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Registration number: 06455491

Madden & Winkett Developments Ltd

trading as Madden & Winkett Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Madden & Winkett Developments Ltd

trading as Madden & Winkett Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Madden & Winkett Developments Ltd

trading as Madden & Winkett Developments Limited

Company Information

Directors

Mr D Winkett

Mr N J Madden

Company secretary

Mr D Winkett

Registered office

6 Gordon Rowley Way
Morriston
Swansea
SA6 6PL

 

Madden & Winkett Developments Ltd

trading as Madden & Winkett Developments Limited

(Registration number: 06455491)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,904

17,207

Current assets

 

Stocks

5

264,415

396,622

Cash at bank and in hand

 

541

86

 

264,956

396,708

Creditors: Amounts falling due within one year

6

(329,606)

(553,305)

Net current liabilities

 

(64,650)

(156,597)

Total assets less current liabilities

 

(51,746)

(139,390)

Creditors: Amounts falling due after more than one year

6

(38,454)

(47,423)

Net liabilities

 

(90,200)

(186,813)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(90,300)

(186,913)

Shareholders' deficit

 

(90,200)

(186,813)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:
 

 

Madden & Winkett Developments Ltd

trading as Madden & Winkett Developments Limited

(Registration number: 06455491)
Balance Sheet as at 31 December 2023

.........................................
Mr D Winkett
Company secretary and director

.........................................
Mr N J Madden
Director

 

Madden & Winkett Developments Ltd

trading as Madden & Winkett Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Gordon Rowley Way
Morriston
Swansea
SA6 6PL

These financial statements were authorised for issue by the Board on 11 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

The company has been able to finance, during the year and post year end, its operations largely because of the support of the directors and other creditors. The advances made to date by the directors are interest free and there are no set terms of repayment. The directors are confident that the company will be able to meet its obligations as they fall due.

On the basis of the above the directors consider it appropriate to prepare the accounts on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Madden & Winkett Developments Ltd

trading as Madden & Winkett Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Madden & Winkett Developments Ltd

trading as Madden & Winkett Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Madden & Winkett Developments Ltd

trading as Madden & Winkett Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

76,852

76,852

At 31 December 2023

76,852

76,852

Depreciation

At 1 January 2023

59,645

59,645

Charge for the year

4,303

4,303

At 31 December 2023

63,948

63,948

Carrying amount

At 31 December 2023

12,904

12,904

At 31 December 2022

17,207

17,207

5

Stocks

2023
£

2022
£

Other inventories

264,415

396,622

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

4,661

114,399

Taxation and social security

 

1,717

2,455

Accruals and deferred income

 

3,180

1,800

Other creditors

 

320,048

434,651

 

329,606

553,305

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £4,661 (2022 - £114,399).

 

Madden & Winkett Developments Ltd

trading as Madden & Winkett Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

38,454

47,423

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,857 (2022 - £11,494).

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100