Year Ended
Registration number:
MJL Developments (Cornwall) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
MJL Developments (Cornwall) Limited
Balance Sheet
30 September 2024
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2023 |
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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 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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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: 07889995
MJL 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.
Going concern
The financial statements have been prepared on a going concern basis.
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 completion.
MJL Developments (Cornwall) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
Stocks
Stocks, which relates to work in progress on development projects, are carried at the lower of cost and net realisable value.
The sale of development projects are recognised in profit and loss on completion.
Financial instruments
Classification
• Short term other debtors and creditors; 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.
Critical judgements and estimation uncertainty
In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
In the opinion of the directors the following areas are where judgements have been made by management:
Note 4 - Carrying value of work in progress
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 £473,681 (2023 - £468,819)
MJL Developments (Cornwall) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
Staff numbers |
The average number of persons employed by the company (excluding directors) during the year, was
Stocks |
2024 |
2023 |
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Work in progress |
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Debtors |
Current |
2024 |
2023 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts due to group undertakings |
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Other creditors |
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Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
MJL Developments (Cornwall) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
Related party transactions |
Transactions with Directors
During the year the company has had a loan with a director. The loan is interest free, unsecured, and repayable upon demand.
At the balance sheet date the company owed the director £125,000 (2023 - £125,000).
Transactions with associates
During the year the company had loan accounts with its associates. The loans are interest free, unsecured, and repayable upon demand.
At the balance sheet date the company owed its associates £149,352 (2023 - £149,352).