|
Registered number: 09218896
|
|
MLG Developers Limited
Financial statements
Information for filing with the registrar
31 May 2021
|
|
|
|
Balance sheet
At 31 May 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Balance sheet (continued)
At 31 May 2021
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 May 2022.
Company registered number: 09218896
The notes on pages 3 to 5 form part of these financial statements.
2
|
|
Notes to the financial statements
Year ended 31 May 2021
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.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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 directors.
The company also has continued support from its directors and related companies under the same/similar control who have indicated a willingness to continue support so as to meet any current obligations as they become due.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investment property refers to property under construction and is initially recorded at cost, which includes all directly attributable expenditire. The fair value of the property is then determined annually by the directors and adjusted for changes in fair value. No depreciation is provided and changes in fair value are recognised in profit or loss.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
|
|
The average monthly number of employees, including directors, during the year was 3 (2020 - 3).
|
3
|
|
Notes to the financial statements
Year ended 31 May 2021
The investment property is under construction and is shown at cost. The directors feel that this accurately reflects the market value of work done to date.
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in other creditors is a related party loan of £2,499,103 which is secured over the assets of the company.
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in creditors due after more than one year is a loan secured over the assets of the company.
|
4
|
|
Notes to the financial statements
Year ended 31 May 2021
The company is party to a multilateral guarantee with AMEG Developments Ltd to support the borrowings of that company from LGA Developments Limited. At 31 May 2021 the borrowings to which the guarantee refers totalled £1,404,956.
|
|
Related party transactions
|
|
|
During the year the company was charged £904,486 (2020: £502,193) for building work by TVH Limited a company in which a director has an interest. During the year the company was loaned £832,953 (2020: £867,035) by LGA Developments Limited, another company in which a director has an interest. The interest charged during the year was £128,065 (2020: £57,720).
|
5
|
