Registered number
11027096
Maguires Developments Limited
Report and Accounts
31 January 2024
Accountancy 4 Wealth Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Maguires Developments Limited
Registered number: 11027096
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 157,585 20,390
Current assets
Stocks 2,313,324 1,037,677
Debtors 4 387,512 407,169
Cash at bank and in hand 7,581 225
2,708,417 1,445,071
Creditors: amounts falling due within one year 5 (2,369,079) (972,324)
Net current assets 339,338 472,747
Total assets less current liabilities 496,923 493,137
Provisions for liabilities (6,161) (3,874)
Net assets 490,762 489,263
Capital and reserves
Called up share capital 100 100
Profit and loss account 490,662 489,163
Shareholders' funds 490,762 489,263
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W T B Maguire
Director
Approved by the board on 24 October 2024
Maguires Developments Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 - 36,250 36,250
Additions 132,940 21,051 153,991
Disposals - (15,250) (15,250)
At 31 January 2024 132,940 42,051 174,991
Depreciation
At 1 February 2023 - 15,860 15,860
Charge for the year - 8,218 8,218
On disposals - (6,672) (6,672)
At 31 January 2024 - 17,406 17,406
Net book value
At 31 January 2024 132,940 24,645 157,585
At 31 January 2023 - 20,390 20,390
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 83,302 7,256
Other debtors 304,210 399,913
387,512 407,169
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,003,770 812,737
Amounts owed to group undertakings and undertakings in which the company has a participating interest 160,000 -
Corporation tax 176,829 110,869
Other creditors 1,028,480 48,718
2,369,079 972,324
6 Related party transactions
At the year end the company owed the director £249,189 (2023: the director owed £187,185)
7 Controlling party
The ultimate holding company is Maguire Park Holdings Ltd, which is controlled by the Maguire family.
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