Markden Homes Limited 13845323 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is development of building projects. Digita Accounts Production Advanced 6.30.9574.0 true true false false 13845323 2023-04-01 2024-03-31 13845323 2024-03-31 13845323 core:RetainedEarningsAccumulatedLosses 2024-03-31 13845323 core:ShareCapital 2024-03-31 13845323 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13845323 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 13845323 core:AdditionsToInvestments 2024-03-31 13845323 core:CostValuation 2024-03-31 13845323 bus:SmallEntities 2023-04-01 2024-03-31 13845323 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13845323 bus:FullAccounts 2023-04-01 2024-03-31 13845323 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13845323 bus:RegisteredOffice 2023-04-01 2024-03-31 13845323 bus:Director2 2023-04-01 2024-03-31 13845323 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13845323 1 2023-04-01 2024-03-31 13845323 countries:EnglandWales 2023-04-01 2024-03-31 13845323 core:CostValuation 2023-03-31 13845323 2022-01-12 2023-03-31 13845323 2023-03-31 13845323 core:RetainedEarningsAccumulatedLosses 2023-03-31 13845323 core:ShareCapital 2023-03-31 13845323 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13845323 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13845323

Markden Homes Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Markden Homes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Markden Homes Limited

(Registration number: 13845323)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

7

6

Current assets

 

Debtors (including £7,111,410 (£3,681,790 - 2023) due after one year)

5

7,901,333

3,754,446

Cash at bank and in hand

 

100

4,532

 

7,901,433

3,758,978

Creditors: Amounts falling due within one year

6

(7,931,199)

(106,841)

Net current (liabilities)/assets

 

(29,766)

3,652,137

Total assets less current liabilities

 

(29,759)

3,652,143

Creditors: Amounts falling due after more than one year

6

-

(3,708,429)

Net liabilities

 

(29,759)

(56,286)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(29,859)

(56,386)

Shareholders' deficit

 

(29,759)

(56,286)

 

Markden Homes Limited

(Registration number: 13845323)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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 18 September 2024 and signed on its behalf by:
 

.........................................
Ms JE Ismail
Director

 

Markden Homes Limited

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

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:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
M5 4ZG
England

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.

Group accounts not prepared

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent, qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by its parent companies. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

 

Markden Homes Limited

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

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Investments

Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Investments

2024
£

2023
£

Investments in subsidiaries

7

6

Subsidiaries

£

Cost or valuation

At 1 April 2023

6

Additions

1

At 31 March 2024

7

Carrying amount

At 31 March 2024

7

At 31 March 2023

6

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

 

Markden Homes Limited

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


 

Proportion of voting rights

Undertaking

Holding

and shares held

Principal Activity

Subsidiary undertaking

2024

2023

Markden Homes Construction Limited

Ordinary

100%

100%

Development of building projects

Markden Homes SPV 1 Limited

Ordinary

100%

100%

Development of building projects

Markden Homes SPV 2 Limited

Ordinary

100%

100%

Development of building projects

Markden Homes SPV 3 Limited

Ordinary

100%

100%

Development of building projects

Markden Homes SPV 4 Limited

Ordinary

100%

100%

Development of building projects

Markden Homes SPV 5 Limited

Ordinary

100%

100%

Development of building projects

Markden Homes SPV 6 Limited

Ordinary

100%

Development of building projects


 

All companies listed above hold the registered office of:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
England
M5 4ZG

 

Markden Homes Limited

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

5

Debtors

2024
£

2023
£

Amounts owed by related parties

7,168,909

3,681,790

Prepayments

732,374

72,606

Other debtors

50

50

Details of non-current trade and other debtors

£7,111,410 (2023: £3,681,790) of 'owed by group undertakings' is classified as non current.

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Owed to group undertakings

7,137,024

-

Accruals and deferred income

794,175

106,841

7,931,199

106,841

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Owed to related parties

-

3,708,429

Included within Owed to related parties is £7,137,023 (£3,708,429 - 2023) in relation to a loan which is secured by a first legal mortgage dated 8 February 2023 and 21 March 2023 by Salboy Partnerships Limited, securing any monies due to them.

The legal mortgages created a fixed and floating charge over the company’s freehold or leasehold property as well as the properties known as 'land at Lamphouse Way, Wolstanton, Newcastle-Under-Lyme' which is owned by Markden Homes SPV 1 Limited, and ‘Tenford Lane, Tean, Stoke-on-Trent’ which is owned by Markden Homes SPV 2 Limited. As well as the above, a floating charge over all the property or undertakings of the company.

 

Markden Homes Limited

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

7

Parent and ultimate parent undertaking

The immediate parent companies are Salboy Partnerships Limited and Markden Limited who both own 50% of the shareholding in Markden Homes Limited. There is no ultimate parent company of Markden Homes Limited.

Salboy Partnerships Limited is a company incorporated in England and Wales, company number 13626842, registered office Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, England, M5 4ZG.

Markden Limited is a company incorporated in England and Wales, company number 13793421, registered office Helliwell Handscomb, 15 Littlethorpe Hill, Hartshead, Liversedge, West Yorkshire, WF15 8AZ.