Company Registration No. 10172222 (England and Wales)
Mary Tavy Developments Ltd
Unaudited accounts
for the year ended 31 May 2021
Mary Tavy Developments Ltd
Unaudited accounts
Contents
Mary Tavy Developments Ltd
Company Information
for the year ended 31 May 2021
Directors
M Ashton
T Baker
G Hughes
Sam Woods
Company Number
10172222 (England and Wales)
Registered Office
Orchard House
Clyst St. Mary
Exeter
Devon
EX5 1BR
Accountants
The Fresh Accountancy Company Limited
Orchard House
Clyst St Mary
Exeter
Devon
EX5 1BR
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Mary Tavy Developments Ltd for the year ended 31 May 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Mary Tavy Developments Ltd for the year ended
31 May 2021 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 7/16 as detailed at icaew.com/compilation.
The Fresh Accountancy Company Limited
Chartered Accountants
Orchard House
Clyst St Mary
Exeter
Devon
EX5 1BR
19 August 2021
Mary Tavy Developments Ltd
Statement of financial position
as at 31 May 2021
Inventories
1,342,859
2,450,222
Cash at bank and in hand
1,599
3,103
Creditors: amounts falling due within one year
(260)
(449)
Net current assets
1,351,998
2,453,376
Total assets less current liabilities
1,351,998
2,453,376
Creditors: amounts falling due after more than one year
(1,351,898)
(2,453,276)
Called up share capital
100
100
Shareholders' funds
100
100
For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2021 and were signed on its behalf by
T Baker
Director
Company Registration No. 10172222
Mary Tavy Developments Ltd
Notes to the Accounts
for the year ended 31 May 2021
Mary Tavy Developments Ltd is a private company, limited by shares, registered in England and Wales, registration number 10172222. The registered office is Orchard House, Clyst St. Mary, Exeter, Devon, EX5 1BR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 May 2021 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 June 2019.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Work in progress
1,342,859
2,450,222
5
Debtors: amounts falling due within one year
2021
2020
Amounts due from group undertakings etc.
3,750
500
Mary Tavy Developments Ltd
Notes to the Accounts
for the year ended 31 May 2021
6
Creditors: amounts falling due within one year
2021
2020
Amounts owed to group undertakings and other participating interests
260
1,080
Taxes and social security
-
(631)
7
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
959,322
1,630,577
Other creditors
392,576
822,699
8
Guarantees provided on behalf of directors
The directors have provided a cost overrun guarantee in respect of the development loan facility.
9
Transactions with related parties
Bishop Place Apartments Limited
Owned by TAG Holdings Limited, who holds an equal amount of the share capital.
Owed from Bishop Place Apartments Limited: £250 (2020: £500)
Future Construction Limited
Owned by TAG Holdings Limited, who holds the share capital.
Owed from Future Construction Limited: £3,500 (2020: £nil)
TAG Holdings Limited
Owns equal shares in Mary Tavy Developments Limited
Owing to TAG Holdings Limited: £120 (2020: £nil)
Timber Pak Limited
Owned by TAG Holdings Limited, who holds the majority of the share capital.
Owing toTimber Pak Limited: £140 (2020: £1,050)
10
Average number of employees
During the year the average number of employees was 3 (2020: 3).
