REGISTERED NUMBER: 03594003 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 SEPTEMBER 2024

FOR

M.J. BARRETT (DEVELOPMENTS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M J Barrett

REGISTERED OFFICE:

Brookside Business Park

Brookside Road

Uttoxeter

Staffordshire

ST14 8AT

REGISTERED NUMBER:

03594003 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

FIXED ASSETS

Tangible assets

4

1,221

1,628

CURRENT ASSETS

Stocks

2,350,961

2,373,159

Debtors

5

3,545,761

4,008,180

Cash at bank

8,154

1,446

5,904,876

6,382,785

CREDITORS

Amounts falling due within one year

6

10,276,653

10,047,980

NET CURRENT LIABILITIES

(4,371,777

)

(3,665,195

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,370,556

)

(3,663,567

)

CAPITAL AND RESERVES

Called up share capital

1,750,000

1,750,000

Retained earnings

(6,120,556

)

(5,413,567

)

(4,370,556

)

(3,663,567

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2025 and were signed by:

M J Barrett - Director

1.	STATUTORY INFORMATION

M.J. Barrett (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 principal activity of the Company is that of a property investment company.

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.

Turnover

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised at the point of dispatch or when the services are provided.

Rental income is recognised in the period to which it relates.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles - 25% reducing balance

Stocks and work in progress

Stocks and work in progress represent land banks and 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

Going concern

Due to cross guarantees throughout the Group, going concern of the Company is dependent on the performance of the Group overall. After reviewing the Group's forecast and projections for the next 12 months, the Directors are confident that the Group has adequate resources to continue for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements. The Groups has external financing facilities for growth and development purposes. The Group’s strategy and projections continue to include the realisation of various none core assets over the next 12 to 18 months to reduce bank debt, provide additional working capital and fund profitable development opportunities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

Cost

At 29 September 2023

and 28 September 2024

5,325

Depreciation

At 29 September 2023

3,697

Charge for year

407

At 28 September 2024

4,104

Net book value

At 28 September 2024

1,221

At 28 September 2023

1,628

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

89,530

118,759

Amounts owed by group undertakings

3,250,563

3,646,633

Amounts owed by participating interests

-

53,681

Other debtors

125,090

110,093

Prepayments and accrued income

80,578

79,014

3,545,761

4,008,180

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

2,389,665

2,258,608

Trade creditors

188,368

189,223

Amounts owed to group undertakings

7,415,613

7,283,122

VAT

9,276

-

Other creditors

226,812

264,274

Accruals and deferred income

46,919

52,753

10,276,653

10,047,980

Secured loans

Bank borrowing of £2,258,608 (2023: £2,258,608) is secured by a mortgage debenture over all current and future assets owned by the Company, is on an interest only terms and the capital is repayable on demand.

7.	ULTIMATE CONTROLLING PARTY

The Company's parent undertaking at the Balance sheet date was M J Barrett Group Limited, a Company incorporated in England and Wales. Copies of these financial statements are available from the Company's registered office, Brookside Business Park, Uttoxeter, ST14 8AT.

The Company is controlled by M J Barrett who owns 100% of the issued share capital of M J Barrett Group Limited.