| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Mandale Homes 1 Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Mandale Homes 1 Ltd |
| Mandale Homes 1 Ltd (Registered number: 14290017) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Mandale Homes 1 Ltd |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 Kingfisher Court |
| Bowesfield Park |
| Stockton on Tees |
| TS18 3EX |
| Mandale Homes 1 Ltd (Registered number: 14290017) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| Mandale Homes 1 Ltd (Registered number: 14290017) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Mandale Homes 1 Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| Notwithstanding the company's net liabilities of £146,929 at 30 September 2024 (2023 : £93,748) the financial statements have been prepared on a going concern basis. This basis assumes the continuing support of the company's associated companies. The director has received confirmation of such support from the associated companies. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Mandale Homes 1 Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost, in relation to work in progress, comprises direct development costs and those overheads, not including any general administrative overheads, that have been incurred in bringing the stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Mandale Homes 1 Ltd (Registered number: 14290017) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by participating interests | 113,000 | 113,000 |
| Other debtors |
| VAT |
| Prepayments |
| As shown above, debtors include £113,000 (2023 : £113,000) owing from associated undertakings. Due to liquidity concerns within the property sector generally, and therefore within the associated debtor undertakings, the timescale for recovery of these debtor balances is unknown, but considered by the director to be greater than one year for a significant proportion of this amount. There are no formal terms of repayment for these balances. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to participating interests | 7,097,934 | 4,366,258 |
| Other creditors |
| Accrued expenses |
| As shown above, creditors include £7,097,934 (2023 : £4,366,258) owing to associated undertakings. The company is dependent upon the support of its associated companies with regard to the timing of the payment of these associated company creditors. Given the liquidity concerns within the property sector generally, and therefore within the associated companies, the timescale for payment of these balances is unknown. There are no formal terms of payment for these associated company balances. |
| Mandale Homes 1 Ltd (Registered number: 14290017) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| 8. | RELATED PARTY DISCLOSURES |
| During the year the company traded with the following related parties, and/or provided or received funds to assist or to be assisted with working capital requirements as necessary. |
| Other related parties - common control |
| 2024 | 2023 |
| £ | £ |
| Development work (purchases) | (3,756,700 | ) | (3,470,300 | ) |
| Salaries/wages recharged | (158,465 | ) | (50,942 | ) |
| Management charges | (64,101 | ) | - |
| Transfer of trading stock | (505,529 | ) | - |
| Purchase of development land | (550,000 | ) | - |
| Net provision/(receipt) of finance | 2,303,119 | (732,016 | ) |
| Balance at year end - debtor | 113,000 | 113,000 |
| Balance at year end - creditor | (7,097,934 | ) | (4,366,258 | ) |
| 9. | PARENT UNDERTAKING |
| The immediate and ultimate parent company is Mandale Homes Ltd. The parent's registered office address is the same as Mandale Homes 1 Ltd as detailed on the Company Information page. |