MFM Developments Limited 04019506 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property development. This remains unchanged since last year Digita Accounts Production Advanced 6.30.9574.0 true 04019506 2023-04-01 2024-03-31 04019506 2024-03-31 04019506 core:RetainedEarningsAccumulatedLosses 2024-03-31 04019506 core:ShareCapital 2024-03-31 04019506 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 04019506 core:CurrentFinancialInstruments 2024-03-31 04019506 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04019506 bus:SmallEntities 2023-04-01 2024-03-31 04019506 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04019506 bus:FullAccounts 2023-04-01 2024-03-31 04019506 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04019506 bus:RegisteredOffice 2023-04-01 2024-03-31 04019506 bus:Director1 2023-04-01 2024-03-31 04019506 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04019506 countries:England 2023-04-01 2024-03-31 04019506 2023-03-31 04019506 2022-04-01 2023-03-31 04019506 2023-03-31 04019506 core:RetainedEarningsAccumulatedLosses 2023-03-31 04019506 core:ShareCapital 2023-03-31 04019506 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-03-31 04019506 core:CurrentFinancialInstruments 2023-03-31 04019506 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 04019506

MFM Developments Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

MFM Developments Limited

(Registration number: 04019506)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

255,000

255,000

Other financial assets

5

25,000

25,000

 

280,000

280,000

Current assets

 

Debtors

8,830

-

Cash at bank and in hand

 

4,477

7,249

 

13,307

7,249

Creditors: Amounts falling due within one year

6

(276,252)

(284,013)

Net current liabilities

 

(262,945)

(276,764)

Net assets

 

17,055

3,236

Capital and reserves

 

Called up share capital

8

8

Retained earnings

17,047

3,228

Shareholders' funds

 

17,055

3,236

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.

Approved and authorised by the Board on 13 November 2024 and signed on its behalf by:
 


Mr B S Lally
Director

   
 

MFM Developments 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.

The address of its registered office is:
4 Avenue Fontenay
Scunthorpe
North Lincolnshire
DN15 8EN

Registration number: 04019506

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

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 property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

MFM Developments 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 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 at the transaction price.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 April

255,000

At 31 March

255,000

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

 

MFM Developments Limited

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

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Other non-current financial assets

25,000

25,000

At 31 March 2024

25,000

25,000

Carrying amount

At 31 March 2024

25,000

25,000

At 31 March 2023

25,000

25,000

6

Creditors

2024
£

2023
£

Due within one year

Social security and other taxes

2,527

7

Other creditors

273,725

284,006

276,252

284,013