IRIS Accounts Production v25.1.4.42 14290017 director 1.10.23 30.9.24 30.9.24 0 0 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh142900172023-09-30142900172024-09-30142900172023-10-012024-09-30142900172022-08-10142900172022-08-112023-09-30142900172023-09-3014290017ns15:EnglandWales2023-10-012024-09-3014290017ns14:PoundSterling2023-10-012024-09-3014290017ns10:Director12023-10-012024-09-3014290017ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3014290017ns10:SmallEntities2023-10-012024-09-3014290017ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3014290017ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3014290017ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3014290017ns10:FullAccounts2023-10-012024-09-3014290017ns10:OrdinaryShareClass12023-10-012024-09-3014290017ns10:CompanySecretary12023-10-012024-09-3014290017ns10:RegisteredOffice2023-10-012024-09-3014290017ns5:CurrentFinancialInstruments2024-09-3014290017ns5:CurrentFinancialInstruments2023-09-3014290017ns5:ShareCapital2024-09-3014290017ns5:ShareCapital2023-09-3014290017ns5:RetainedEarningsAccumulatedLosses2024-09-3014290017ns5:RetainedEarningsAccumulatedLosses2023-09-3014290017ns5:CostValuation2023-09-3014290017ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3014290017ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3014290017ns5:CurrentFinancialInstruments2023-10-012024-09-3014290017ns10:OrdinaryShareClass12024-09-30
REGISTERED NUMBER: 14290017 (England and Wales)













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: R G Robinson





SECRETARY: Mrs P Davidson





REGISTERED OFFICE: Mandale House Mandale Park
Urlay Nook Road
Eaglescliffe
Stockton on Tees
TS16 0TA





REGISTERED NUMBER: 14290017 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
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 40 40

CURRENT ASSETS
Stocks 6,436,366 4,906,191
Debtors 5 295,219 129,843
Cash at bank 752,196 20,314
7,483,781 5,056,348
CREDITORS
Amounts falling due within one year 6 7,630,750 5,150,136
NET CURRENT LIABILITIES (146,969 ) (93,788 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(146,929

)

(93,748

)

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings (146,930 ) (93,749 )
SHAREHOLDERS' FUNDS (146,929 ) (93,748 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 June 2025 and were signed by:





R G Robinson - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 40
NET BOOK VALUE
At 30 September 2024 40
At 30 September 2023 40

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by participating interests 113,000 113,000
Other debtors 20,000 -
VAT 161,871 16,843
Prepayments 348 -
295,219 129,843

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 26,856 11,616
Amounts owed to participating interests 7,097,934 4,366,258
Other creditors 13,210 5,262
Accrued expenses 492,750 767,000
7,630,750 5,150,136

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: £    £   
1 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.