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REGISTERED NUMBER: 10525154 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MARTELLO DEVELOPMENTS LIMITED

MARTELLO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10525154)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MARTELLO DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: D N Kowitz





REGISTERED OFFICE: The River Cafe
Rock Channel
Strand Quay
Rye
East Sussex
TN31 7DE





REGISTERED NUMBER: 10525154 (England and Wales)





ACCOUNTANTS: Cassidys Chartered Accountants
South Stour Offices
Roman Road
Mersham
Ashford
Kent
TN25 7HS

MARTELLO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10525154)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 44,501 36,097
Investments 5 4,802,224 4,802,526
4,846,725 4,838,623

CURRENT ASSETS
Debtors 6 16,205,893 13,032,379
Cash at bank and in hand 205,033 864,022
16,410,926 13,896,401
CREDITORS
Amounts falling due within one year 7 15,390,765 12,307,901
NET CURRENT ASSETS 1,020,161 1,588,500
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,866,886

6,427,123

PROVISIONS FOR LIABILITIES 7,114 5,223
NET ASSETS 5,859,772 6,421,900

CAPITAL AND RESERVES
Called up share capital 9,017,405 9,017,405
Retained earnings (3,157,633 ) (2,595,505 )
SHAREHOLDERS' FUNDS 5,859,772 6,421,900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

MARTELLO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10525154)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2024 and were signed by:





D N Kowitz - Director


MARTELLO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10525154)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Martello 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.

Preparation of consolidated financial statements
The financial statements contain information about Martello Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

MARTELLO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10525154)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 58,153
Additions 17,533
At 31 December 2023 75,686
DEPRECIATION
At 1 January 2023 22,056
Charge for year 9,129
At 31 December 2023 31,185
NET BOOK VALUE
At 31 December 2023 44,501
At 31 December 2022 36,097

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 4,802,526
Disposals (302 )
At 31 December 2023 4,802,224
NET BOOK VALUE
At 31 December 2023 4,802,224
At 31 December 2022 4,802,526

MARTELLO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10525154)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 22,804 4,051
Amounts owed by group undertakings 10,468,649 8,607,935
Other debtors 5,714,440 4,420,393
16,205,893 13,032,379

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 3,018,187 558,470
Payments on account 350,000 -
Trade creditors 41,651 33,851
Amounts owed to group undertakings 3,153,959 3,053,883
Taxation and social security 24,432 44,114
Other creditors 8,802,536 8,617,583
15,390,765 12,307,901

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 3,018,187 558,470

The bank loans are secured over specific land assets owned by the company.

MARTELLO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10525154)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. RELATED PARTY DISCLOSURES

D N Kowitz
Director and shareholder
31/12/2023 31/12/2022
£ £
Amount due to related party at the balance sheet date 7,491,843 7,345,011
Martello Appledore Limited
Subsidiary company
31/12/2022 31/12/2022
£ £
Amount due to related party at the balance sheet date 30,428 64,906
Martello Appledore 2 Limited
Subsidiary company
31/12/2023 31/12/2022
£ £
Amount due from related party at the balance sheet date 2,383,466 631,062
Martello Bourne Limited
Subsidiary company
31/12/2023 31/12/2022
£ £
Amount due from related party at the balance sheet date 5,232,184 4,546,259
Martello Bridge Point Limited
Subsidiary company
31/12/2023 31/12/2022
£ £
Amount due from/(to) related party at the balance sheet date (1,090 ) 4,087
Martello Charles Road Limited
Subsidiary company
31/12/2023 31/12/2022
£ £
Amount due from related party at the balance sheet date 637,754 1,084,607
Martello Grist Mill Limited
Subsidiary company
31/12/2023 31/12/2022
£ £
Amount due from related party at the balance sheet date 411,735 395,167
Martello Investments Limited
Subsidiary company
31/12/2023 31/12/2022
£ £
Amount due from related party at the balance sheet date 447,772 410,010
Citadel Contracts Limited
Subsidiary company

MARTELLO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10525154)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/2023 31/10/2022
£ £
Amount due from related party at the balance sheet date 756,201 360,128
Martello Rye Creative Centre Limited
Subsidiary company
31/12/2023 31/10/2022
£ £
Amount due from related party at the balance sheet date 598,346 554,892
Atlas Business Park Limited
Subsidiary company
31/12/2023 31/10/2022
£ £
Amount due (to)/from related party at the balance sheet date (3,122,441 ) (2,988,146 )

KPDC Limited
Holding company
31/12/2023 31/10/2022
£ £
Amount due (to)/from related party at the balance sheet date 1,191 589

10. ULTIMATE CONTROLLING PARTY

The controlling party is KPDC Limited.

The ultimate controlling party is D N Kowitz.