Mahady Developments Ltd - Period Ending 2020-07-31

Mahady Developments Ltd

Contents

Company Information	1
Director's Report	2
Statement of Director's Responsibilities	3
Accountants' Report	4
Balance Sheet	5 to 6
Notes to the Unaudited Financial Statements	7 to 10

Mahady Developments Ltd

Company Information

Director

AJ Shanks

Registered office

Suite A4, Skylon Court Coldnose Road Rotherwas Hereford HR2 6JS

Accountants

Boon and Worth Limited Suite A4, Skylon Court Coldnose Road Rotherwas Hereford HR2 6JS

Mahady Developments Ltd

Director's Report for the Year Ended 31 July 2020

The director presents his report and the financial statements for the year ended 31 July 2020.

Director of the company

The director who held office during the year was as follows:

AJ Shanks

Principal activity

The principal activity of the company is development and selling of real estate

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 14 December 2021 and signed on its behalf by:

.........................................
AJ Shanks
Director

Mahady Developments Ltd

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Mahady Developments Ltd

For the Year Ended 31 July 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mahady Developments Ltd for the year ended 31 July 2020 as set out on pages 5 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Mahady Developments Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mahady Developments Ltd and state those matters that we have agreed to state to the Board of Directors of Mahady Developments Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mahady Developments Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mahady Developments Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Mahady Developments Ltd. You consider that Mahady Developments Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mahady Developments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

14 December 2021

Mahady Developments Ltd

(Registration number: 11488657)
Balance Sheet as at 31 July 2020

	Note	2020 £	2019 £
Current assets
Stocks	4	702,588	490,439
Debtors	5	101,827	8,501
		804,415	498,940
Creditors: Amounts falling due within one year	6	(141,616)	(79,896)
Total assets less current liabilities		662,799	419,044
Creditors: Amounts falling due after more than one year	6	(678,485)	(429,500)
Net liabilities		(15,686)	(10,456)
Capital and reserves
Called up share capital	7	1	1
Profit and loss account		(15,687)	(10,457)
Shareholders' deficit		(15,686)	(10,456)

Mahady Developments Ltd

(Registration number: 11488657)
Balance Sheet as at 31 July 2020

For the financial year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 14 December 2021
 

.........................................

AJ Shanks
Director

Mahady Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

These financial statements were authorised for issue by the director on 14 December 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Mahady Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2019 - 1).

4

Stocks

	2020 £	2019 £
Work in progress	702,588	490,439

5

Debtors

	2020 £	2019 £
Other debtors	101,827	8,501
	101,827	8,501

Mahady Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	8	327	-
Trade creditors		2,079	-
Accruals and deferred income		2,800	1,500
Other creditors		136,410	78,396
		141,616	79,896

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	8	678,485	429,500

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

8	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Other borrowings	678,485	429,500

Mahady Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	327	-

9	Related party transactions

Transactions with directors

2020	At 1 August 2019 £	Advances to directors £	Repayments by director £	At 31 July 2020 £
AJ Shanks
Transactions with director	8,501	146	(420)	8,227

2019	At 30 July 2018 £	Advances to directors £	At 31 July 2019 £
AJ Shanks
Transactions with director	-	8,501	8,501

Summary of transactions with other related parties

The following relates to companies the director has material interests in:
 Mahady Investments Limited
At the balance sheet date the amount due to Mahady Investments Limited was £23,203 (2019 - £63,745)

Newsham Drive Limited
At the balance sheet date the amount due from Newsham Drive Limited was £79,965 (2019 - to £8,650)

Mahady Consulting Limited
At the balance sheet date the amount due to Mahady Consulting Limited was £68,705 (2019 - £6,000)