Manchester Property Development Holdings Limited 09328893 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is that of an investment holding company. 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2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09328893

Manchester Property Development Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Manchester Property Development Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Manchester Property Development Holdings Limited

Company Information

Director

Mr S J Beech

Registered office

C/O Williamson & Croft
York House
20 York Street
Manchester
M2 3BB

Accountants

Williamson & Croft Audit Ltd
Chartered Accountants
York House
20 York Street
Manchester
M2 3BB

 

Manchester Property Development Holdings Limited

(Registration number: 09328893)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

642,505

606,207

Investments

5

1,203,286

1,203,286

 

1,845,791

1,809,493

Current assets

 

Debtors

6

12,356,814

11,873,369

Cash at bank and in hand

 

91,035

97,040

 

12,447,849

11,970,409

Creditors: Amounts falling due within one year

7

(8,675,080)

(7,130,259)

Net current assets

 

3,772,769

4,840,150

Total assets less current liabilities

 

5,618,560

6,649,643

Creditors: Amounts falling due after more than one year

7

(9,598,783)

(9,621,783)

Net liabilities

 

(3,980,223)

(2,972,140)

Capital and reserves

 

Called up share capital

8

823

823

Retained earnings

(3,981,046)

(2,972,963)

Shareholders' deficit

 

(3,980,223)

(2,972,140)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 17 September 2024
 

.........................................
Mr S J Beech
Director

 

Manchester Property Development Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
C/O Williamson & Croft
York House
20 York Street
Manchester
M2 3BB
United Kingdom

These financial statements were authorised for issue by the director on 17 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.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore they continue to adopt the going concern basis of accounting in the preparation of the financial statements.

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.

 

Manchester Property Development Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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

Leasehold land and buildings

5% on cost

Leasehold improvements

5% on cost

Fixtures and fittings

15% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Manchester Property Development Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Manchester Property Development Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

176,246

705,648

881,894

Additions

-

100,196

100,196

At 30 September 2023

176,246

805,844

982,090

Depreciation

At 1 October 2022

64,414

211,273

275,687

Charge for the year

8,812

55,086

63,898

At 30 September 2023

73,226

266,359

339,585

Carrying amount

At 30 September 2023

103,020

539,485

642,505

At 30 September 2022

111,832

494,375

606,207

Included within the net book value of land and buildings above is £103,019 (2022 - £111,832) in respect of short leasehold land and buildings.
 

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,203,286

1,203,286

Subsidiaries

£

Cost or valuation

At 1 October 2022

1,203,286

Provision

Carrying amount

At 30 September 2023

1,203,286

At 30 September 2022

1,203,286

 

Manchester Property Development Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

5

Investments (continued)

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

25 Cross Street Limited

England and Wales

Ordinary

100%

100%

APTSM Limited

England and Wales

Ordinary

100%

100%

Beech Investments Limited

England and Wales

Ordinary

100%

100%

Beech Properties (Rusholme) Limited

England and Wales

Ordinary

100%

100%

Blackfriars St Ltd

England and Wales

Ordinary

100%

100%

Artillery House (Manchester) Ltd

England and Wales

Ordinary

100%

100%

Cross St (Manchester) Limited

England and Wales

Ordinary

100%

100%

Little Lever Street Ltd

England and Wales

Ordinary

100%

100%

Jordan Street Limited

England and Wales

Ordinary

100%

100%

Mason Street (Manchester) Limited

England and Wales

Ordinary

100%

100%

CCL Mediacity Ltd

England and Wales

Ordinary

100%

100%

Newton Street Manchester Limited

England and Wales

Ordinary

100%

100%

Manchester Waterloo Street Limited

England and Wales

Ordinary

100%

100%

Princess Street Limited

England and Wales

Ordinary

100%

100%

PS 121 Limited

England and Wales

Ordinary

100%

100%

PS115 Limited

England and Wales

Ordinary

100%

100%

Sackville Street Manchester Limited

England and Wales

Ordinary

100%

100%

 

Manchester Property Development Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

5

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Westpoint Manchester Limited

England and Wales

Ordinary

100%

100%

Ducie Street Limited

England and Wales

Ordinary

100%

100%

PS121 Investments Limited

England and Wales

Ordinary

100%

100%

Oxford Road Limited

England and Wales

Ordinary

100%

100%

Beech Holdings DB1 Limited

England and Wales

Ordinary

100%

100%

Beech Holdings DB2 Limited

England and Wales

Ordinary (indirect)

100%

100%

Beech Holdings DB3 Limited

England and Wales

Ordinary (indirect)

100%

100%

Beech Holdings DB4 Limited

England and Wales

Ordinary (indirect)

100%

100%

Beech House Manchester Limited

England and Wales

Ordinary (indirect)

100%

100%

Beech Investments GWS Limited

England and Wales

Ordinary (indirect)

100%

100%

Beech Investments KS51 Limited

England and Wales

Ordinary (indirect)

100%

100%

Beech Investments PS123 Limited

England and Wales

Ordinary (indirect)

100%

100%

KS 51 Limited

England and Wales

Ordinary (indirect)

100%

100%

Portland Street Limited

England and Wales

Ordinary (indirect)

100%

100%

Basil House Limited

England and Wales

Ordinary (indirect)

100%

100%

Beech Developments (Manchester) Limited

England and Wales

Ordinary

100%

100%

Beech Developments (Manchester) DB Limited

England and Wales

Ordinary (indirect)

100%

100%

Lever Street Limited

England and Wales

Ordinary

100%

100%

Hollyloch Limited

England and Wales

Ordinary (indirect)

100%

100%

 

Manchester Property Development Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

82,127

38,927

Amounts owed by group undertakings

9

7,514,455

7,424,051

Other debtors

 

4,760,232

4,410,391

 

12,356,814

11,873,369

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Trade creditors

 

1,250,241

244,835

Amounts owed to group undertakings

9

521,664

388,144

Accruals and deferred income

 

3,222,346

3,222,346

Other creditors

 

3,680,829

3,274,934

 

8,675,080

7,130,259

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9,598,783

9,621,783


Creditors include debentures and other loans which are secured against the assets of the Group headed by Manchester Property Development Holdings Limited of £9,598,783 (2022: £9,621,783).

 

Manchester Property Development Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

403

403

403

403

Ordinary B shares of £1 each

420

420

420

420

823

823

823

823

9

Related party transactions

The Company has taken advantage of the exemption in FRS 102 (Section 1A) from disclosing transactions with related parties where every party to the transaction is a wholly owned member of the same Group.

10

Parent and ultimate parent undertaking

There is no one ultimate controlling party.

 The company's immediate parent is Manchester Property Development Holdings Limited, incorporated in England and Wales.