Madden Homes Limited 09204301 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Leasing of owned property Digita Accounts Production Advanced 6.30.9574.0 true true 09204301 2023-04-01 2024-03-31 09204301 2024-03-31 09204301 core:CurrentFinancialInstruments 2024-03-31 09204301 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09204301 bus:SmallEntities 2023-04-01 2024-03-31 09204301 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09204301 bus:FullAccounts 2023-04-01 2024-03-31 09204301 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09204301 bus:RegisteredOffice 2023-04-01 2024-03-31 09204301 bus:Director1 2023-04-01 2024-03-31 09204301 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09204301 countries:EnglandWales 2023-04-01 2024-03-31 09204301 2023-03-31 09204301 2022-04-01 2023-03-31 09204301 2023-03-31 09204301 core:CurrentFinancialInstruments 2023-03-31 09204301 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09204301

Madden Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Madden Homes Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Madden Homes Limited

Company Information

Director

P Madden

Registered office

Tudor Croft
Woodfield Lane
Hessle
East Yorkshire
HU13 0ES

 

Madden Homes Limited

(Registration number: 09204301)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

285,000

285,000

Current assets

 

Debtors

5

360

1,590

Cash at bank and in hand

 

32,247

108,310

 

32,607

109,900

Creditors: Amounts falling due within one year

6

(96,042)

(190,391)

Net current liabilities

 

(63,435)

(80,491)

Total assets less current liabilities

 

221,565

204,509

Provisions for liabilities

(8,177)

(8,177)

Net assets

 

213,388

196,332

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

43,037

43,037

Retained earnings

170,251

153,195

Shareholders' funds

 

213,388

196,332

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.

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.

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 Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 August 2024
 

.........................................
P Madden
Director

 

Madden Homes Limited

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

1

General information

The company is a private limited company incorporated in England and Wales and the company registration number is 09204301.

The address of its registered office is:
Tudor Croft
Woodfield Lane
Hessle
East Yorkshire
HU13 0ES

These financial statements were authorised for issue by the director on 21 August 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 have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of private residential lettings 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.

Tax

The tax expense for the period comprises current 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.

Investment property

Investment properties are stated in the statement of financial position at fair value.

The cost of investment properties includes directly attributable incremental costs incurred in their acquisition.

 

Madden Homes Limited

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

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 clients for rental amounts due in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost using the effective interest method, less irrecoverable debts. A provision for irrecoverable debts 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.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 April

285,000

At 31 March

285,000

There has been no valuation of investment property by an independent valuer.

Investment property was revalued by the Director in the prior period and is stated at its fair value at the balance sheet date. There has been no independant valuation in the period.

5

Debtors

2024
£

2023
£

Trade debtors

360

360

Prepayments

-

1,230

360

1,590

 

Madden Homes Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

90,665

185,625

Taxation and social security

 

4,149

3,598

Accruals and deferred income

 

1,228

1,168

 

96,042

190,391

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

90,665

185,625

Other borrowings relate to unsecured Director loans.

8

Related party transactions

Other transactions with the Director

At the year end the company owed the directors £90,665 (2023: £185,625). Loans made to the company by the directors are unsecured, interest free and repayable on demand.