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REGISTERED NUMBER: 00862027 (England and Wales)















Financial Statements

for the Year Ended 30 September 2023

for

Manawey Developments Limited

Manawey Developments Limited (Registered number: 00862027)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Manawey Developments Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: L M Froggatt
C L Froggatt
A Froggatt
D L Froggatt





REGISTERED OFFICE: Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA





REGISTERED NUMBER: 00862027 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Manawey Developments Limited (Registered number: 00862027)

Statement of Financial Position
30 September 2023

30/9/23 30/9/22
Notes £    £   
FIXED ASSETS
Tangible assets 5 - -
Investments 6 58 58
58 58

CURRENT ASSETS
Stocks 834,673 814,673
Debtors 7 8,142,771 11,085,707
Cash at bank 34,033 24,579
9,011,477 11,924,959
CREDITORS
Amounts falling due within one year 8 (3,537,568 ) (3,487,821 )
NET CURRENT ASSETS 5,473,909 8,437,138
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,473,967

8,437,196

CREDITORS
Amounts falling due after more than one
year

9

(4,437,500

)

(4,437,500

)
NET ASSETS 1,036,467 3,999,696

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 1,036,447 3,999,676
1,036,467 3,999,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Manawey Developments Limited (Registered number: 00862027)

Statement of Financial Position - continued
30 September 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





L M Froggatt - Director


Manawey Developments Limited (Registered number: 00862027)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Manawey Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks represent properties acquired for development and properties currently being developed. All costs associated with the development work are included and a provision is made if the carrying value of the stocks are deemed to be greater than fair value. Such provision is expensed through profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Manawey Developments Limited (Registered number: 00862027)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
Cost
At 1 October 2022
and 30 September 2023 2,862
Depreciation
At 1 October 2022
and 30 September 2023 2,862
Net book value
At 30 September 2023 -
At 30 September 2022 -

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 October 2022
and 30 September 2023 58
Net book value
At 30 September 2023 58
At 30 September 2022 58

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
£    £   
Trade debtors 49,715 10,823
Amounts owed by group undertakings 5,090,153 6,636,758
Amounts owed by associates 1,311,471 1,311,471
Other debtors 1,691,432 3,126,655
8,142,771 11,085,707

Manawey Developments Limited (Registered number: 00862027)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
£    £   
Bank loans and overdrafts 705 -
Trade creditors 401,124 372,097
Amounts owed to group undertakings 1,286,919 1,275,565
Amounts owed to associates 603,848 714,412
Taxation and social security 1,113,321 964,004
Other creditors 131,651 161,743
3,537,568 3,487,821

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/9/23 30/9/22
£    £   
Bank loans 4,437,500 4,437,500

10. SECURED DEBTS

The following secured debts are included within creditors:

30/9/23 30/9/22
£    £   
Bank loans 4,437,500 4,437,500

Included in the balance sheet are financial commitments of £4,437,500 (2022 - £4,437,500). This is secured on assets held by the company and is part of a loan shared between Areawise Limited, Crowdhill Limited, and Froggatt Investments Limited.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, a total balance of £1,501,560 (2022 - £3,120) was lent to the company, on which no interest was charged. However, £44,297 (2022 - £2,310,587) was also lent to the director on which interest of 2% was charged. This results in a total balance of £901,361 (2022 - £2,358,624) due to the company.

12. RELATED PARTY DISCLOSURES

During the year the company loaned £nil (2022 - £944,880) to Tempesta Ltd (a company owned by Christopher Froggatt and Lionel Froggatt) of which £1,311,470 (2022 - £1,311,470) is outstanding at the reporting date.

Included within amounts owed to associates is £603,848 (2022 - £714,412 due to Inducon (Westminster) Limited, a company registered in England and Wales, owned by Mr L Froggatt. No interest has been charged on this balance and it is repayable on demand.

Included in other debtors, is the amount of £450,000 due from an unincorporated business owned by Christopher Froggatt.

13. ULTIMATE CONTROLLING PARTY

Manawey Developments Limited is a 100% subsidiary of Areawise Limited, a company registered in England and Wales, under control of Mr L Froggatt, company director, who is the ultimate controlling party.