MDPL (Woolwich) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11429484 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

MDPL (Woolwich) Limited

Previously known as

MDPL Developments (SE18) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S B Hall

SECRETARY:

BG Consulting Limited

REGISTERED OFFICE:

C/o Bg Group Unit 1

6 King Street

Frome

Somerset

BA11 1BH

REGISTERED NUMBER:

11429484 (England and Wales)

CURRENT ASSETS

Stocks

4

17,749,694

-

Debtors

5

23,236

850,980

Cash at bank

1,784

-

17,774,714

850,980

CREDITORS

Amounts falling due within one year

6

35,476

3,000

NET CURRENT ASSETS

17,739,238

847,980

TOTAL ASSETS LESS CURRENT LIABILITIES

17,739,238

847,980

CREDITORS

Amounts falling due after more than one year

7

17,913,931

1,012,097

NET LIABILITIES

(174,693

)

(164,117

)

CAPITAL AND RESERVES

Called up share capital

8

3

3

Retained earnings

(174,696

)

(164,120

)

SHAREHOLDERS' FUNDS

(174,693

)

(164,117

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 24 September 2021 and were signed by:

S B Hall - Director

1.	STATUTORY INFORMATION

MDPL (Woolwich) 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.

Going concern

The director has considered whether the company has been affected by the economic impact and restrictions that have ensued following the Coronavirus pandemic. After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date of these financial statements were approved. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

The company is funded by way of intercompany borrowings administered by its parent undertakings, Millenial Development Projects Limited. As a result, the company is dependent on the ongoing support of the parent company to meet its debts and other financial obligations as they fall due. Millenial Development Projects Limited has pledged to support the company for a period of at least 12 months from the date of approval of these financial statements. The director therefore considers it appropriate to prepare these accounts on a going concern basis.

Stocks and work in progress

Work in progress consists of freehold land and buildings which have been acquired for development and ultimate resale.

Work in progress is stated at the lower of cost and net realisable value. Costs consist of all direct costs including purchase price, legal and professional fees, borrowing costs and property development costs. Net realisable value is based on estimated selling price allowing for all further costs of completion and disposal.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also 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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.

STOCKS

31.12.20

31.12.19

£

£

Stocks

17,749,694

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

3,900

-

Other debtors

19,336

850,980

23,236

850,980

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

26,722

-

Other creditors

8,754

3,000

35,476

3,000

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Amounts owed to group undertakings

17,913,931

1,012,097

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

286

Ordinary

£0.01

3

3

9.	RELATED PARTY DISCLOSURES

The company has unsecured loans in the amount of £17,913,931 with the parent company, Millenial Development Projects Limited. The loans are unsecured and repayable on demand in accordance with the facility agreement with the parent company.

10.	PARENT COMPANY

The company is a wholly owned subsidiary of Millenial Development Projects Limited, a company registered in Gibraltar with company number 116785 whose registered office is at 13/1 Line Wall Road, Gibraltar, GX11 1AA.