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Company No: 11776478 (England and Wales)

MICHAEL WARNER DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MICHAEL WARNER DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MICHAEL WARNER DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
MICHAEL WARNER DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 174,693 240,255
Investment property 4 172,551 172,551
347,244 412,806
Current assets
Debtors 5 2,701 0
Cash at bank and in hand 8 5
2,709 5
Creditors: amounts falling due within one year 6 ( 88,364) ( 133,523)
Net current liabilities (85,655) (133,518)
Total assets less current liabilities 261,589 279,288
Provision for liabilities ( 33,192) ( 44,596)
Net assets 228,397 234,692
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 228,297 234,592
Total shareholders' funds 228,397 234,692

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 financial statements of Michael Warner Developments Limited (registered number: 11776478) were approved and authorised for issue by the Board of Directors on 02 December 2024. They were signed on its behalf by:

I M W Askew
Director
MICHAEL WARNER DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MICHAEL WARNER DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Michael Warner Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Maple House, Ham Green, Mathon, WR13 5PQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 April 2023 336,013 336,013
Additions 40,690 40,690
Disposals ( 59,520) ( 59,520)
At 31 March 2024 317,183 317,183
Accumulated depreciation
At 01 April 2023 95,758 95,758
Charge for the financial year 66,760 66,760
Disposals ( 20,028) ( 20,028)
At 31 March 2024 142,490 142,490
Net book value
At 31 March 2024 174,693 174,693
At 31 March 2023 240,255 240,255

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 172,551
As at 31 March 2024 172,551

5. Debtors

2024 2023
£ £
Trade debtors 1,000 0
VAT recoverable 64 0
Other debtors 1,637 0
2,701 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 386
Amounts owed to connected companies 20,400 4,277
Amounts owed to directors 21,353 65,399
Accruals and deferred income 40,241 56,080
Taxation and social security 6,370 7,381
88,364 133,523

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
55 Ordinary A shares of £ 1.00 each 55 55
45 Ordinary B shares of £ 1.00 each 45 45
100 100

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amount owed to directors 21,353 65,399

The amounts due to the company directors are repayable on demand and interest has not been charged.