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Registered number: 09487570









MORCOM WOODLEY DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
MORCOM WOODLEY DEVELOPMENTS LIMITED
REGISTERED NUMBER: 09487570

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024


2024

2023
Note
£
£
£
£

  

Current assets
  

Stocks
 4 
634,520
634,520

Debtors: amounts falling due within one year
 5 
397
424

Cash at bank and in hand
 6 
1,362
1,466

  
636,279
636,410

Creditors: amounts falling due within one year
 7 
(669,392)
(667,248)

Net current liabilities
  
 
 
(33,113)
 
 
(30,838)

  

Net liabilities
  
(33,113)
(30,838)


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
(33,114)
(30,839)

  
(33,113)
(30,838)


Page 1

 
MORCOM WOODLEY DEVELOPMENTS LIMITED
REGISTERED NUMBER: 09487570
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.




E W Payne
Director


The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
MORCOM WOODLEY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Morcom Woodley Developments Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.
The principal activity of the company continues to be that of property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the net liabilities of £33,113 (2023 - £30,838), which the directors believe to be appropriate for the following reasons.
 
The parent company, Morcom Woodley Holdings Limited, was owed £669,248
 (2023 - £667,248) as at the Statement of financial position date. The parent company has provided the company with confirmation that they will continue to fund the development project and will not seek repayment of the loan until such a time as the company has sufficient funds to do so. On the above basis, the directors consider that the preparation of the financial statements on a going concern basis is appropriate.

 
2.3

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


  
2.4

Stocks

Stocks comprise of property developments and are valued at the lower of cost and net realisable value. Costs include all direct costs of the property to arrive at its current condition.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in  the Statement of comprehensive income.

Page 3

 
MORCOM WOODLEY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Stocks

2024
2023
£
£

Property stock
634,520
634,520

634,520
634,520



5.


Debtors

2024
2023
£
£


Other debtors
397
424

397
424



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,362
1,466

1,362
1,466


Page 4

 
MORCOM WOODLEY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
144
-

Amounts owed to group undertakings
669,248
667,248

669,392
667,248



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1



9.


Related party transactions

The company has taken advantage allowed by Financial Reporting Standard 102, not to disclose any transactions with other wholly owned members of the group.


10.


Ultimate parent undertaking and controlling party

The ultimate parent company is Morcom Woodley Holdings Limited. The controlling party is M E Payne by virtue of her shareholding in the parent company.

 
Page 5