Medland Developments Ltd 11555726 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is property development Digita Accounts Production Advanced 6.30.9574.0 true 11555726 2023-02-01 2024-01-31 11555726 2024-01-31 11555726 bus:OrdinaryShareClass1 2024-01-31 11555726 core:CurrentFinancialInstruments 2024-01-31 11555726 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 11555726 core:FurnitureFittingsToolsEquipment 2024-01-31 11555726 bus:SmallEntities 2023-02-01 2024-01-31 11555726 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 11555726 bus:FullAccounts 2023-02-01 2024-01-31 11555726 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 11555726 bus:RegisteredOffice 2023-02-01 2024-01-31 11555726 bus:CompanySecretary1 2023-02-01 2024-01-31 11555726 bus:Director1 2023-02-01 2024-01-31 11555726 bus:Director3 2023-02-01 2024-01-31 11555726 bus:Director4 2023-02-01 2024-01-31 11555726 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 11555726 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11555726 core:FurnitureFittings 2023-02-01 2024-01-31 11555726 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 11555726 core:PlantMachinery 2023-02-01 2024-01-31 11555726 countries:England 2023-02-01 2024-01-31 11555726 2023-01-31 11555726 core:FurnitureFittingsToolsEquipment 2023-01-31 11555726 2022-02-01 2023-01-31 11555726 2023-01-31 11555726 bus:OrdinaryShareClass1 2023-01-31 11555726 core:CurrentFinancialInstruments 2023-01-31 11555726 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 11555726 core:FurnitureFittingsToolsEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11555726

Medland Developments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Medland Developments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Medland Developments Ltd

Company Information

Directors

Mr H J Medland

Mr A J Medland

Mrs H M Medland

Company secretary

Mrs E J Medland

Registered office

East Balsdon Farm
Whitstone
Holsworthy
Devon
EX22 6LE

Accountants

Ward and Co Chartered Accountants
West Penhill Farm
Fremington
Barnstaple
Devon
EX31 2NG

 

Medland Developments Ltd

(Registration number: 11555726)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

38,188

40,094

Current assets

 

Stock

5

2,359,490

2,067,216

Debtors

6

449,303

450,684

Cash at bank and in hand

 

23,253

7,492

 

2,832,046

2,525,392

Creditors: Amounts falling due within one year

7

(1,627,464)

(1,380,659)

Net current assets

 

1,204,582

1,144,733

Total assets less current liabilities

 

1,242,770

1,184,827

Provisions for liabilities

(9,547)

(10,024)

Net assets

 

1,233,223

1,174,803

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

1,232,223

1,173,803

Shareholders' funds

 

1,233,223

1,174,803

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 Profit and Loss Account.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

 

Medland Developments Ltd

(Registration number: 11555726)
Balance Sheet as at 31 January 2024

.........................................
Mr H J Medland
Director

 

Medland Developments 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:
East Balsdon Farm
Whitstone
Holsworthy
Devon
EX22 6LE

These financial statements were authorised for issue by the Board on 11 September 2024.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

Medland Developments Ltd

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

Contract revenue recognition

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that the total contract costs will exceed the total contact turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. Costs incurred in securing a contract are not included in the period in which they are incurred if the contract is obtained in a subsequent period.

The "percentage of completion" method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of the contract costs incurred for work performed to date compared with the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature and provided it is probable they will be recovered.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing Balance

 

Medland Developments Ltd

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

Fixtures and fittings

15% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

 

Medland Developments Ltd

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

4

Tangible assets

Plant and Machinery
£

Total
£

Cost or valuation

At 1 February 2023

54,186

54,186

Additions

4,832

4,832

At 31 January 2024

59,018

59,018

Depreciation

At 1 February 2023

14,092

14,092

Charge for the year

6,738

6,738

At 31 January 2024

20,830

20,830

Carrying amount

At 31 January 2024

38,188

38,188

At 31 January 2023

40,094

40,094

5

Stock

2024
£

2023
£

Work in progress

2,359,490

2,067,216

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

430,187

422,542

Other debtors

 

15,727

21,258

Prepayments

 

3,389

6,884

 

449,303

450,684

 

Medland Developments Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

52,512

88,861

Taxation and social security

16,937

7,110

Accruals and deferred income

4,000

4,000

Other creditors

1,554,015

1,280,688

1,627,464

1,380,659

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000