Company registration number 6943326 (England and Wales)
MNM DEVELOPMENTS (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MNM DEVELOPMENTS (SCOTLAND) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MNM DEVELOPMENTS (SCOTLAND) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,317
58,695
Current assets
Stocks
1,371,584
218,785
Debtors
4
209,982
973,087
Cash at bank and in hand
21,700
140,355
1,603,266
1,332,227
Creditors: amounts falling due within one year
5
(1,610,588)
(938,158)
Net current (liabilities)/assets
(7,322)
394,069
Total assets less current liabilities
18,995
452,764
Creditors: amounts falling due after more than one year
6
(90,834)
Provisions for liabilities
7
(6,579)
(14,674)
Net assets
12,416
347,256
Capital and reserves
Called up share capital
9
300
300
Profit and loss reserves
12,116
346,956
Total equity
12,416
347,256
MNM DEVELOPMENTS (SCOTLAND) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
Marc Teague
Director
Company registration number 6943326 (England and Wales)
MNM DEVELOPMENTS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
MNM DEVELOPMENTS (SCOTLAND) LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN and the principal place of business is Unit 2, 79A Salamander Street, Leith, Edinburgh, EH6 7JZ.
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
Management truehas determined that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going concern due to the current economic climate. Though, it expects that the company's performance will be mainly impacted due to increased subcontractor and material costs.
1.3
Turnover
Turnover represents amounts receivable for property sales and contracting work done. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance
Integral features
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
In the previous year, it became clear that plant and machinery would last longer than previously estimated, and that the total life was now expected to be more than five years. Therefore, the depreciation policy for plant and machinery was amended from 20% straight line to 15% reducing balance method. The other assumptions remained unchanged. Comparatives and balances brought forward were not amended.
MNM DEVELOPMENTS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Work in progress
Work in progress is valued at the lower of cost and net realisable value, whichever is lower. The cost of work in progress comprises raw materials, direct labour, other direct costs and related overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MNM DEVELOPMENTS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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 fixed 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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
9
MNM DEVELOPMENTS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Integral features
Total
£
£
£
£
£
Cost
At 1 July 2023
153,900
81,161
46,281
45,734
327,076
Additions
1,919
1,919
Disposals
(41,500)
(41,500)
At 30 June 2024
112,400
83,080
46,281
45,734
287,495
Depreciation and impairment
At 1 July 2023
120,820
67,842
42,047
37,672
268,381
Depreciation charged in the year
2,200
8,863
1,058
3,762
15,883
Eliminated in respect of disposals
(23,086)
(23,086)
At 30 June 2024
99,934
76,705
43,105
41,434
261,178
Carrying amount
At 30 June 2024
12,466
6,375
3,176
4,300
26,317
At 30 June 2023
33,080
13,319
4,234
8,062
58,695
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,396
1,971
Corporation tax recoverable
4,704
Other debtors (note 12)
201,882
971,116
209,982
973,087
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
70,660
105,826
Trade creditors
633,177
607,310
Corporation tax
4,738
Other taxation and social security
14,617
35,041
Other creditors (note 12)
892,134
185,243
1,610,588
938,158
MNM DEVELOPMENTS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
90,834
The bank loan has been secured by a fixed and floating charge over the assets of the company.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
6,579
14,674
8
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,854
9,108
The company operates two separate defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds.
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary shares of £1 each
300
300
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
17,553
11
Controlling party
The company was controlled throughout the previous and current years by the directors by virtue of the fact that between them, they own all of the company's issued share capital.
MNM DEVELOPMENTS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
12
Related party transactions
In the previous year, iincluded in other debtors (note4) there was an amount of £774,896 owed by Evantyr Properties Limited. In the current year, included in other creditors (note5) there is an amount of £687,078 owed to Evantyr Properties Limited.This is a company in which the directors are the only directors/shareholders.
As at 30 June 2024 the company also provided subcontracting work to Evantyr Properties Limited for total invoiced amount of £5,289,391 (2023: £7,527,247).
Included in other creditors (note5) there is an amount of £186,891 (2023: £164,991) due to Danvic Investments Limited, a company in which the directors are also the only directors/shareholders.
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