Company registration number 01813350 (England and Wales)
EAST MIDLANDS DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
EAST MIDLANDS DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
EAST MIDLANDS DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
2,477,867
2,413,367
Debtors
3
1,310,683
1,301,736
Cash at bank and in hand
138,298
128,519
3,926,848
3,843,622
Creditors: amounts falling due within one year
4
(877,361)
(845,418)
Net current assets
3,049,487
2,998,204
Creditors: amounts falling due after more than one year
5
(7,836,738)
(7,474,068)
Net liabilities
(4,787,251)
(4,475,864)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
(4,788,251)
(4,476,864)
Total equity
(4,787,251)
(4,475,864)
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
S D Rye
Director
Company registration number 01813350 (England and Wales)
EAST MIDLANDS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
East Midlands Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mansfield Road, Tibshelf, Alfreton, Derbyshire, DE55 5NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements show truenet liabilities of £4,787,251 (2023: £4,475,864). The negative position has partly arisen due to the reclassification of the redeemable preference share capital as debt under Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102. The directors do not consider the position to be a concern as the properties held by the company are included in stock at a cost which is lower than the current market value of the properties.
The directors believe in light of the above that it is appropriate for the financial statements to be prepared on the going concern basis.
1.3
Turnover
Turnover represents rental income.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
EAST MIDLANDS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,683
1,736
Other debtors
1,300,000
1,300,000
1,310,683
1,301,736
EAST MIDLANDS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,210
1,896
Other taxation and social security
23,386
24,421
Other creditors
851,765
819,101
877,361
845,418
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
7,836,738
7,474,068
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' Share of £1 each
1
1
1
1
Ordinary 'B' Shares of £1 each
999
999
999
999
1,000
1,000
1,000
1,000
7
Related party transactions
Dennis Rye Limited is a company under common control of the Directors.
Included in Other creditors is an amount due to Dennis Rye Limited totalling £765,648 (2023: £729,620).
The Dennis Rye Retirement Fund (FURBS)
The balance due from FURBS at the year end is £1,300,000 (2023: £1,300,000).
Dennis Rye Pension Fund
During the year, there were no dividends paid out on preference shares (2023: £79,688) and late payment interest re preference shares of £362,670 (2023: £209,760) have been credited to the loan account, leaving a balance due to the Pension Fund at the year end of £7,836,738 (2023: £7,474,068).
8
Parent company
The ultimate parent undertaking is the Dennis Rye Pension Fund, Tibshelf, Derbyshire.