Company registration number 10656744 (England and Wales)
MONTE CARLO DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MONTE CARLO DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MONTE CARLO DEVELOPMENTS LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,033,341
Current assets
Stocks
4
-
10,000
Debtors
5
349,108
Cash at bank and in hand
1,977
361,085
Creditors: amounts falling due within one year
6
(134,889)
(2,090,621)
Net current liabilities
(134,889)
(1,729,536)
Net (liabilities)/assets
(134,889)
303,805
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
(135,089)
303,605
Total equity
(134,889)
303,805
For the financial year ended 31 March 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 of its financial statements for the year in question in accordance with section 476.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 6 August 2025
E Sines
Director
Company registration number 10656744 (England and Wales)
MONTE CARLO DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Monte Carlo Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the company's net liabilities was £134,889 (2023: £303,805 net assets).
The director consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from its shareholders to enable it to pay its debts as they fall due.
If the company was unable to continue to obtain sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made reduce the value of assets to their realisable amount, to provide for any further liabilities which might arise.
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Pitch fees:
Pitch fees are recognised on an accruals basis in the period to which they relate.
Recharge of expenses:
The recharge of expenses are recognised on an accruals basis in the period to which they relate.
Rental income:
Rental income is recognised on an accruals basis in the period to which they relate.
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.
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:
Freehold land and buildings
No Depreciation
MONTE CARLO DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
1.6
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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.8
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
MONTE CARLO DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023
2,033,341
Disposals
(2,033,341)
At 31 March 2024
Depreciation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
2,033,341
4
Stocks
2024
2023
£
£
Stocks
-
10,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,182
Amounts owed by group undertakings
175,808
Other debtors
143,118
349,108
MONTE CARLO DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
94,275
Corporation tax
127,714
37,938
Other taxation and social security
2,851
Other creditors
7,175
1,955,557
134,889
2,090,621
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
200 of £1 each
200
200
200
200
9
Related party transactions
During the year, the company operated a loan with Monte Carlo Parks Ltd, a Company under common control of the Director. As at the year end, Monte Carlo Developments Limited was owed £NIL (2023: £146,631).
During the year, the company operated a loan with Red River Country Park Limited, a Company under common control of the Director. As at the year end, Monte Carlo Developments Limited was owed £NIL (2023: £24,062).
During the year, the company operated a loan with Spill Land Country Park Limited, a Company under common control of the Director. As at the year end, Monte Carlo Developments Limited was owed £NIL (2023: £5,115).
During the year, the company operated a loan from Sines Parks Luxury Living Limited, a Company under common control of the Director. As at the year end, Monte Carlo Developments Limited owed £NIL (2023: £1,950,807).
10
Parent company
The Ultimate Controlling Party are Mrs E Sines and Mr F Doe by way of their joint 100% shareholding in Monte Carlo Developments Limited.