MLG Developers Limited Filleted accounts for Companies House (small and micro)

MLG Developers Limited Filleted accounts for Companies House (small and micro)

MLG DEVELOPERS LIMITED - Company Information

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false false false false false false false false false true false false false false false false false No description of principal activity 2018-10-01 Sage Accounts Production Advanced 2018 - FRS 584,171 712,438 1,296,609 1,296,609 584,171 xbrli:pure xbrli:shares iso4217:GBP 09218896 2018-10-01 2019-05-31 09218896 2019-05-31 09218896 2018-09-30 09218896 2018-09-30 09218896 bus:OrdinaryShareClass1 2018-10-01 2019-05-31 09218896 bus:Director1 2018-10-01 2019-05-31 09218896 core:LandBuildings 2018-10-01 2019-05-31 09218896 core:WithinOneYear 2019-05-31 09218896 core:WithinOneYear 2018-09-30 09218896 core:AfterOneYear 2019-05-31 09218896 core:AfterOneYear 2018-09-30 09218896 core:ShareCapital 2019-05-31 09218896 core:ShareCapital 2018-09-30 09218896 core:RetainedEarningsAccumulatedLosses 2019-05-31 09218896 core:RetainedEarningsAccumulatedLosses 2018-09-30 09218896 core:LandBuildings 2019-05-31 09218896 core:LandBuildings 2018-09-30 09218896 core:LandBuildings 2018-09-30 09218896 bus:SmallEntities 2018-10-01 2019-05-31 09218896 bus:AuditExemptWithAccountantsReport 2018-10-01 2019-05-31 09218896 bus:FullAccounts 2018-10-01 2019-05-31 09218896 bus:SmallCompaniesRegimeForAccounts 2018-10-01 2019-05-31 09218896 bus:PrivateLimitedCompanyLtd 2018-10-01 2019-05-31 09218896 bus:OrdinaryShareClass1 2019-05-31 09218896 bus:OrdinaryShareClass1 2018-09-30
COMPANY REGISTRATION NUMBER: 09218896
MLG Developers Limited
Filleted Unaudited Financial Statements
For the period ended
31 May 2019
MLG Developers Limited
Statement of Financial Position
31 May 2019
31 May 19
30 Sep 18
Note
£
£
£
Fixed assets
Tangible assets
4
1,296,609
584,171
Current assets
Debtors
5
–
75,639
Cash at bank and in hand
7
199
----
--------
7
75,838
Creditors: amounts falling due within one year
6
1,031,057
361,138
------------
---------
Net current liabilities
1,031,050
285,300
------------
---------
Total assets less current liabilities
265,559
298,871
Creditors: amounts falling due after more than one year
7
299,999
299,999
---------
---------
Net liabilities
( 34,440)
( 1,128)
---------
---------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
( 34,441)
( 1,129)
--------
-------
Shareholders deficit
( 34,440)
( 1,128)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the Period ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MLG Developers Limited
Statement of Financial Position (continued)
31 May 2019
These financial statements were approved by the board of directors and authorised for issue on 27 February 2020 , and are signed on behalf of the board by:
Mr P D Roe
Director
Company registration number: 09218896
MLG Developers Limited
Notes to the Financial Statements
Period from 1 October 2018 to 31 May 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 7a Lakeland Business Park, Lamplugh Road, Cockermouth, Cumbria, CA13 0QT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements are prepared on the going concern basis. No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Investment Property
£
Cost
At 1 October 2018
584,171
Additions
712,438
------------
At 31 May 2019
1,296,609
------------
Depreciation
At 1 October 2018 and 31 May 2019
–
------------
Carrying amount
At 31 May 2019
1,296,609
------------
At 30 September 2018
584,171
------------
The investment property is under construction and is shown at its open market value based on the valuation of P Roe (director) at 31 May 2019.
5. Debtors
31 May 19
30 Sep 18
£
£
Other debtors
–
75,639
----
--------
6. Creditors: amounts falling due within one year
31 May 19
30 Sep 18
£
£
Trade creditors
631,153
–
Social security and other taxes
10,253
–
Other creditors
389,651
361,138
------------
---------
1,031,057
361,138
------------
---------
Included in other creditors is a loan of £384,971 which is secured over the assets of the company.
7. Creditors: amounts falling due after more than one year
31 May 19
30 Sep 18
£
£
Other creditors
299,999
299,999
---------
---------
Included in other creditors is a loan of £299,999 which is secured over the assets of the company.
8. Called up share capital
Issued, called up and fully paid
31 May 19
30 Sep 18
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
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