REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
FOR |
MATTWELL DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
FOR |
MATTWELL DEVELOPMENTS LIMITED |
MATTWELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07471519) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Period 1 January 2023 to 30 June 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MATTWELL DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
For The Period 1 January 2023 to 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MATTWELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07471519) |
ABRIDGED BALANCE SHEET |
30 June 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings | ( |
) |
( |
) |
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. |
MATTWELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07471519) |
ABRIDGED BALANCE SHEET - continued |
30 June 2024 |
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 |
MATTWELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07471519) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Period 1 January 2023 to 30 June 2024 |
1. | STATUTORY INFORMATION |
Mattwell Developments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate, as they have agreed not to withdraw their loan accounts and to provide the necessary finance to enable the company to meet its liabilities as they fall due. |
Revenue |
Turnover represents sales of property development and associated advisory services, excluding value added tax, performed during the year. |
Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
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 cost |
Motor vehicles | - | 25% on reducing balance |
Computer equipment | - | 33.33% on cost |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost, expect for investments in shares which are measured at cost less impairment. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
Deferred tax represents the future tax consequences of material transactions and events recognised in the financial statements of current and previous periods. |
Current and deferred tax assets and liabilities are not discounted and are recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss in the period to which they relate. |
MATTWELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07471519) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 January 2023 to 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments in listed investments |
Investments in listed investments are included at fair value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 January 2023 | 842,460 |
Revaluations | 709,714 |
At 30 June 2024 | 1,552,174 |
NET BOOK VALUE |
At 30 June 2024 | 1,552,174 |
At 31 December 2022 | 842,460 |
Cost or valuation at 30 June 2024 is represented by: |
Totals |
£ |
Valuation in 2022 | (57,831 | ) |
Valuation in 2024 | 310,329 |
Cost | 1,299,676 |
1,552,174 |
MATTWELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07471519) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 January 2023 to 30 June 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
If fixed asset investments had not been revalued they would have been included at the following historical cost: |
2024 | 2022 |
£ | £ |
Cost | 1,299,676 | 900,291 |
Listed investments were valued on an open market basis on 28 June 2024 by Hargreaves Lansdown . |
6. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2022 |
£ | £ |
Within one year |
Between one and five years |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
As at 30 June 2024, the directors had loaned the company £6,460,947 (2022 - £6,079,614), of which £6,000,000 (2022 - £6,000,000) is due after more than one year, subject to renewal. During the period ended 30 June 2024, interest of £516,635 (2022 - £275,749) was charged on the loan. |
8. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
MATTWELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07471519) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 January 2023 to 30 June 2024 |
8. | RELATED PARTY DISCLOSURES - continued |
During the year, the company entered into transactions with its related parties, which are members of the same group. |
Amounts owed by related parties at the end of the period: |
Crompton Close Management Company Limited £2,040 (2022 -£1,595) |
Lewtam Limited £1,009,203 (2022 - £760,164) |
Mahsro Limited £1,189,307 (2022 - £1,682,564) |
Manheath Limited £6,475 (2022 - £782,458) |
Mattwell Investments Limited £367,515 (2022 - £550,003) |
Mattwell Investments Residential Limited £600,605 (2022 - £655,819) |
Telamon Limited £208 (2022 - £352) |
Trizec Limited - £1,048,383 (2022 - £Nil) |
Pace Loxwood Limited - £534,646 (2022 - £Nil) |
These amounts are unsecured, interest-free and repayable on demand. |
No guarantees have been given or received. No expenses have been recognised during the current or previous financial year for bad or doubtful debts in respect of the amounts owed by or to related parties. |