Year Ended
Registration number:
M2 Developments (Cornwall) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
M2 Developments (Cornwall) Limited
Balance Sheet
30 September 2024
Note |
30 September |
30 September |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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M2 Developments (Cornwall) Limited
Balance Sheet
30 September 2024
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 09149216
M2 Developments (Cornwall) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in pounds sterling which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest pound.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Disclosure of long or short period
The period end was changed last year in order to bring it in line with other connected undertakings. As a result of this change the results for the two periods are not directly comparable.
Revenue recognition
Turnover represents amounts chargeable, net of VAT and discounts, in respect of the sale of units to third parties.
Revenue is recognised at the point of practical completion.
M2 Developments (Cornwall) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 |
Office equipment |
Straight line at 33% per annum |
Motor vehicles |
Straight line at 15% per annum |
Plant and machinery |
Straight line at 25% per annum |
Work in progress
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
M2 Developments (Cornwall) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Critical judgement and estimation uncertainty
The directors have considered the carrying value of work in progress which relates to an ongoing site development. Based on expectations of future sales and anticipated costs to complete the Directors do not believe that an impairment of this value is required.
At the balance sheet date the carrying value of work in progress is £2,082,524 (2023 - £1,406,073)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
M2 Developments (Cornwall) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the period |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Stocks |
30 September |
30 September |
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Work in progress |
2,070,754 |
1,406,073 |
Debtors |
Note |
30 September |
30 September |
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Trade debtors |
- |
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Amounts owed by connected undertakings |
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Other debtors |
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M2 Developments (Cornwall) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
Creditors |
Creditors: amounts falling due within one year
Note |
30 September 2024 |
30 September 2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to connected undertakings |
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Social security and other taxes |
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Corporation tax |
10,776 |
119,943 |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Current loans and borrowings
30 September |
30 September |
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Bank borrowings |
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Bank overdrafts |
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M2 Developments (Cornwall) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
Non-current loans and borrowings
30 September |
30 September |
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Bank borrowings |
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Amounts due to connected undertakings |
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The bank loans are secured.
The amount due to connected undertakings is secured by means of a charge over a project included in work in progress.
Share capital |
Allotted, called up and fully paid shares
30 September |
30 September |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Related party transactions |
Included in debtors is £460,691 (2023 - £434,844) in respect of amounts due from connected undertakings. The connected undertakings are the shareholder in M2 Developments (Cornwall) Limited. The outstanding balance is interest free, unsecured and repayable on demand.
Included in creditors less than one year is £27,776 in respect of amounts due to connected undertakings, with this entity being connected to one of the shareholder companies. The amount outstanding is interest free, unsecured and repayable on demand.
During the year the company took out a loan from one of its shareholder companies. This loan is secured against one of the development sites, accrues interest of 12% per annum and is repayable on the second anniversary of drawdown (being 1 October 2025). Interest of £121,548 (2023 - £nil) has been incurred on this loan during the year.