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Registration number: 11209081

MTH Developments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

MTH Developments Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

MTH Developments Ltd

(Registration number: 11209081)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,615

145

Investment property

5

1,040,000

800,000

 

1,041,615

800,145

Current assets

 

Stocks

6

420,000

185,271

Cash at bank and in hand

 

9,311

107,834

 

429,311

293,105

Creditors: Amounts falling due within one year

7

(1,420,755)

(1,039,802)

Net current liabilities

 

(991,444)

(746,697)

Total assets less current liabilities

 

50,171

53,448

Provisions for liabilities

(58,185)

(10,807)

Net (liabilities)/assets

 

(8,014)

42,641

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(8,114)

42,541

Shareholders' (deficit)/funds

 

(8,014)

42,641

 

MTH Developments Ltd

(Registration number: 11209081)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 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 27 November 2024 and signed on its behalf by:
 

T Green
Director

   
     
 

MTH Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

The principal place of business is:
New House
Silveys Lane
Catbrain Hill
Bristol
BS10 7TJ

These financial statements were authorised for issue by the Board on 27 November 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 are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial
statements.

 

MTH Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of property and of rents receivable 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 deferred 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% straight line

Motor vehicles

33% straight line

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 valuers 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.

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.

 

MTH Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Stocks

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 group’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 directors) during the year was 3 (2023 - 3).

 

MTH Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

711

-

711

Additions

-

2,000

2,000

At 29 February 2024

711

2,000

2,711

Depreciation

At 1 March 2023

566

-

566

Charge for the year

145

385

530

At 29 February 2024

711

385

1,096

Carrying amount

At 29 February 2024

-

1,615

1,615

At 28 February 2023

145

-

145

5

Investment properties

2024
£

At 1 March

800,000

Additions

587,497

Transfers to and from inventories

(420,000)

Fair value adjustments

72,503

At 29 February 2024

1,040,000

The investment properties are recognised at fair value and were valued by the directors at the year end. The valuation is based on open market value and the directors deem this an appropriate valuation based on their expertise. The property was independently valued by CKM Surveyors Ltd on 05 March 2024 and the directors believe that the valuation is an accurate representation of the market value as at 29 February 2024.

6

Stocks

2024
£

2023
£

Work in progress

420,000

185,271

 

MTH Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

333,290

-

Amounts due to related parties

9

1,074,246

1,030,696

Accruals

 

5,406

2,220

Corporation tax liability

-

6,886

Deferred income

 

7,813

-

 

1,420,755

1,039,802

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

333,290

-

Bank borrowings include a loan, which is denominated in GBP with a nominal interest rate of 17.8%,
and the final instalment is due on 14 April 2024. The carrying amount at the year end is £329,280.
The bank has a fixed and floating charge over all assets and undertakings of the company, including the freehold property known as 798 Filton Avenue, Bristol.

 

MTH Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

1,030,696

1,030,696

Advanced

43,550

43,550

At end of period

1,074,246

1,074,246

2023

Key management
£

Total
£

At start of period

1,017,349

1,017,349

Advanced

13,347

13,347

At end of period

1,030,696

1,030,696

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.