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Registration number: 13846606

Markden Homes SPV 1 Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Markden Homes SPV 1 Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Markden Homes SPV 1 Limited

(Registration number: 13846606)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

1,739,179

1,345,713

Debtors

5

202,297

16,010

Cash at bank and in hand

 

-

1,806

 

1,941,476

1,363,529

Creditors: Amounts falling due within one year

6

(497,738)

(177,529)

Total assets less current liabilities

 

1,443,738

1,186,000

Creditors: Amounts falling due after more than one year

6

(1,447,238)

(1,188,092)

Net liabilities

 

(3,500)

(2,092)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(3,501)

(2,093)

Shareholders' deficit

 

(3,500)

(2,092)

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 SPV 1 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.

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 SPV 1 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.

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.

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.

3

Staff numbers

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

4

Stocks

2024
£

2023
£

Work in progress

1,739,179

1,345,713

5

Debtors

 

Markden Homes SPV 1 Limited

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

Note

2024
£

2023
£

Amounts owed by related parties

200,000

-

Other debtors

 

2,297

16,010

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

1

-

Taxation and social security

 

200

-

Accruals and deferred income

 

497,537

177,529

 

497,738

177,529

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

1

-

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Owed to group undertakings

1,447,238

1,188,092

Included within Owed to group undertakings is £1,447,238 (2023 - £1,188,092) in relation to a loan which is secured by fixed and floating charge dated 20 February 2023 over all the property or undertaking of the company and the property at Lamphouse Way, Wolstanton.

 

Markden Homes SPV 1 Limited

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

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

1

-

8

Parent and ultimate parent undertaking

The immediate parent company is Markden Homes North West Limited. The share capital of Markden Homes Northwest is owned equally by Salboy Partnerships Limited and Markden Limited. There is no ultimate controlling party.

Salboy Partnerships 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.