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Registration number: 10994140

CMG Property Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

CMG Property Developments Limited

Contents

Company Information

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 8

 

CMG Property Developments Limited

Company Information

Director

Mr MJ Grey

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers19 King Street
King's Lynn
Norfolk
PE30 1HB

 

CMG Property Developments Limited

(Registration number: 10994140)
Statement of financial position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,459

21,946

Current assets

 

Stocks

5

800

1,000

Debtors

6

9,436

6,587

Cash at bank and in hand

 

3,269

2,902

 

13,505

10,489

Creditors: Amounts falling due within one year

7

(42,056)

(35,630)

Net current liabilities

 

(28,551)

(25,141)

Total assets less current liabilities

 

(12,092)

(3,195)

Provisions for liabilities

(1,164)

(1,164)

Net liabilities

 

(13,256)

(4,359)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(13,356)

(4,459)

Shareholders' deficit

 

(13,256)

(4,359)

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 3 July 2025
 

.........................................
Mr MJ Grey
Director

 

CMG Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the director on 3 July 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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 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.

 

CMG Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

CMG Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 3).

 

CMG Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

45,000

15,456

60,456

At 31 October 2024

45,000

15,456

60,456

Depreciation

At 1 November 2023

27,000

11,510

38,510

Charge for the year

4,500

987

5,487

At 31 October 2024

31,500

12,497

43,997

Carrying amount

At 31 October 2024

13,500

2,959

16,459

At 31 October 2023

18,000

3,946

21,946

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

800

1,000

6

Debtors

Note

2024
£

2023
£

Related party

9

1,775

-

Prepayments

 

4,036

2,962

Other debtors

 

3,625

3,625

 

9,436

6,587

 

CMG Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7,254

7,255

Trade creditors

 

9,599

8,471

Amounts due to related parties

9

23,735

18,517

Social security and other taxes

 

-

23

Outstanding defined contribution pension costs

 

-

(216)

Other payables

 

1

-

Accruals

 

1,467

1,580

 

42,056

35,630

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

CMG Property Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Related party transactions

Summary of transactions with associates

The loan of £1,775 is due from Wroxham Leisure Limited, Mr M Grey is also a director and shareholder of this company.

Summary of transactions with other related parties

The unsecured loan shown in creditors due within one year, and after one year is a relation of the director and shareholder of the company.

Loans to related parties

2024

Associates
£

Other related parties
£

Total
£

At start of period

-

7,255

7,255

Advanced

1,775

-

1,775

At end of period

1,775

7,255

9,030

2023

Other related parties
£

Total
£

At start of period

17,183

17,183

Repaid

(10,000)

(10,000)

Interest transactions

72

72

At end of period

7,255

7,255

Loans from related parties

2024

Key management
£

Total
£

At start of period

18,517

18,517

Advanced

5,219

5,219

At end of period

23,736

23,736