Martello Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10525154 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

MARTELLO DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D N Kowitz

REGISTERED OFFICE:

Savoy Hill House

Savoy Hill

London

WC2R 0BU

BUSINESS ADDRESS:

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

Roman Road

Mersham

Ashford

Kent

TN25 7HS

FIXED ASSETS

Tangible assets

4

17,850

2,094

Investments

5

4,802,226

442,505

Investment property

6

-

426,611

4,820,076

871,210

CURRENT ASSETS

Debtors

7

11,829,020

11,903,725

Cash at bank and in hand

29,872

206,126

11,858,892

12,109,851

CREDITORS

Amounts falling due within one year

8

17,910,224

13,760,680

NET CURRENT LIABILITIES

(6,051,332

)

(1,650,829

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,231,256

)

(779,619

)

CREDITORS

Amounts falling due after more than one year

9

-

(146,500

)

PROVISIONS FOR LIABILITIES

(3,392

)

(398

)

NET LIABILITIES

(1,234,648

)

(926,517

)

CAPITAL AND RESERVES

Called up share capital

405

405

Retained earnings

(1,235,053

)

(926,922

)

SHAREHOLDERS' FUNDS

(1,234,648

)

(926,517

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 8 September 2020 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.

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

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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.

Going concern

During the period the company incurred a loss of £308,131 (2018 - £544,290) and at the balance sheet date had

net liabilities of £1,234,648 (2018 - £926,517). These financial statements have been prepared on a going concern

basis which assumes continuing support from the company director.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

2,618

Additions

21,469

At 31 December 2019

24,087

DEPRECIATION

At 1 January 2019

524

Charge for year

5,713

At 31 December 2019

6,237

NET BOOK VALUE

At 31 December 2019

17,850

At 31 December 2018

2,094

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

442,505

Additions

4,359,721

At 31 December 2019

4,802,226

NET BOOK VALUE

At 31 December 2019

4,802,226

At 31 December 2018

442,505

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

426,611

Disposals

(426,611

)

At 31 December 2019

-

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

426,611

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

7,353

-

Amounts owed by group undertakings

8,213,307

10,252,820

Other debtors

3,608,360

1,650,905

11,829,020

11,903,725

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

177,119

79,456

Taxation and social security

2,144

933

Other creditors

17,730,961

13,680,291

17,910,224

13,760,680

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Other creditors

-

146,500

10.	RELATED PARTY DISCLOSURES

D N Kowitz

Director and shareholder

31/12/2019

31/12/2018

£

£

Amount due to related party at the balance sheet date

15,481,791

13,531,791

Martello Appledore Limited

Subsidiary company

31/12/2019

31/12/2018

£

£

Amount due from related party at the balance sheet date

1,067,327

1,000,347

Martello Appledore 2 Limited

Subsidiary company

31/12/2019

31/12/2018

£

£

Amount due from related party at the balance sheet date

159,540

-

Martello Bourne Limited

Subsidiary company

31/12/2019

31/12/2018

£

£

Amount due from related party at the balance sheet date

3,310,253

2,417,646

Martello Bridge Point Limited

Subsidiary company

31/12/2019

31/12/2018

£

£

Amount due from related party at the balance sheet date

194,646

3,573,538

Martello Burry Road Limited

Subsidiary company

31/12/2019

31/12/2018

£

£

Amount due from related party at the balance sheet date

886,482

1,110,467

Martello Charles Road Limited

Subsidiary company

31/12/2019

31/12/2018

£

£

Amount due from related party at the balance sheet date

1,261,355

1,018,857

Martello Grist Mill Limited

Subsidiary company

31/12/2019

31/12/2018

£

£

Amount due from related party at the balance sheet date

333,277

332,268

Martello Marine Limited

Subsidiary company

31/12/2019

31/12/2018

£

£

Amount due from related party at the balance sheet date

362,743

-

Martello River Café Limited

Subsidiary company

31/12/2019

31/12/2018

£

£

Amount due from related party at the balance sheet date

473,802

466,295

Martello Investments Limited

Subsidiary company

31/12/2019

31/12/2018

£

£

Amount due from related party at the balance sheet date

19,043

8,402

Citadel Contracts Limited

Subsidiary company

31/12/2019

31/10/2018

£

£

Amount due from related party at the balance sheet date

177,689

325,000

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D N Kowitz.