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Registration number: 09909366

Prepared for the registrar
Montego Homes Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 December 2024

Montego Homes Limited

(Registration number: 09909366)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 247 | 2,903
Investment property | 5 | 1,650,000 | 1,650,000
|  | 1,650,247 | 1,652,903
Current assets |  |  |
Stocks | 6 | 238,835 | 238,835
Debtors | 7 | 3,251 | 4,770
Cash at bank and in hand |  | 12,693 | 19,338
|  | 254,779 | 262,943
Creditors: Amounts falling due within one year | 8 | (228,216) | (267,652)
Net current assets/(liabilities) |  | 26,563 | (4,709)
Total assets less current liabilities |  | 1,676,810 | 1,648,194
Creditors: Amounts falling due after more than one year | 8 | (830,345) | (831,107)
Deferred tax liabilities | 9 | (210,106) | (198,333)
Net assets |  | 636,359 | 618,754
Capital and reserves |  |  |
Called up share capital |  | 1 | 1
Revaluation reserve |  | 1,040,055 | 1,040,055
Retained earnings |  | (403,697) | (421,302)
Shareholders' funds |  | 636,359 | 618,754

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

Directors' 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 directors acknowledge their 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 Profit and Loss Account.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:

Ms J C Morrison
Director

Montego Homes Limited

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

| 1 | General information

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

The address of its registered office is:
5 Dulwich Wood Avenue
London
SE19 1HB
England

| 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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

Montego Homes Limited

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

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
Motor vehicles | 33% reducing balance
Plant, machinery and equipment | Straight line over three years
Office equipment | Straight line over three years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Montego Homes Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

| 3 | Staff numbers

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

| 4 | Tangible assets

| Land and buildings £ | Plant, machinery and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 January 2024 | - | 508 | 17,290 | 17,798
Additions | - | 318 | - | 318
Disposals | - | - | (17,290) | (17,290)
At 31 December 2024 | - | 826 | - | 826
Depreciation
At 1 January 2024 | - | 508 | 14,387 | 14,895
Charge for the year | - | 71 | 958 | 1,029
Eliminated on disposal | - | - | (15,345) | (15,345)
At 31 December 2024 | - | 579 | - | 579
Carrying amount
At 31 December 2024 | - | 247 | - | 247
At 31 December 2023 | - | - | 2,903 | 2,903

There is currently no value for land and buildings, however the company owns a piece of land and is seeking planning permission so this will have a larger value if this is granted.

Montego Homes Limited

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

| 5 | Investment properties

| £
At 1 January 2024 and 31 December 2024 | 1,650,000

The properties were independently valued during the year ended 31 December 2023 and the directors consider this to reflect the market value at 31 December 2024.

| 6 | Stocks

| 2024 £ | 2023 £
Work in progress | 238,835 | 238,835

| 7 | Debtors

| 2024 £ | 2023 £
Prepayments | 3,251 | 2,388
Other debtors | - | 2,382
| 3,251 | 4,770

| 8 | Creditors

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 10 | 218,851 | 259,771
Trade creditors |  | 202 | 264
Taxation and social security |  | 1,229 | -
Accruals and deferred income |  | 7,934 | 7,617
|  | 228,216 | 267,652

| 2024 £ | 2023 £
After more than five years not by instalments | 830,345 | 831,107

| - | -

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Loans and borrowings | 10 | 830,345 | 831,107

Montego Homes Limited

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

| 9 | Deferred tax

Deferred tax assets and liabilities

2024 | Liability £
Fixed asset timing differences | 62
Revaluation of investment property | 210,044
| 210,106

2023 | Liability £
Fixed asset timing differences | 940
Revaluation of investment property | 197,393
| 198,333

| 10 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Directors' loan | 218,851 | 259,771

Non-current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings - secured | 830,345 | 831,107

| 11 | Related party transactions

Other transactions with directors At 31 December 2024, the company owed the directors Mr A J Morrison and Ms J C Morrison £218,851 (2023: £259,771) in the form of a directors' loan account. The loan is repayable on demand, has no fixed repayment terms and no interest was paid in the year.