Markden Homes North West Limited - Period Ending 2023-03-31

Markden Homes North West Limited

Contents

Balance Sheet	1 to 2
Statement of Changes in Equity	3
Notes to the Unaudited Financial Statements	4 to 8

Markden Homes North West Limited

(Registration number: 13845323)
Balance Sheet as at 31 March 2023

	Note	2023 £
Fixed assets
Investments	4	6
Current assets
Debtors (including £3,681,790 due after one year)	5	3,754,446
Cash at bank and in hand		4,532
		3,758,978
Creditors: Amounts falling due within one year	6	(106,841)
Net current assets		3,652,137
Total assets less current liabilities		3,652,143
Creditors: Amounts falling due after more than one year	6	(3,708,429)
Net liabilities		(56,286)
Capital and reserves
Called up share capital		100
Profit and loss account		(56,386)
Shareholders' deficit		(56,286)

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

Markden Homes North West Limited

(Registration number: 13845323)
Balance Sheet as at 31 March 2023

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 and Directors' Report has been taken.

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 

......................................... Ms JE Ismail Director

Markden Homes North West Limited

Statement of Changes in Equity for the Period from 12 January 2022 to 31 March 2023

	Share capital £	Profit and loss account £	Total £
Loss for the period	-	(56,386)	(56,386)
Total comprehensive income	-	(56,386)	(56,386)
New share capital subscribed	100	-	100
At 31 March 2023	100	(56,386)	(56,286)

Markden Homes North West Limited

Notes to the Unaudited Financial Statements for the Period from 12 January 2022 to 31 March 2023

1	General information

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

The address of its registered office is:
Unit 3 Birchwood One Business Park Dewhurst Road
Birchwood
Warrington
WA3 7GB
England

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.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by its parent companies. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

Markden Homes North West Limited

Notes to the Unaudited Financial Statements for the Period from 12 January 2022 to 31 March 2023

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4.

4	Investments

	2023 £
Investments in subsidiaries	6

Subsidiaries	£
Cost or valuation
Additions	6
Carrying amount
At 31 March 2023	6

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

 

Markden Homes North West Limited

Notes to the Unaudited Financial Statements for the Period from 12 January 2022 to 31 March 2023

				Proportion of voting rights
Undertaking		Holding		and shares held				Principal Activity
Subsidiary undertaking					2023
Markden Homes Construction Limited		Ordinary			100%			Development of building projects
Markden Homes SPV 1 Limited		Ordinary			100%			Development of building projects
Markden Homes SPV 2 Limited		Ordinary			100%			Development of building projects
Markden Homes SPV 3 Limited		Ordinary			100%			Development of building projects
Markden Homes SPV 4 Limited		Ordinary			100%			Development of building projects
Markden Homes SPV 5 Limited		Ordinary			100%			Development of building projects

 

All companies listed above hold the registered office of:
Unit 3 Birchwood One Business Park
Dewhurst Road
Birchwood
Warrington
Cheshire
WA3 7GB

Markden Homes North West Limited

Notes to the Unaudited Financial Statements for the Period from 12 January 2022 to 31 March 2023

5

Debtors

		2023 £
Owed by group undertakings		3,681,790
Prepayments		72,606
Other debtors		50
		3,754,446

Details of non-current trade and other debtors

£3,681,790 of 'Owed by group undertakings' is classified as non current.

6

Creditors

Creditors: amounts falling due within one year

	2023 £
Due within one year
Accruals and deferred income	106,841

Creditors: amounts falling due after more than one year

	2023 £
Due after one year
Owed to related parties	3,708,429

Included within Owed to related parties is £3,708,429 in relation to a loan which is secured by a first legal mortgage dated 8 February 2023 and 21 March 2023 by Salboy Partnerships Limited, securing any monies due to them.

The legal mortgages created a fixed and floating charge over the company’s freehold or leasehold property as well as the properties known as 'land at Lamphouse Way, Wolstanton, Newcastle-Under-Lyme which is owned by Markden Homes SPV 1 Limited, and ‘Tenford Lane, Tean, Stoke-on-Trent’ which is owned by Markden Homes SPV 2 Limited. As well as the above, a floating charge over all the property or undertakings of the company.

Markden Homes North West Limited

Notes to the Unaudited Financial Statements for the Period from 12 January 2022 to 31 March 2023

7	Parent and ultimate parent undertaking

The immediate parent companies are Salboy Partnerships Limited and Markden Limited who both own 50% of the shareholding in Markden Homes North West Limited. There is no ultimate parent company of Markden Homes North West Limited.

Salboy Partnerships Limited is a company incorporated in England and Wales, company number 13626842, registered office 3 Birchwood One Business Park, Dewhurst Road, Birchwood, Warrington, WA3 7PQ.

Markden Limited is a company incorporated in England and Wales, company number 13793421, registered office Helliwell Handscomb, 15 Littlethorpe Hill, Hartshead, Liversedge, West Yorkshire, WF15 8AZ.