the Covid-19 outbreak. Under this scheme the Government covers the first twelve months loan interest charges, known as Business Interruption Payment. These interest charge and the Business Interruption Payment grant is recognised in the financial statements.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures & Fittings
£
Cost
At 1 February 2023 2,262
At 31 January 2024 2,262
Depreciation
At 1 February 2023 1,718
Charge for the year 452
At 31 January 2024 2,170
Net book value
At 31 January 2024 92
At 31 January 2023 996
4 Investments
Property
investments
£
Cost
At 1 February 2023 659,569
At 31 January 2024 659,569
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No independent valuation has been obtained for the accounting period.
5 Debtors 2024 2023
£ £
Enfield Chase 49,362 -
Other loans 54,000 54,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 360 360
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,110 3,110
Director's loan account 223,342 189,686
Other loans 80,707 52,414
Other creditors 3,114 1,044
310,633 246,614
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans (BBL) 30,712 32,020
Property Mortgage 487,500 487,500
518,212 519,520
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 487,500 487,500
Mortgage secured on investment property
9 Capital commitments 2024 2023
£ £
Amounts contracted for but not provided in the accounts 150,000 -
10 Other information
Moxie Developments Rentals Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1B Uplands Park Road
Enfield
EN2 7PS
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