EXCHANGE DEVELOPMENT 001 LIMITED

Company Registration Number:
11921430 (England and Wales)

Unaudited abridged accounts for the year ended 30 April 2024

Period of accounts

Start date: 01 May 2023

End date: 30 April 2024

EXCHANGE DEVELOPMENT 001 LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2024

Balance sheet
Notes

EXCHANGE DEVELOPMENT 001 LIMITED

Balance sheet

As at 30 April 2024


Notes

2024

2023


£

£
Current assets
Stocks: 6,467,351 2,349,325
Debtors:   22,516 147,689
Cash at bank and in hand: 63,580 75,312
Total current assets: 6,553,447 2,572,326
Creditors: amounts falling due within one year: 3 (7,731,184) (1,097,451)
Net current assets (liabilities): (1,177,737) 1,474,875
Total assets less current liabilities: (1,177,737) 1,474,875
Creditors: amounts falling due after more than one year:     (1,943,200)
Total net assets (liabilities): (1,177,737) (468,325)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (1,177,738) (468,326)
Shareholders funds: (1,177,737) (468,325)

The notes form part of these financial statements

EXCHANGE DEVELOPMENT 001 LIMITED

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 24 January 2025
and signed on behalf of the board by:

Name: Stuart Law
Status: Director

The notes form part of these financial statements

EXCHANGE DEVELOPMENT 001 LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents amounts recognised by the company in respect of goods and services, exclusive of Value Added Tax and trade discounts. turnover is generated from the development of residential property.

Other accounting policies

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs

EXCHANGE DEVELOPMENT 001 LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

2. Employees

2024 2023
Average number of employees during the period 1 1

EXCHANGE DEVELOPMENT 001 LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Creditors: amounts falling due within one year note

Included within 'creditors - amounts falling due within one year' is an amount of £6,266,289 which is secured by way of a fixed charge over land held by the company.

EXCHANGE DEVELOPMENT 001 LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Related party transactions

Included within creditors is an amount of £1,190695 due to a connected party. This loan is interest free, with no fixed repayment date.