Muniment Titanium Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11216722 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2021

for

Muniment Titanium Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A M Plumb

T I Walker

REGISTERED OFFICE:

167-169 Great Portland Street

London

W1W 5PF

REGISTERED NUMBER:

11216722 (England and Wales)

CURRENT ASSETS

Stocks

758,413

1,520,440

Debtors

4

-

1,163,083

Cash at bank

178

2,293

758,591

2,685,816

CREDITORS

Amounts falling due within one year

5

1,057,507

2,849,199

NET CURRENT LIABILITIES

(298,916

)

(163,383

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(298,916

)

(163,383

)

CREDITORS

Amounts falling due after more than one year

6

44,167

45,833

NET LIABILITIES

(343,083

)

(209,216

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(343,183

)

(209,316

)

SHAREHOLDERS' FUNDS

(343,083

)

(209,216

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 7 July 2022 and were signed on its behalf by:

T I Walker - Director

1.	STATUTORY INFORMATION

Muniment Titanium 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.

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.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Other debtors

-

1,163,083

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans and overdrafts

111,783

1,166,764

Trade creditors

-

144

Other creditors

945,724

1,682,291

1,057,507

2,849,199

Other creditors consists of -

Muniment Ltd Loan £932,862

Accruals £2,500

Directors Loan Account - Adam Plumb £10,363

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans

44,167

45,833

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

24,167

5,833

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2021 and 30 September 2020:

30.9.21

30.9.20

£

£

A M Plumb

Balance outstanding at start of year

(10,155

)

(9,947

)

Amounts repaid

(208

)

(208

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(10,363

)

(10,155

)

8.

STOCK

The value of stock is that of the 3 remaining plots and consists of -

Land Purchase £351,250

Purchases £407,163

9.	CONTINGENT ASSETS

A related party submitted claims for payment over and above the agreed contractual amount of £656,130 and withdrew funds from the bank account of the company. The accounts initially make allowance for the sum of £538,224 calculated as follows:

Payments to Contractor £1,194,354

Less: Fixed Price contract £ 656,130

Investigations are continuing and court proceedings against the related party to recover the amount taken above the agreed contractual amount are contemplated.

The losses to the company in this respect have been estimated at £538,224 as at the financial year end as an estimate only. Additional claims may also be made against the related party for further damages and additional sums. The disputed sum of at least £538,224 has been included as a reduction in cash and recognised as a loss in the year.

There were no contingent assets recognised in the year to 30th September 2020.