Company registration number 06274496 (England and Wales)
MD DEVELOPMENTS (LONDON) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MD DEVELOPMENTS (LONDON) LIMITED
COMPANY INFORMATION
Director
Ms A Malcoci
(Appointed 10 November 2023)
Company number
06274496
Registered office
Old Bank House
57 Church Street
Staines
Middlesex
United Kingdom
TW18 4XS
Auditor
David Howard
1 Park Road
Hampton Wick
Kingston Upon Thames
KT1 4AS
Bankers
Metro Bank
One Southampton Row
London
WC1B 5HA
NatWest Plc
67 High Street
Twickenham, Staines
Middlesex, TW18 4PU
Solicitors
HQ Law Limited Solictors
Unit 6C, Lyons Farm Estate
Lyons Road, Sinfold, Horesham
West Sussex, RH13 0QP
MD DEVELOPMENTS (LONDON) LIMITED
CONTENTS
Page
Strategic report
1 - 5
Director's report
6 - 7
Director's responsibilities statement
8
Independent auditor's report
9 - 12
Profit and loss account
13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Statement of cash flows
17
Notes to the financial statements
18 - 32
MD DEVELOPMENTS (LONDON) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The director presents the strategic report for the year ended 30 September 2024.
Business Review
The principal activity of the company is the provision of brickwork and block work services on a subcontractor basis to our long-term contractors which subsequently develop new residential properties ranging from starter homes to executive houses and commercial premises.
In 2024, the company continued to deliver high-quality brickwork and block work services on a subcontractor basis to our long-term contractors, contributing to the construction of new residential properties from starter homes to executive houses, as well as commercial developments.
This year brought with it a challenging economic climate, marked by sustained increases in the cost of materials and labour. In addition, the UK construction industry faced a significant shortage of skilled workers, creating operational pressures across the sector.
Despite these hurdles, the company remained resilient and proactive. It operated across 52 live sites, completing 2,701 plots, supported by a team that dedicated 1,023,000 working hours. These efforts underscore our unwavering commitment to meeting client demands with efficiency and exceptional workmanship.
In summary, 2024 was a year defined by adaptability and strategic action. The company navigated supply and workforce constraints without compromising on quality, further cementing our reputation as a trusted subcontractor. It looks ahead with confidence, ready to embrace future opportunities and continue building with excellence.
Principal risks and uncertainties
Credit Risk
The company’s credit risk is attributable to its trade debtors, who are now credit checked before the company engages in business.
The debtors are continuously monitored for a change in credit history, which allows the company to adapt and change rapidly if it deems that the customer may become a risk. This helps to minimize any potential bad debt. The company primarily trades with blue chip companies thereby reducing the risk of bad debts further. The credit control function is continually monitoring the trade debtors and constantly chasing debts as the fall due.
The company has long stood and strong relationships with customers thus reducing the credit risk even further.
Market Fluctuations:
Economic conditions and market demand can fluctuate, affecting the availability of projects and pricing for brickwork services.
Mortgage constraints, applied through appropriate regulation and sensible lending criteria, provide a sustainable base for the housing market. However, the housing industry is sensitive to economic conditions such as changes in employment levels, interest rates and consumer confidence. The current 'cost of living' crisis, high inflation and energy costs together with increases to interest rates present a risk to the business through reduced affordability for borrowers.
Any deterioration in the UK economy may have a detrimental effect on the demand and pricing for new homes, which could have a significant decrease in the demand of the construction services we are providing and a subsequent material effect on the company's turnover and profitability.
MD DEVELOPMENTS (LONDON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Liquidity Risk
The company's cash position is strong, In the short and long term the company procedures cash flow forecasts weekly, quarterly and annually, these are used as a tool to monitor the company's liquidity position constantly. Into management and the director take an active interest and review the company's forecasts and offer strategic input and advice.
Interest Rate Risk
The company has set loan agreements and hire purchase agreements at standard interest rates; therefore, it is not affected by interest rate fluctuations.
Political Risk
At the time of presenting this report, the company does not envisage a change in government in the UK in the coming year. What was not foreseen is higher inflation, higher cost of borrowing, and low confidence in the UK as a financially stable country thus negatively effecting investment and causing delay to project start dates.
Supply Chain Disruptions
Delays or disruptions in the supply chain for bricks, mortar, and other materials can impact project timelines and costs.
Regulatory Compliance:
Non-compliance with building codes, zoning regulations, and safety standards can result in fines, legal liabilities, and project delays.
Labour Shortages:
As production of new houses increases across the sector, demand for our company's services also increases and this sometimes leads to labour shortages. Finding skilled bricklayers and other construction workers can be challenging, leading to potential delays and increased labour costs.
Health and Safety Risks:
Construction sites inherently pose risks to workers' health and safety. Accidents or injuries can lead to legal liabilities and increased insurance premiums.
Weather Conditions:
Adverse weather, such as heavy rain or extreme temperatures, can delay projects and affect the quality of brickwork.
Contract Disputes:
Disagreements with clients, subcontractors, or suppliers over project specifications, timelines, or payments can lead to disputes and legal actions.
Competition:
Competing with other brickwork businesses for projects can lead to pricing pressure and potentially reduced profit margins.
Technological Changes:
Advancements in construction technology and techniques may require ongoing training and investment in new equipment to remain competitive.
MD DEVELOPMENTS (LONDON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Environmental Regulations:
Increasing emphasis on sustainability and environmental considerations may require compliance with additional regulations and the adoption of eco-friendly practices.
Project Delays:
Unforeseen circumstances, such as permitting issues or unexpected site conditions, can lead to delays in project completion.
Client Solvency:
The financial stability of clients can impact payment timelines, especially if a client encounters financial difficulties during a project.
Political and Economic Stability:
Political instability, policy changes, or economic crises in a region can impact the construction industry and project opportunities.
Technological Risks:
Reliance on technology for project management, design, and communication introduces the risk of technical failures or cybersecurity breaches.
Development and performance
MD Developments (London) Limited mitigates these risks by implementing strategies such as thorough project planning, maintaining strong relationships with suppliers and clients regarding volume requirements, negotiating contract pricing and duration as appropriate.
This risk is managed by maintaining regular contact with suppliers regarding volume requirements and by negotiating contract pricing and duration as appropriate. As part of the subcontractor selection process, key competencies are considered, particularly in relation to health and safety and quality of work. Investing in employee training and staying informed about industry trends and regulatory changes is at the core of our company values. Additionally, the company has developed a robust risk management plan and appropriate insurance coverage to ensure a vigorous level of protection against unforeseen events.
MD DEVELOPMENTS (LONDON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Key performance indicators
MD Developments (London) Limited drive operational efficiencies from strong construction and specification controls, in time delivery of the projects and best expertise in the field.
The key performance indicators are given below:
Turnover £31,517,482 (2023: £35,230,889 )
Profit before taxation £1,916,967 (2023: £3,223,747)
Tax on profit £418,338 (2023: £544,092)
Profit for the financial year £1,498,629 (2023: 2,679,655)
Turnover and profit before taxation have decreased because during the year the there were less projects available at lower margins, due to the concern over interest rates and rising costs of materials and labour. The company overall remains highly liquid with a healthy cash balance and banking facilities. Tight cost control and cash management has enabled the business to maintain a strong cash position within the current economic landscape. The net assets of the business also continue to grow in line with trading activities.
Other performance indicators
I, the director of MD Developments, hereby affirm my commitment to comply with the duty set forth in section 172 of the Companies Act 2006.
I acknowledge that, as director, I have a statutory duty to act in a way that I consider, in good faith, would be most likely to promote the success of MD Developments for the benefit of its shareholders. In fulfilling this duty, I will consider the following factors:
- Promotion of the Company's Success: I will make decisions that are intended to promote the long-term success of MD Developments, taking into consideration the interests of shareholders, employees, customers, suppliers, the community, and the environment.
- Consideration of Stakeholder Interests: I will give due regard to the interests of stakeholders and aim to maintain a balanced and sustainable relationship with them.
- Impact on Employees: I will seek to foster a positive working environment, ensure the well-being of employees, and consider their interests in decision-making processes.
- Relationship with Customers and Suppliers: I will endeavour to maintain positive and mutually beneficial relationships with customers and suppliers, ensuring that transactions are conducted fairly and transparently.
-Environmental and Social Impact: I will consider the company's impact on the community and the environment, striving for ethical and sustainable practices.
- Compliance with Legal Obligations: I will ensure that MD Developments operates in compliance with all relevant laws, regulations, and industry standards.
- Exercise of Independent Judgment: I will apply independent judgment in making decisions and avoid conflicts of interest that could compromise the best interests of the company.
I affirm that I will discharge my duties with diligence, care, and skill, in accordance with the highest standards of professional conduct. I will regularly review and assess the company's strategies and operations to ensure they align with the best interests of MD Developments and its stakeholders.
MD DEVELOPMENTS (LONDON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Environmental Policy
I am fully cognisant of the potential impact of my business on the wider environment and the people I engage with. I follow up-to-date environmental and health and safety policy and practice with a team of qualified professionals employed to ensure I fulfil my responsibilities.
Ms A Malcoci
Director
27 June 2025
MD DEVELOPMENTS (LONDON) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
The director presents his annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of building services.
Results and dividends
The results for the year are set out on page 13.
Ordinary dividends were paid amounting to Nil. The director does not recommend payment of a final dividend.
Future developments
The company is in a strong position to trade profitably through the current market conditions. The company's focus on its markets, costs and cash generation will continue to help us remain competitive and successful.
Health and safety will remain core to the company's business principles. We will continue to develop our formal health and safety management systems to reflect the growth of the business and changing regulatory requirements. We look forward to delivering more new homes in 2025 and beyond creating high-quality homes across UK.
Director
The directors that held office during the year and up to the date of signature of the financial statements were as
follows:
Mr I Ionas
(Resigned 10 November 2023)
Ms A Malcoci
(Appointed 10 November 2023)
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
MD DEVELOPMENTS (LONDON) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
On behalf of the board
Ms A Malcoci
Director
27 June 2025
MD DEVELOPMENTS (LONDON) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MD DEVELOPMENTS (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MD DEVELOPMENTS (LONDON) LIMITED
- 9 -
Opinion
We have audited the financial statements of MD Developments (London) Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
MD DEVELOPMENTS (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MD DEVELOPMENTS (LONDON) LIMITED
- 10 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
MD DEVELOPMENTS (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MD DEVELOPMENTS (LONDON) LIMITED
- 11 -
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional is representations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006) and relevant tax compliance regulations in the United Kingdom.
We understood how MD Developments (London) Limited is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies and procedures relating to these areas and corroborated this by reviewing supporting documentation. We assessed the culture and entity level control framework of the Company to consider if appropriate measures are in place around fraud prevention. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business.
Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved inquiries of management and those charged with governance, review of legal and professional expenses and review of board meeting minutes.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
MD DEVELOPMENTS (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MD DEVELOPMENTS (LONDON) LIMITED
- 12 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Nicola King
Senior Statutory Auditor
For and on behalf of David Howard
27 June 2025
Chartered Accountants
Statutory Auditor
1 Park Road
Hampton Wick
Kingston Upon Thames
KT1 4AS
MD DEVELOPMENTS (LONDON) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
Turnover
3
31,517,482
35,230,889
Cost of sales
(26,837,798)
(29,158,188)
Gross profit
4,679,684
6,072,701
Administrative expenses
(2,675,636)
(2,720,947)
Other operating income
7,109
657
Operating profit
4
2,011,157
3,352,411
Interest receivable and similar income
7
358
434
Interest payable and similar expenses
8
(93,160)
(129,098)
Amounts written off investments
9
(1,388)
-
Profit before taxation
1,916,967
3,223,747
Tax on profit
10
(418,338)
(544,092)
Profit for the financial year
1,498,629
2,679,655
Profit for the financial year is all attributable to the owners of the parent company.
MD DEVELOPMENTS (LONDON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
£
£
Profit for the year
1,498,629
2,679,655
Other comprehensive income
-
-
Total comprehensive income for the year
1,498,629
2,679,655
MD DEVELOPMENTS (LONDON) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
520,079
533,936
Current assets
Debtors
13
12,996,821
12,286,393
Investments
14
102,300
Cash at bank and in hand
886,743
1,090,034
13,883,564
13,478,727
Creditors: amounts falling due within one year
15
(3,296,094)
(4,231,604)
Net current assets
10,587,470
9,247,123
Total assets less current liabilities
11,107,549
9,781,059
Creditors: amounts falling due after more than one year
16
(357,662)
(529,801)
Net assets
10,749,887
9,251,258
Capital and reserves
Called up share capital
20
2
2
Profit and loss reserves
10,749,885
9,251,256
Total equity
10,749,887
9,251,258
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Ms A Malcoci
Director
Company registration number 06274496 (England and Wales)
MD DEVELOPMENTS (LONDON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
2
7,715,001
7,715,003
Year ended 30 September 2023:
Profit and total comprehensive income
-
2,679,655
2,679,655
Dividends
11
-
(1,143,400)
(1,143,400)
Balance at 30 September 2023
2
9,251,256
9,251,258
Year ended 30 September 2024:
Profit and total comprehensive income
-
1,498,629
1,498,629
Balance at 30 September 2024
2
10,749,885
10,749,887
MD DEVELOPMENTS (LONDON) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,090,110
1,692,365
Interest paid
(93,160)
(129,098)
Income taxes paid
(887,418)
(462,909)
Net cash inflow from operating activities
109,532
1,100,358
Investing activities
Purchase of tangible fixed assets
(177,213)
(325,708)
Proceeds from disposal of tangible fixed assets
1,300
91,367
Proceeds from disposal of investments
100,912
Interest received
358
434
Net cash used in investing activities
(74,643)
(233,907)
Financing activities
Repayment of bank loans
(140,000)
(140,000)
Payment of finance leases obligations
(97,845)
(141,711)
Dividends paid
(1,143,400)
Net cash used in financing activities
(237,845)
(1,425,111)
Net decrease in cash and cash equivalents
(202,956)
(558,660)
Cash and cash equivalents at beginning of year
1,089,699
1,648,359
Cash and cash equivalents at end of year
886,743
1,089,699
Relating to:
Cash at bank and in hand
886,743
1,090,034
Bank overdrafts included in creditors payable within one year
(335)
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
1
Accounting policies
Company information
MD Developments (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old Bank House, 57 Church Street, Staines, Middlesex, United Kingdom, TW18 4XS.
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.
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 statement have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.7
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.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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, loans from fellow group companies 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Finance Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.13
Operating Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Building construction
31,517,482
35,230,889
2024
2023
£
£
Turnover analysed by geographical market
UK
31,517,482
35,230,889
2024
2023
£
£
Other revenue
Interest income
358
434
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(7,216)
3,546
Fees payable to the company's auditor for the audit of the company's financial statements
22,300
65,000
Depreciation of owned tangible fixed assets
189,270
181,669
Loss on disposal of tangible fixed assets
500
27,365
Operating lease charges
122,990
161,731
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
16
19
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
490,750
284,202
Social security costs
66,471
12,281
Pension costs
41,506
58,347
598,727
354,830
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
12,900
12,900
Company pension contributions to defined contribution schemes
39,996
56,665
52,896
69,565
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
10
Other interest income
358
424
Total income
358
434
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
10
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
8,588
12,309
Other finance costs:
Interest on finance leases and hire purchase contracts
30,198
56,810
Other interest
54,374
59,979
93,160
129,098
9
Amounts written off investments
2024
2023
£
£
Loss on disposal of investments held at fair value
(1,388)
-
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
418,338
665,835
Adjustments in respect of prior periods
(121,743)
Total current tax
418,338
544,092
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 26 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,916,967
3,223,747
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
479,242
709,547
Tax effect of expenses that are not deductible in determining taxable profit
12,474
9,284
Gains not taxable
6,023
Group relief
(66,814)
(49,980)
Permanent capital allowances in excess of depreciation
(53,681)
(48,970)
Depreciation on assets not qualifying for tax allowances
47,318
39,985
Deferred tax adjustments in respect of prior years
(121,743)
Timing difference
(201)
(54)
Taxation charge for the year
418,338
544,092
11
Dividends
2024
2023
£
£
Interim paid
1,143,400
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
245,222
99,326
52,852
745,822
1,143,222
Additions
73,300
5,913
7,030
90,970
177,213
Disposals
(2,400)
(2,400)
At 30 September 2024
318,522
105,239
59,882
834,392
1,318,035
Depreciation and impairment
At 1 October 2023
129,410
58,168
24,305
397,403
609,286
Depreciation charged in the year
49,754
18,701
11,168
109,647
189,270
Eliminated in respect of disposals
(600)
(600)
At 30 September 2024
179,164
76,869
35,473
506,450
797,956
Carrying amount
At 30 September 2024
139,358
28,370
24,409
327,942
520,079
At 30 September 2023
115,812
41,158
28,547
348,419
533,936
The total net book value of motor vehicles held under hire purchase is £224,183 (2023 - £133,844 ).
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,390,059
1,256,149
Amounts owed by group undertakings
472,162
442,034
Other debtors
11,132,994
10,588,210
Prepayments and accrued income
1,606
12,996,821
12,286,393
14
Current asset investments
2024
2023
£
£
Unlisted investments
102,300
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
140,000
140,335
Obligations under finance leases
18
181,023
246,729
Trade creditors
924,240
889,890
Amounts owed to group undertakings
116,372
Corporation tax
922,651
1,391,730
Other taxation and social security
8,332
83,899
Other creditors
216,866
167,522
Accruals and deferred income
902,982
1,195,127
3,296,094
4,231,604
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The HP loans are secured against the assets to which they relate.
The long-term bank loans are secured by fixed charges over the fixed assets of the company.
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
116,667
256,667
Obligations under finance leases
18
240,995
273,134
357,662
529,801
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The HP loans are secured against the assets to which they relate.
The long-term bank loans are secured by fixed charges over the fixed assets of the company.
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
17
Loans and overdrafts
2024
2023
£
£
Bank loans
256,667
396,667
Bank overdrafts
335
256,667
397,002
Payable within one year
140,000
140,335
Payable after one year
116,667
256,667
The long-term bank loans are secured by fixed charges over the fixed assets of the company.
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
181,023
246,729
In two to five years
240,995
273,134
422,018
519,863
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The HP loans are secured against the assets to which they relate.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,506
58,347
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
60,000
25,200
Between two and five years
41,000
10,500
101,000
35,700
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
22
Related party transactions
During the year under review, the balance due from House Brickworks Limited, a company under common control, at the year end was £6,235 (2023 - £6,235)
During the year under review, the balance due from the MD Properties (London) Limited, a company under common control, at the yearend was £435,799 (2023 - £435,799).
During the year under review, the company traded with MD Residential (London) Limited, a company in which the director has an interest. The balance due to the company at the year end was £15,154 (2023 - £17,522 ).
The company has made a loan to MD Transport & Haulage Limited, a company in which the director has an interest. The balance due from the company at the yearend was £76,068 (2023 - £69,768).
The company has taken a loan from MD Scaffolding Limited, a company in which the director has an interest. The balance due to the company at the year end was £200,000 (2023 - £150,000).
The company has made a loan to Servis Tulis SRL, a company in which the director has an interest. The balance due from the company at the year end was £6,974,752 (2023 - £7,533,790).
The company has given a loan to MD Holdings Limited, which is a parent company. The balance due from the company at the year end was £30,128 (2023 due to the company - £116,372)
23
Ultimate controlling party
The parent company is MD Holdings (London) Limited, a company incorporated in the UK.
Consolidated accounts may be obtained from Old Bank House, 57 Church Street, Staines, United Kingdom, TW18 4XS.
MD DEVELOPMENTS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,498,629
2,679,655
Adjustments for:
Taxation charged
418,338
544,092
Finance costs
93,160
129,098
Investment income
(358)
(434)
Loss on disposal of tangible fixed assets
500
27,365
Depreciation and impairment of tangible fixed assets
189,270
181,669
Other gains and losses
1,388
-
Movements in working capital:
Increase in debtors
(710,428)
(2,787,776)
(Decrease)/increase in creditors
(400,390)
918,696
Cash generated from operations
1,090,109
1,692,365
25
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,090,034
(203,291)
886,743
Bank overdrafts
(335)
335
1,089,699
(202,956)
886,743
Borrowings excluding overdrafts
(396,667)
140,000
(256,667)
Obligations under finance leases
(519,863)
97,845
(422,018)
173,169
34,889
208,058
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