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Registration number: 11488661

Mosterton Developments (SW) Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2022 to 29 February 2024

 

Mosterton Developments (SW) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Mosterton Developments (SW) Limited

(Registration number: 11488661)
Balance Sheet as at 29 February 2024

Note

2024
£

2022
£

Current assets

 

Debtors

4

685

204,382

Cash at bank and in hand

 

-

402

 

685

204,784

Creditors: Amounts falling due within one year

5

(201,633)

(170,973)

Total assets less current liabilities

 

(200,948)

33,811

Creditors: Amounts falling due after more than one year

5

-

(28,291)

Net (liabilities)/assets

 

(200,948)

5,520

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(200,949)

5,519

Shareholders' (deficit)/funds

 

(200,948)

5,520

For the financial period ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 director on 22 January 2025
 

J R Higdon
Director

   
     
 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 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:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

The principal place of business is:
Dipford House
Dipford Road
Trull
Taunton
Somerset
TA3 7NR

These financial statements were authorised for issue by the director on 22 January 2025.

2

Accounting policies

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 £.

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 periods presented, unless otherwise stated.

Going concern

The accounts have been prepared on a break up basis with assets written down to their recoverable amounts and liabilities provided for in full.

 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of property in the ordinary course of the company’s activities.

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 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.

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

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

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.

 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

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 company 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

A dividend distribution to the company’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 the director) during the period was 1 (2022 - 2).

4

Debtors

Note

2024
£

2022
£

Amounts owed by related parties

7

-

194,528

Other debtors

 

32

674

Prepayments

 

653

9,180

 

685

204,382

 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

5

Creditors

Due within one year

Note

2024
£

2022
£

 

Loans and borrowings

6

34,048

9,808

Trade creditors

 

-

5,961

Amounts due to related parties

7

31,218

16,113

Social security and other taxes

 

8,732

18,091

Accruals

 

127,635

121,000

 

201,633

170,973

Due after one year

 

Loans and borrowings

6

-

28,291

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2022
£

Other borrowings

-

28,291

Current loans and borrowings

2024
£

2022
£

Other borrowings

34,048

9,808

7

Related party transactions

Transactions with the director

2024

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Transactions during the year

674

60

(734)

-

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Transactions during the year

299,890

13,147

(312,363)

674

 

 

Mosterton Developments (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

The loan made to the director was repaid during the year. The loan was repayable on demand and interest was charged at the HMRC approved rate.

Summary of transactions with entities with joint control or significant interest

Fellow subsidiary of the group
 

Loans to related parties

2024

Parent
£

Total
£

At start of period

194,528

194,528

Repaid

(869)

(869)

Expenses recognised as bad debt

(193,659)

(193,659)

At end of period

-

-

2022

Parent
£

Other group companies
£

Total
£

At start of period

41,601

368,637

410,238

Advanced

316,518

1,139

317,657

Repaid

(163,591)

(46,147)

(209,738)

Expenses recognised as bad debt

-

(323,629)

(323,629)

At end of period

194,528

-

194,528

Loans from related parties

2024

Other group companies
£

Total
£

At start of period

16,113

16,113

Advanced

15,105

15,105

At end of period

31,218

31,218

2022

Other group companies
£

Total
£

Advanced

16,113

16,113

At end of period

16,113

16,113

8

Parent and ultimate parent undertaking

The company's immediate parent is Higdon Homes Limited, incorporated in England and Wales.