Company Registration No. 12685933 (England and Wales)
Marygate Developments Limited
Unaudited financial statements
For the year ended 28 February 2024
Pages for filing with registrar
MARYGATE DEVELOPMENTS LIMITED
Marygate Developments Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
MARYGATE DEVELOPMENTS LIMITED
Marygate Developments Limited
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
1,022
1,022
Current assets
Debtors
4
1,538,835
1,332,610
Cash at bank and in hand
66,808
30,976
1,605,643
1,363,586
Creditors: amounts falling due within one year
5
(4,840)
(3,340)
Net current assets
1,600,803
1,360,246
Total assets less current liabilities
1,601,825
1,361,268
Creditors: amounts falling due after more than one year
6
(1,615,359)
(1,371,353)
Net liabilities
(13,534)
(10,085)
Capital and reserves
Called up share capital
7
110
110
Profit and loss reserves
(13,644)
(10,195)
Total equity
(13,534)
(10,085)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MARYGATE DEVELOPMENTS LIMITED
Marygate Developments Limited
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
I Yardley
Director
Company Registration No. 12685933
MARYGATE DEVELOPMENTS LIMITED
Marygate Developments Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Marygate Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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. The directors have confirmed that they will continue to make funds available in order to ensure that the company can meet its day to day liabilities as they fall due.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,022
1,022
MARYGATE DEVELOPMENTS LIMITED
Marygate Developments Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,538,835
1,332,610
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,340
-
0
Other creditors
2,500
3,340
4,840
3,340
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,615,359
1,371,353
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of 10p each
50
50
5
5
Ordinary C shares of 10p each
20
20
2
2
Ordinary D shares of 10p each
30
30
3
3
200
200
110
110
8
Related party transactions

Included in Other creditors is an amount of £1,615,359 (2023: £1,371,353) due to a company under control of a common director.

 

Included in Debtors under Amounts owed by group undertakings are interest free loans totalling £1,538,835 (2023: £1,332,610) to two companies under control of common directors.

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