REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
Manawey Developments Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
Manawey Developments Limited (Registered number: 00862027) |
Statement of Financial Position - continued |
30 September 2023 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
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. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 October 2022 |
and 30 September 2023 |
Depreciation |
At 1 October 2022 |
and 30 September 2023 |
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 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/23 | 30/9/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
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 |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates | 603,848 | 714,412 |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/9/23 | 30/9/22 |
£ | £ |
Bank loans |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/9/23 | 30/9/22 |
£ | £ |
Bank loans |
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. |