Company registration number 12011966 (England and Wales)
DEVELOPMENT FINANCE (MARYLEBONE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DEVELOPMENT FINANCE (MARYLEBONE) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
DEVELOPMENT FINANCE (MARYLEBONE) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
3
12,297,206
10,806,765
Cash and cash equivalents
141,134
262,701
12,438,340
11,069,466
Current liabilities
4
(691,720)
(2,149,320)
Net current assets
11,746,620
8,920,146
Non-current liabilities
5
(8,499,998)
(6,500,000)
Net assets
3,246,622
2,420,146
Equity
Called up share capital
99
99
Retained earnings
3,246,523
2,420,047
Total equity
3,246,622
2,420,146
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
The financial statements were approved and signed by the director and authorised for issue on 3 December 2024
Stephen Conway
Director
Company Registration No. 12011966
DEVELOPMENT FINANCE (MARYLEBONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Development Finance (Marylebone) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Penthouse 5, Harley House, Marylebone Road, London, NW1 5HN.
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
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
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 current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense for the period comprises current and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
DEVELOPMENT FINANCE (MARYLEBONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
11,830,086
10,160,149
Prepayments and accrued income
467,120
646,616
12,297,206
10,806,765
4
Current liabilities
2024
2023
£
£
Other borrowings
24,356
1,274,354
Corporation tax
275,492
225,294
Other payables
356,472
621,472
Accruals and deferred income
35,400
28,200
691,720
2,149,320
5
Non-current liabilities
2024
2023
£
£
Other payables
8,499,998
6,500,000
DEVELOPMENT FINANCE (MARYLEBONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Non-current liabilities
(Continued)
- 4 -
The non-current liabilities consist of 8,499,998 Redeemable shares of £1 each which includes 1,999,998 shares issued on 26 February 2024 pursuant to a Rights Issue of 20,202 new Redeemable shares for every Ordinary share then in issue.
6
Related party transactions
Included within creditors at the balance sheet date is £77,000 (2023: £77,000) owed to Galliard Homes Limited, of which S S Conway is a director, £273,000 (2023: £538,000) owed to Ruby Morris Finance Limited, a company owned and controlled by the wife of S S Conway and £6,472 (2023: £6,472) owed to a pension scheme run for the benefit of S S Conway.
7
Ultimate controlling party
The immediate and ultimate controlling party is the director, S S Conway, who is the owner of 100% of the ordinary share capital.