Martello Developments Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10525154 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MARTELLO DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D N Kowitz

REGISTERED OFFICE:

The River Cafe

Rock Channel

Strand Quay

Rye

East Sussex

TN31 7DE

REGISTERED NUMBER:

10525154 (England and Wales)

ACCOUNTANTS:

Cassidys Chartered Accountants

South Stour Offices

South Stour Road

Mersham

Ashford

Kent

TN25 7HS

FIXED ASSETS

Tangible assets

4

33,600

44,501

Investments

5

4,802,324

4,802,224

4,835,924

4,846,725

CURRENT ASSETS

Debtors

6

17,654,340

16,205,893

Cash at bank and in hand

48,221

205,033

17,702,561

16,410,926

CREDITORS

Amounts falling due within one year

7

17,360,294

15,390,765

NET CURRENT ASSETS

342,267

1,020,161

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,178,191

5,866,886

PROVISIONS FOR LIABILITIES

5,284

7,114

NET ASSETS

5,172,907

5,859,772

CAPITAL AND RESERVES

Called up share capital

9,017,405

Retained earnings

(3,844,498

)

(3,157,633

)

SHAREHOLDERS' FUNDS

5,172,907

5,859,772

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 23 September 2025 and were signed by:

D N Kowitz - Director

1.	STATUTORY INFORMATION

Martello Developments Limited 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.

Preparation of consolidated financial statements

The financial statements contain information about Martello Developments Limited 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

75,686

DEPRECIATION

At 1 January 2024

31,185

Charge for year

10,901

At 31 December 2024

42,086

NET BOOK VALUE

At 31 December 2024

33,600

At 31 December 2023

44,501

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

4,802,224

Additions

100

At 31 December 2024

4,802,324

NET BOOK VALUE

At 31 December 2024

4,802,324

At 31 December 2023

4,802,224

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

1,169

22,804

Amounts owed by group undertakings

12,302,346

10,468,649

Other debtors

5,350,825

5,714,440

17,654,340

16,205,893

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

3,866,543

3,018,187

Payments on account

-

350,000

Trade creditors

208,449

41,651

Amounts owed to group undertakings

3,192,119

3,153,959

Taxation and social security

12,232

24,432

Other creditors

10,080,951

8,802,536

17,360,294

15,390,765

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Bank loans

3,866,543

3,018,187

The bank loans are secured over specific land assets owned by the company.

9.	RELATED PARTY DISCLOSURES

D N Kowitz

Director and shareholder

31/12/2024

31/12/2023

£

Amount due to related party at the balance sheet date

8,588,675

7,491,843

Martello Appledore Limited

Subsidiary company

31/12/2024

31/12/2023

£

Amount due to related party at the balance sheet date

1

30,428

Martello Appledore 2 Limited

Subsidiary company

31/12/2024

31/12/2023

£

Amount due from related party at the balance sheet date

4,373,663

2,383,466

Martello Bourne Limited

Subsidiary company

31/12/2024

31/12/2023

£

Amount due from related party at the balance sheet date

5,238,553

5,232,184

Martello Bridge Point Limited

Subsidiary company

31/12/2024

31/12/2023

£

Amount due from/(to) related party at the balance sheet date

1,250

(1,090

)

Martello Charles Road Limited

Subsidiary company

31/12/2024

31/12/2023

£

Amount due from related party at the balance sheet date

450,469

637,754

Martello Grist Mill Limited

Subsidiary company

31/12/2024

31/12/2023

£

Amount due from related party at the balance sheet date

-

411,735

Martello Investments Limited

Subsidiary company

31/12/2024

31/12/2023

£

Amount due from related party at the balance sheet date

477,912

447,772

Citadel Contracts Limited

Subsidiary company

31/12/2024

31/10/2023

£

Amount due from related party at the balance sheet date

912,719

756,201

Martello Rye Creative Centre Limited

Subsidiary company

31/12/2024

31/10/2023

£

Amount due from related party at the balance sheet date

656,320

598,346

Atlas Business Park Limited

Subsidiary company

31/12/2024

31/10/2023

£

Amount due to related party at the balance sheet date

(3,192,118

)

(3,122,441

)

KPDC Limited

Holding company

31/12/2024

31/10/2023

£

Amount due from related party at the balance sheet date

1,650

1,191

Rye Harbour Self Storage Limited

Subsidiary company

31/12/2024

31/10/2023

£

Amount due from related party at the balance sheet date

189,810

-

10.	ULTIMATE CONTROLLING PARTY

The controlling party is KPDC Limited.

The ultimate controlling party is D N Kowitz.