B. G. Middleton (Developments) Ltd 02616039 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is the ownership, development and management of investment properties. Digita Accounts Production Advanced 6.30.9574.0 true 02616039 2023-10-01 2024-09-30 02616039 2024-09-30 02616039 core:CurrentFinancialInstruments 2024-09-30 02616039 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 02616039 core:FurnitureFittings 2024-09-30 02616039 core:MotorVehicles 2024-09-30 02616039 core:PlantMachinery 2024-09-30 02616039 1 2024-09-30 02616039 bus:SmallEntities 2023-10-01 2024-09-30 02616039 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 02616039 bus:FilletedAccounts 2023-10-01 2024-09-30 02616039 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 02616039 bus:RegisteredOffice 2023-10-01 2024-09-30 02616039 bus:Director2 2023-10-01 2024-09-30 02616039 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02616039 core:FurnitureFittings 2023-10-01 2024-09-30 02616039 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 02616039 core:MotorVehicles 2023-10-01 2024-09-30 02616039 core:PlantMachinery 2023-10-01 2024-09-30 02616039 core:Vehicles 2023-10-01 2024-09-30 02616039 countries:AllCountries 2023-10-01 2024-09-30 02616039 1 2023-10-01 2024-09-30 02616039 2023-09-30 02616039 core:FurnitureFittings 2023-09-30 02616039 core:MotorVehicles 2023-09-30 02616039 core:PlantMachinery 2023-09-30 02616039 1 2023-09-30 02616039 2022-10-01 2023-09-30 02616039 2023-09-30 02616039 core:CurrentFinancialInstruments 2023-09-30 02616039 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 02616039 core:FurnitureFittings 2023-09-30 02616039 core:MotorVehicles 2023-09-30 02616039 core:PlantMachinery 2023-09-30 02616039 1 2023-09-30 02616039 1 2022-10-01 2023-09-30 02616039 1 2022-09-30 iso4217:GBP xbrli:pure

Registration number: 02616039

B. G. Middleton (Developments) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

B. G. Middleton (Developments) Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

B. G. Middleton (Developments) Ltd

(Registration number: 02616039)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,832

3,404

Investment property

5

5,295,000

4,844,197

 

5,297,832

4,847,601

Current assets

 

Debtors

6

96,542

21,742

Cash at bank and in hand

 

141,926

104,296

 

238,468

126,038

Creditors: Amounts falling due within one year

7

(241,961)

(433,155)

Net current liabilities

 

(3,493)

(307,117)

Total assets less current liabilities

 

5,294,339

4,540,484

Provisions for liabilities

(547,184)

(62,336)

Net assets

 

4,747,155

4,478,148

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

4,747,153

4,478,146

Shareholders' funds

 

4,747,155

4,478,148

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:

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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 18 June 2025 and signed on its behalf by:
 


Mr B G Middleton
Director

 

B. G. Middleton (Developments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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:
Rafters
Broadhembury
Honiton
Devon
EX14 3NQ

Principal activity

The principal activity of the company is the ownership, development and management of investment properties.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

B. G. Middleton (Developments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current and deferred 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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

15% reducing balance

Fittings, fixtures and equipment

15% reducing balance

 

B. G. Middleton (Developments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

B. G. Middleton (Developments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Fixtures, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

632

4,348

14,690

19,670

At 30 September 2024

632

4,348

14,690

19,670

Depreciation

At 1 October 2023

280

1,915

14,071

16,266

Charge for the year

52

365

155

572

At 30 September 2024

332

2,280

14,226

16,838

Carrying amount

At 30 September 2024

300

2,068

464

2,832

At 30 September 2023

352

2,433

619

3,404

Revaluation

5

Investment properties

2024
£

At 1 October

4,844,197

Additions

7,487

Disposals

(126,591)

Fair value adjustments

569,907

At 30 September

5,295,000

The investment properties are subject to valuation by the directors, and as at the year end their value is considered to be £5,295,000 (2023: £4,844,197).

 

B. G. Middleton (Developments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

80,433

6,938

Other debtors

10,000

10,000

Prepayments

6,109

4,804

96,542

21,742

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

251

2,801

Taxation and social security

117,896

74,613

Accruals and deferred income

5,938

5,823

Other creditors

117,876

349,918

241,961

433,155

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. Undistributable reserves amounts to £2,066,832 (2023: £2,586,112)

 

B. G. Middleton (Developments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Directors advances, credits and guarantees

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Directors'

(349,428)

369,991

(130,000)

(109,437)

         
       

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Directors'

(4,278)

60

(345,210)

(349,428)

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.