Company Registration No. 09138437 (England and Wales)
M.M. Property Developers Limited
Unaudited accounts
for the year ended 31 July 2024
M.M. Property Developers Limited
Unaudited accounts
Contents
M.M. Property Developers Limited
Company Information
for the year ended 31 July 2024
Director
Michael Christopher Crook
Company Number
09138437 (England and Wales)
Registered Office
12 Cherry Place
Haywards Heath
RH16 4GY
UNITED KINGDOM
Accountants
B+M Tax Accountants
Aberdeen House
South Road
Haywards Heath
West Sussex
RH16 4NG
M.M. Property Developers Limited
Statement of financial position
as at 31 July 2024
Investment property
1,586,035
1,455,576
Cash at bank and in hand
237,126
96,290
Creditors: amounts falling due within one year
(652,696)
(654,181)
Net current liabilities
(415,570)
(557,891)
Total assets less current liabilities
1,170,465
897,685
Creditors: amounts falling due after more than one year
(1,064,081)
(799,461)
Called up share capital
1
1
Profit and loss account
106,383
98,223
Shareholders' funds
106,384
98,224
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 July 2025 and were signed on its behalf by
Michael Christopher Crook
Director
Company Registration No. 09138437
M.M. Property Developers Limited
Notes to the Accounts
for the year ended 31 July 2024
M.M. Property Developers Limited is a private company, limited by shares, registered in England and Wales, registration number 09138437. The registered office is 12 Cherry Place, Haywards Heath, RH16 4GY, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, cash held at call with banks, and short-term liquid investments with original maturity dates of three months or less. Bank overdrafts are shown within borrowings in current liabilities.
M.M. Property Developers Limited
Notes to the Accounts
for the year ended 31 July 2024
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 statement of financial position 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 trade and other receivables 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.
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 trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
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 non-current 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.
M.M. Property Developers Limited
Notes to the Accounts
for the year ended 31 July 2024
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Judgements and 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.
Investment property, which is property held to earn rental income and capital appreciation, is initially recognised at cost and any directly attributable expenditure.
Subsequently it is recognised at fair value at the reporting end date. Changes in fair value are recognised in the income statement.
Fair value at 1 August 2023
1,455,576
The investment properties are valued each year by the director. No depreciation is provided in respect of these properties.
5
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
566
44
Loans from directors
650,090
650,637
6
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,064,081
799,461
7
Average number of employees
During the year the average number of employees was 1 (2023: 1).